The document discusses pricing strategies, methods, and tactics. It provides an overview of how economists, accountants, customers, and marketers view price. Key factors that affect price are discussed such as costs, competition, demand, and objectives. Common pricing methods include market-based pricing using customer value and competitors' prices, and cost-based pricing using full costs, markups, and contributions. Pricing strategies aim to achieve objectives over the medium-long term and include skimming, penetration, leadership, and discrimination. Tactics are short term and include loss leaders, wars, and promotions. Demand elasticity measures responsiveness to price changes.
This document discusses various pricing strategies that companies can employ. It begins by defining pricing and pricing strategies. The objectives of pricing strategies are then outlined, including earning profits, increasing sales volume, maintaining a competitive edge, and creating a good company image. Several specific pricing strategies are then described in detail: penetration pricing, price skimming, competitive pricing, product line pricing, psychological pricing, premium pricing, optional pricing, bundle pricing, cost-based pricing, and cost-plus pricing. For each strategy, the document provides 1-3 points about how the strategy works and its objectives.
The document discusses various pricing strategies and concepts, including new product pricing strategies like market skimming and market penetration pricing. It also covers product mix pricing strategies, price adjustment strategies such as discounts and segmented pricing, and factors to consider when making price changes. Public policy concerns related to pricing such as predatory pricing and unfair trade practices are also summarized.
This document discusses various concepts related to products and product management. It begins by defining what a product is and categorizing products as tangible or intangible goods and services. It then discusses key product attributes and classifications such as consumer versus business products, durable versus non-durable goods, and convenience, shopping, specialty and unsought products. The document also covers topics like a company's product mix, width, length and depth. It discusses factors that influence changes to a product mix and outlines the new product development process in 7 steps. Finally, it provides an overview of a product's life cycle stages from development through decline and the associated marketing objectives and strategies at each stage.
This document discusses various pricing concepts and methods in marketing management. It defines key terms like price and pricing. It outlines common pricing objectives like maximizing profit and increasing market share. Some pricing policies are also mentioned like flexible pricing and bundle pricing. The document then describes the steps to set a price and various pricing methods such as mark-up pricing, perceived value pricing, going rate pricing, target return pricing, and break-even pricing. It concludes by listing several pricing strategies used in business.
The document discusses the elements of the marketing mix, known as the 4 P's: product, price, place, and promotion. Some theorists have added a 5th P - people - to refer to how a company's level of service and expertise can differentiate it from competitors. The 5 P's of marketing include the original 4 P's plus people, focusing on both products/services and the roles of company employees in the marketing strategy.
This document provides an overview of promotion mix strategies. It defines promotion as communicating with customers to inform them about a product and persuade them to purchase it. The document then discusses various promotion techniques including advertising, sales promotion, personal selling, publicity, direct marketing, and public relations. It provides details on each technique, such as the objectives and examples. The factors that influence a company's promotion mix are also reviewed.
The document outlines the new product development process, which consists of 8 steps: idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. It also discusses causes of new product failures such as overestimating market size or having design/positioning problems. Additionally, it provides a diagram showing the product life cycle and how sales and profits change over time.
The document discusses pricing strategies, methods, and tactics. It provides an overview of how economists, accountants, customers, and marketers view price. Key factors that affect price are discussed such as costs, competition, demand, and objectives. Common pricing methods include market-based pricing using customer value and competitors' prices, and cost-based pricing using full costs, markups, and contributions. Pricing strategies aim to achieve objectives over the medium-long term and include skimming, penetration, leadership, and discrimination. Tactics are short term and include loss leaders, wars, and promotions. Demand elasticity measures responsiveness to price changes.
This document discusses various pricing strategies that companies can employ. It begins by defining pricing and pricing strategies. The objectives of pricing strategies are then outlined, including earning profits, increasing sales volume, maintaining a competitive edge, and creating a good company image. Several specific pricing strategies are then described in detail: penetration pricing, price skimming, competitive pricing, product line pricing, psychological pricing, premium pricing, optional pricing, bundle pricing, cost-based pricing, and cost-plus pricing. For each strategy, the document provides 1-3 points about how the strategy works and its objectives.
The document discusses various pricing strategies and concepts, including new product pricing strategies like market skimming and market penetration pricing. It also covers product mix pricing strategies, price adjustment strategies such as discounts and segmented pricing, and factors to consider when making price changes. Public policy concerns related to pricing such as predatory pricing and unfair trade practices are also summarized.
This document discusses various concepts related to products and product management. It begins by defining what a product is and categorizing products as tangible or intangible goods and services. It then discusses key product attributes and classifications such as consumer versus business products, durable versus non-durable goods, and convenience, shopping, specialty and unsought products. The document also covers topics like a company's product mix, width, length and depth. It discusses factors that influence changes to a product mix and outlines the new product development process in 7 steps. Finally, it provides an overview of a product's life cycle stages from development through decline and the associated marketing objectives and strategies at each stage.
This document discusses various pricing concepts and methods in marketing management. It defines key terms like price and pricing. It outlines common pricing objectives like maximizing profit and increasing market share. Some pricing policies are also mentioned like flexible pricing and bundle pricing. The document then describes the steps to set a price and various pricing methods such as mark-up pricing, perceived value pricing, going rate pricing, target return pricing, and break-even pricing. It concludes by listing several pricing strategies used in business.
The document discusses the elements of the marketing mix, known as the 4 P's: product, price, place, and promotion. Some theorists have added a 5th P - people - to refer to how a company's level of service and expertise can differentiate it from competitors. The 5 P's of marketing include the original 4 P's plus people, focusing on both products/services and the roles of company employees in the marketing strategy.
This document provides an overview of promotion mix strategies. It defines promotion as communicating with customers to inform them about a product and persuade them to purchase it. The document then discusses various promotion techniques including advertising, sales promotion, personal selling, publicity, direct marketing, and public relations. It provides details on each technique, such as the objectives and examples. The factors that influence a company's promotion mix are also reviewed.
The document outlines the new product development process, which consists of 8 steps: idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. It also discusses causes of new product failures such as overestimating market size or having design/positioning problems. Additionally, it provides a diagram showing the product life cycle and how sales and profits change over time.
The document discusses promotion mix and advertising. It defines promotion as communicating with consumers about a product's price, availability, and other attributes to influence purchase decisions. The promotion mix includes advertising, sales promotions, public relations, personal selling, and direct marketing. Advertising involves paid, non-personal communication to spread information about a product to potential customers. The objectives of advertising are to create demand, prepare for new products, face competition, and create or enhance goodwill. Types of advertising discussed include print, broadcast, outdoor, covert, and public service advertising. The advertising budget is the amount allocated for advertising activities.
The document discusses various concepts related to products, product classification, and product mix strategies for fast-moving consumer goods (FMCG) companies. It defines core product, tangible specifications, and augmented features. Products are classified as durable or non-durable. Non-durables include FMCG which are further divided into staples, impulse, and emergency goods. FMCG companies focus on high volumes and low margins through extensive distribution networks. Product mix refers to a company's product lines and items offered. Strategies for FMCG include multi-branding, product flanking, brand extensions, building new product lines, and new product development.
This document discusses product and service strategies. It defines key terms like product mix, product line, and individual product. It describes characteristics of a product mix like width and consistency. It also covers the product life cycle concept and stages (introduction, growth, maturity, decline). Marketing strategies are outlined for each stage. Limitations of the product life cycle model are presented. Product-line and product-mix strategies like increasing or decreasing line length are introduced. Branding strategies and ethical issues in product development are also addressed.
The document discusses pricing decisions and advertising. It covers the meaning of pricing, objectives of pricing like market penetration and skimming. Factors influencing pricing like costs, competition and economic conditions are examined. Methods of pricing such as cost-plus, target-profit and going-rate pricing are outlined. Advertising is defined and its characteristics like being paid communication and exposing prospects to messages are explained. Various advertising mediums like newspapers, magazines, radio, television and direct mail are also described.
This document discusses branding and packaging. It defines branding as identifying a producer's goods through a name, term, symbol or design to differentiate them from competitors. Branding involves affixing a trade name or brand to a product. Famous brands are mentioned as examples. Packaging is defined as using containers and wrapping materials to protect, promote and make products convenient for consumers. The purposes, objectives, factors affecting, and decisions regarding branding and packaging are outlined.
This document discusses distribution channels and strategies. It defines distribution channels as the set of organizations involved in making a product available to consumers. Common channel members discussed include manufacturers, distributors, retailers, and consumers. The document also summarizes the functions of marketing intermediaries like brokers and wholesalers in facilitating the flow of products. These intermediaries help reduce the number of transactions needed to make a sale. The summary concludes by briefly mentioning wholesaler marketing decisions around target markets, product selection, pricing, promotion, and place.
This document discusses product mix and product lines. It defines a product mix as the set of all products offered for sale and explains how analyzing product mix dimensions can help businesses expand. It also discusses how product line analysis can help companies develop platforms to meet customer needs while lowering production costs. Key aspects of product line analysis are product length lines, which are influenced by company objectives, and product mix pricing, which involves finding a price mix that maximizes total profits.
A product can be anything that can be offered to the market to satisfy a want or a need.
This article describes the Five Product Levels of Philip Kotler, including examples and a template. After reading you will understand the basics of this powerful product marketing tool. In this article you can also download a free Five Product Levels template.
There are several types of product classifications. Products can be classified based on how frequently they are purchased, such as convenience goods which are bought routinely, shopping goods which require more consideration, and unsought goods which people feel forced to buy. Products are also classified based on whether they are consumer goods or services. Consumer goods are further broken down into convenience goods, shopping goods, specialty goods, and unsought goods. Manufacturers must choose appropriate distribution strategies and channels based on the type of product.
This document discusses product line decisions and the product life cycle. It defines a product and outlines the key decisions involved in forming and distributing a product, including product design, production, launch timing and product mix/line choices. It also explains the concept of the product life cycle and the typical stages of introduction, growth, maturity, saturation, and decline. Strategies for expanding, contracting or altering product lines are presented. Factors like market demand changes, competition, marketing influences, finances, and product attributes are noted as influencing product line decisions. The document uses examples and diagrams to illustrate product life cycle concepts.
The presentation gives some idea for the persons who are new to the "Marketing Research Process". It explains the entire process that is being processed in this Marketing Research Process.
Product positioning refers to activities undertaken by marketers to create and maintain value for their brand in customers' minds compared to competitors. Successful positioning has clarity on value proposition, consistency in quality and performance, and credibility/trustworthiness. For market leaders, reinforcing their first-mover advantage or introducing new brands to changing needs works. For followers, identifying unoccupied positions allows being first in customers' minds. Repositioning includes changing a product's image, modifying it for changing customer needs, targeting different market segments with the same product, or changing both product and target market. Pitfalls include under positioning by diluting ideas, over positioning by promoting an unrealistic image, confused positioning by changing strategies too much, doubtful positioning by promoting
Distribution channels marketing management pptGanesh Asokan
The document discusses key aspects of channels including their nature, design, management and conflicts. It describes how channels help distribute products efficiently by utilizing specialized intermediaries. The document outlines factors to consider in channel design like customer needs, objectives and alternative structures. It also discusses evaluating alternatives based on economic and control criteria. Finally, the summary highlights how channel members are selected, motivated and evaluated over time to ensure good performance.
The document discusses different types of products, classifying them as either consumer products which are meant for ultimate consumption, or industrial products which are purchased for business use or further processing. Consumer products are further broken down into convenience goods, shopping goods, specialty goods, and unsought goods based on customer purchase behaviors. Industrial products include materials and parts, capital items, and supplies and services.
The document discusses key concepts related to products and services. It defines a product as anything that can satisfy a want or need, including physical goods, services, ideas, and experiences. Products pass through distinct stages in their life cycle: introduction, growth, maturity, and decline. New products are developed through processes like idea generation, concept development and testing, and commercialization. Individual product decisions involve attributes, branding, packaging, labeling, and support services. A company's product mix encompasses its various product lines and items. Services have unique characteristics like intangibility, inseparability, variability, and perishability that influence marketing strategies.
This document discusses product decisions, including the three levels of product classification. It defines products and services, and describes how consumer and industrial products are classified. Consumer products are further broken down into convenience products, shopping products, specialty products, and unsought products. The document also discusses quality dimensions for goods and services, branding decisions, packaging decisions, managing product lines, new product development strategies and processes, and the product life cycle model.
This document outlines different pricing strategies and concepts discussed in a chapter on pricing from a marketing textbook. It covers new product pricing strategies like market skimming and market penetration pricing. It also discusses product mix pricing strategies, price adjustment strategies, factors to consider when changing prices, and public policy issues related to pricing. The overall topic is pricing strategies and concepts for marketing products and services.
This document discusses branding and defines a brand as a combined effort between a company and consumer. It states that brands add emotion and trust to products and services to simplify consumers' choices. Brands help create relationships between brands and consumers to ensure loyalty. They also create aspirational lifestyles that allow brands to charge premium prices. The document discusses various aspects of branding including brand equity, awareness, preference, insistence and association. It notes that strong brands improve perceptions, loyalty, margins and marketing effectiveness.
This document discusses marketing channels and distribution strategies. It defines marketing channels and discusses their objectives, functions, types including intensive distribution, selective distribution and exclusive distribution. It also covers topics like consumer and business channels, marketing flows, importance of channels, channel design process and attributes of different channel strategies.
Anyone interested in the basics of marketing could access this presentation which talks about the 7Ps, & the product, place, price & promotion at length
The document discusses marketing mix place decisions, which involve how to distribute products to target customers. It covers channel distribution systems that perform transactional, logistical, and facilitating functions. Distribution decisions include location, market coverage, channel member selection, logistics, and service levels. Most producers use intermediaries like distributors and retailers rather than selling directly to end users. Effective channel management requires selecting and motivating intermediaries. The document provides examples of Apple Stores and Vodafone stores as direct marketing channels.
The document discusses promotion mix and advertising. It defines promotion as communicating with consumers about a product's price, availability, and other attributes to influence purchase decisions. The promotion mix includes advertising, sales promotions, public relations, personal selling, and direct marketing. Advertising involves paid, non-personal communication to spread information about a product to potential customers. The objectives of advertising are to create demand, prepare for new products, face competition, and create or enhance goodwill. Types of advertising discussed include print, broadcast, outdoor, covert, and public service advertising. The advertising budget is the amount allocated for advertising activities.
The document discusses various concepts related to products, product classification, and product mix strategies for fast-moving consumer goods (FMCG) companies. It defines core product, tangible specifications, and augmented features. Products are classified as durable or non-durable. Non-durables include FMCG which are further divided into staples, impulse, and emergency goods. FMCG companies focus on high volumes and low margins through extensive distribution networks. Product mix refers to a company's product lines and items offered. Strategies for FMCG include multi-branding, product flanking, brand extensions, building new product lines, and new product development.
This document discusses product and service strategies. It defines key terms like product mix, product line, and individual product. It describes characteristics of a product mix like width and consistency. It also covers the product life cycle concept and stages (introduction, growth, maturity, decline). Marketing strategies are outlined for each stage. Limitations of the product life cycle model are presented. Product-line and product-mix strategies like increasing or decreasing line length are introduced. Branding strategies and ethical issues in product development are also addressed.
The document discusses pricing decisions and advertising. It covers the meaning of pricing, objectives of pricing like market penetration and skimming. Factors influencing pricing like costs, competition and economic conditions are examined. Methods of pricing such as cost-plus, target-profit and going-rate pricing are outlined. Advertising is defined and its characteristics like being paid communication and exposing prospects to messages are explained. Various advertising mediums like newspapers, magazines, radio, television and direct mail are also described.
This document discusses branding and packaging. It defines branding as identifying a producer's goods through a name, term, symbol or design to differentiate them from competitors. Branding involves affixing a trade name or brand to a product. Famous brands are mentioned as examples. Packaging is defined as using containers and wrapping materials to protect, promote and make products convenient for consumers. The purposes, objectives, factors affecting, and decisions regarding branding and packaging are outlined.
This document discusses distribution channels and strategies. It defines distribution channels as the set of organizations involved in making a product available to consumers. Common channel members discussed include manufacturers, distributors, retailers, and consumers. The document also summarizes the functions of marketing intermediaries like brokers and wholesalers in facilitating the flow of products. These intermediaries help reduce the number of transactions needed to make a sale. The summary concludes by briefly mentioning wholesaler marketing decisions around target markets, product selection, pricing, promotion, and place.
This document discusses product mix and product lines. It defines a product mix as the set of all products offered for sale and explains how analyzing product mix dimensions can help businesses expand. It also discusses how product line analysis can help companies develop platforms to meet customer needs while lowering production costs. Key aspects of product line analysis are product length lines, which are influenced by company objectives, and product mix pricing, which involves finding a price mix that maximizes total profits.
A product can be anything that can be offered to the market to satisfy a want or a need.
This article describes the Five Product Levels of Philip Kotler, including examples and a template. After reading you will understand the basics of this powerful product marketing tool. In this article you can also download a free Five Product Levels template.
There are several types of product classifications. Products can be classified based on how frequently they are purchased, such as convenience goods which are bought routinely, shopping goods which require more consideration, and unsought goods which people feel forced to buy. Products are also classified based on whether they are consumer goods or services. Consumer goods are further broken down into convenience goods, shopping goods, specialty goods, and unsought goods. Manufacturers must choose appropriate distribution strategies and channels based on the type of product.
This document discusses product line decisions and the product life cycle. It defines a product and outlines the key decisions involved in forming and distributing a product, including product design, production, launch timing and product mix/line choices. It also explains the concept of the product life cycle and the typical stages of introduction, growth, maturity, saturation, and decline. Strategies for expanding, contracting or altering product lines are presented. Factors like market demand changes, competition, marketing influences, finances, and product attributes are noted as influencing product line decisions. The document uses examples and diagrams to illustrate product life cycle concepts.
The presentation gives some idea for the persons who are new to the "Marketing Research Process". It explains the entire process that is being processed in this Marketing Research Process.
Product positioning refers to activities undertaken by marketers to create and maintain value for their brand in customers' minds compared to competitors. Successful positioning has clarity on value proposition, consistency in quality and performance, and credibility/trustworthiness. For market leaders, reinforcing their first-mover advantage or introducing new brands to changing needs works. For followers, identifying unoccupied positions allows being first in customers' minds. Repositioning includes changing a product's image, modifying it for changing customer needs, targeting different market segments with the same product, or changing both product and target market. Pitfalls include under positioning by diluting ideas, over positioning by promoting an unrealistic image, confused positioning by changing strategies too much, doubtful positioning by promoting
Distribution channels marketing management pptGanesh Asokan
The document discusses key aspects of channels including their nature, design, management and conflicts. It describes how channels help distribute products efficiently by utilizing specialized intermediaries. The document outlines factors to consider in channel design like customer needs, objectives and alternative structures. It also discusses evaluating alternatives based on economic and control criteria. Finally, the summary highlights how channel members are selected, motivated and evaluated over time to ensure good performance.
The document discusses different types of products, classifying them as either consumer products which are meant for ultimate consumption, or industrial products which are purchased for business use or further processing. Consumer products are further broken down into convenience goods, shopping goods, specialty goods, and unsought goods based on customer purchase behaviors. Industrial products include materials and parts, capital items, and supplies and services.
The document discusses key concepts related to products and services. It defines a product as anything that can satisfy a want or need, including physical goods, services, ideas, and experiences. Products pass through distinct stages in their life cycle: introduction, growth, maturity, and decline. New products are developed through processes like idea generation, concept development and testing, and commercialization. Individual product decisions involve attributes, branding, packaging, labeling, and support services. A company's product mix encompasses its various product lines and items. Services have unique characteristics like intangibility, inseparability, variability, and perishability that influence marketing strategies.
This document discusses product decisions, including the three levels of product classification. It defines products and services, and describes how consumer and industrial products are classified. Consumer products are further broken down into convenience products, shopping products, specialty products, and unsought products. The document also discusses quality dimensions for goods and services, branding decisions, packaging decisions, managing product lines, new product development strategies and processes, and the product life cycle model.
This document outlines different pricing strategies and concepts discussed in a chapter on pricing from a marketing textbook. It covers new product pricing strategies like market skimming and market penetration pricing. It also discusses product mix pricing strategies, price adjustment strategies, factors to consider when changing prices, and public policy issues related to pricing. The overall topic is pricing strategies and concepts for marketing products and services.
This document discusses branding and defines a brand as a combined effort between a company and consumer. It states that brands add emotion and trust to products and services to simplify consumers' choices. Brands help create relationships between brands and consumers to ensure loyalty. They also create aspirational lifestyles that allow brands to charge premium prices. The document discusses various aspects of branding including brand equity, awareness, preference, insistence and association. It notes that strong brands improve perceptions, loyalty, margins and marketing effectiveness.
This document discusses marketing channels and distribution strategies. It defines marketing channels and discusses their objectives, functions, types including intensive distribution, selective distribution and exclusive distribution. It also covers topics like consumer and business channels, marketing flows, importance of channels, channel design process and attributes of different channel strategies.
Anyone interested in the basics of marketing could access this presentation which talks about the 7Ps, & the product, place, price & promotion at length
The document discusses marketing mix place decisions, which involve how to distribute products to target customers. It covers channel distribution systems that perform transactional, logistical, and facilitating functions. Distribution decisions include location, market coverage, channel member selection, logistics, and service levels. Most producers use intermediaries like distributors and retailers rather than selling directly to end users. Effective channel management requires selecting and motivating intermediaries. The document provides examples of Apple Stores and Vodafone stores as direct marketing channels.
This document summarizes the history of coffee and marketing strategies of Barista coffee shops. It discusses how the concept of marketing mix was developed over time, with McCarthy's 4Ps model and Lauterborn's 4Cs model. For Barista, the marketing mix includes competitive pricing, self-service processes, positioning as a place where people can meet, well-trained employees, and strategic location of outlets. Promotion strategies include sales promotions, loyalty programs, and sponsoring events. The target customer segment for Barista is youth aged 15-35 who enjoy socializing over coffee and snacks.
This document discusses product and service decisions made at both the individual product level and overall branding strategy level. It focuses on determining specific products to offer, how to position those products in the market through branding, and developing a cohesive brand identity across all offerings.
This document summarizes key concepts from Chapter 1 of an Operations Management textbook. It discusses operations management as ensuring goods and services are created and delivered successfully. It defines goods and services, highlighting similarities and differences. A customer benefit package is introduced as a set of tangible and intangible features that provide value to customers. The concept of processes that create and deliver goods and services is explained. Examples are provided of what operations managers do.
The document outlines the four stages of a service life cycle: introductory, growth, maturity, and decline. The introductory stage involves small-scale launches of new services with few competitors. The growth stage sees rapid industry expansion and emerging market segments. During maturity, sales level off amid intense competition. Finally, the decline stage is marked by falling sales and profits due to new technologies or decreased demand.
Operations management involves transforming resources into valuable products or services. There are three main production systems: job production which is low volume and high variety; batch production which produces similar items in batches; and flow/mass production which is high volume and low variety. Key functions of operations management include production planning and control, quality control, inventory management, and work measurement. Challenges include globalization, rising customer expectations, technological changes, and environmental issues. Priorities are relating operations to customers and addressing environmental concerns. World class manufacturing techniques involve just-in-time, total quality management, and employee involvement.
This document discusses the three levels of decisions that companies must make regarding their products and services: individual product decisions, product line decisions, and product mix decisions. Individual product decisions include determining product attributes, branding, packaging, labeling, and product support services. Product line decisions involve decisions about a company's various product lines, including line filling and line stretching. Product mix decisions refer to a company's entire portfolio of product lines and items, considering the width, length, depth, and consistency of the mix.
Controllable and uncontrollable factors of international marketingGurleen Kaur
This document discusses controllable and uncontrollable factors in marketing, with a focus on globalization and the role of multinational corporations (MNCs). It provides examples of political, economic, socio-cultural, technological, and legal uncontrollable environmental factors. It then examines McDonald's controllable marketing mix strategies for the Indian market, including customized products, widespread locations, and varied pricing. Finally, it outlines how globalization has facilitated international trade and the growth of MNCs, providing benefits but also drawbacks to home and host countries.
Demand forecasting estimates future demand for a product over a period of time. Engro Foods uses a combination of qualitative, causal, and opinion poll methods for sales and demand forecasting. The qualitative method uses historical data and management judgment. The causal method links demand to economic and pricing factors. The opinion poll method collects insights from sales experts. Engro Foods could improve forecasts by also using trend and smoothing techniques.
This document discusses product decisions made by marketers. It covers the marketing mix and how marketers use the 4Ps differently for products versus services. For physical products, marketers must consider packaging, labeling, and branding. Products can be classified as convenience, shopping, specialty, or unsought. Marketers make individual decisions about product attributes, branding, packaging, labeling, and support services. They also consider strategies like line extensions, multibranding, brand extensions, and new brands. The document discusses product lines, mixes, and stretching product lines to different price points.
The document discusses key concepts related to product development and marketing including product design decisions, production decisions, where and when to launch a product, and decisions around product lines and mixes. It defines a product and notes that design decisions are influenced by both physical attributes and subjective attributes. Production decisions involve considerations around manufacturing processes and quality. Location launch decisions include options from local to global markets. Product lines represent groups of related products while product mixes determine the breadth and depth of offerings.
The marketing mix for services is extended beyond the traditional 4Ps of product, price, place and promotion. It also includes people, process and physical evidence. The service marketing mix considers how the organization designs the service, delivers it through processes, and provides tangible evidence to customers through physical surroundings and materials. It also focuses on the important role of employees and customers in service delivery.
The document summarizes the results of a McKinsey Global Survey on how companies are benefiting from Web 2.0 technologies. It finds that 69% of respondents report measurable business benefits from using Web 2.0, including increased knowledge sharing, more effective marketing, and lower costs. Companies that make greater use of Web 2.0 technologies report even greater benefits. Successful companies tightly integrate Web 2.0 into employee workflows and link themselves to customers and suppliers through Web 2.0 tools to form a "networked company."
The document describes GameOnto, an OWL ontology about computer games. It defines classes for different types of games like Action, First Person Shooter, and Role Playing Game. It also defines classes for game elements like characters, assets, settings. Object properties link these classes to define relationships between games and characters, assets, settings.
The document discusses marketing mix strategies used by businesses. It defines the 4Ps of marketing - product, price, place, and promotion. It then expands on each P, providing examples of strategies for designing the right product, determining appropriate pricing, choosing distribution channels, and developing promotional plans. The document also introduces additional elements like people, processes, and physical evidence in an extended marketing mix for service-based businesses. Overall, the document serves as a comprehensive overview of key considerations and strategies for crafting an effective marketing mix.
The promotion mix refers to the various tools and tactics used to promote products and services. It includes advertising through media channels, short-term sales promotions, public relations efforts to manage reputation, and personal selling interactions. Coca-Cola employs an integrated marketing communications strategy using high-profile TV ads, billboards, digital marketing, and social media to promote its iconic Coca-Cola soft drink through consistent brand messaging.
The document discusses several topics related to marketing including customer needs and behavior, loyalty programs, motivation marketing, customer relationship management, the marketing budget, and pricing strategies. Specifically, it discusses Maslow's hierarchy of needs, consumer life cycles, purchasing behavior, implementing loyalty programs, motivating staff through incentive schemes, implementing one-to-one marketing through CRM, approaches to setting the marketing budget, and strategies for fixing price including premium pricing, penetration pricing, and psychological pricing.
The document discusses marketing mix strategies for businesses. It describes the 4 P's of marketing - product, price, place, and promotion. It provides details on developing strategies for each element, including product design and features, pricing approaches, distribution channels, and promotional techniques. The marketing mix must be carefully designed to meet customer needs and business objectives.
The document discusses the new product development process. It begins with defining products and identifying strategies for obtaining new product ideas. It then outlines the 8 major steps in the new product development process: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy, 5) business analysis, 6) product development, 7) test marketing, and 8) commercialization. It also discusses challenges in new product development such as market uncertainty and reasons why new products often fail.
Marketing for Small Business: A Concise SummaryMesay Sata
This document provides an overview of key concepts in marketing management. It defines marketing as identifying unmet needs and determining appropriate products and services to satisfy those needs. It then discusses the importance of discovering consumer needs and providing items to meet them. The document outlines several core marketing concepts like needs, wants, demands and products. It also describes different marketing philosophies, the marketing mix elements, product life cycles, and other fundamental marketing topics.
This document discusses product market strategies and pricing strategies and policies.
It defines a product market strategy as outlining where a product will end up by setting a strategic direction. An effective strategy focuses on a specific target market and features. The strategy should answer questions like who the target customers are, what problem the product solves, and how it will be priced and distributed.
The document also discusses different pricing strategies like penetration pricing, skimming pricing, economy pricing, bundle pricing, and premium pricing. It explains strategies like setting low initial prices to attract customers or charging different prices to different customer groups. The goal of pricing policies is to maximize profits by considering customer demand, costs, and competitors.
This document discusses different pricing strategies for a product. It outlines cost-based pricing methods which include marking up product costs by a percentage or adding a percentage to unknown costs. It also discusses competition-based pricing, including matching competitors' prices to be comparable, lowering prices to increase market share, or seeking larger market share through lower prices. Finally, it outlines customer-based pricing such as penetration pricing to attract new customers, price skimming to target early adopters, loss leaders to attract customers into making additional purchases, predatory pricing to restrict competition, and psychological pricing to make products seem cheaper than they are.
Generic Pricing StrategiesPricing is one of the most importan.docxbudbarber38650
Generic Pricing Strategies:
Pricing is one of the most important elements of the marketing mix, as it is the only mix, which generates a turnover for the organisation. The remaining 3p’s are the variable cost for the organisation. It costs to produce and design a product, it costs to distribute a product and costs to promote it. Price must support these elements of the mix. Pricing is difficult and must reflect supply and demand relationship. Pricing a product too high or too low could mean a loss of sales for the organisation. Pricing should take into account the following factors:
1. Fixed and variable costs.
2. Competition
3. Company objectives
4. Proposed positioning strategies.
5. Target group and willingness to pay.
Pricing Strategy
Definition
Example
Penetration pricing:
Here the organisation sets a low price to increase sales and market share. Once market share has been captured the firm may well then increase their price.
A television satellite company sets a low price to get subscribers then increases the price as their customer base increases.
Skimming pricing:
The organisation sets an initial high price and then slowly lowers the price to make the product available to a wider market. The objective is to skim profits of the market layer by layer.
A games console company reduces the price of their console over 5 years, charging a premium at launch and lowest price near the end of its life cycle.
Competition pricing
Setting a price in comparison with competitors. Really a firm has three options and these are to price lower, price the same or price higher
Some firms offer a price matching service to match what their competitors are offering.
Product Line Pricing:
Pricing different products within the same product range at different price points.
An example would be a DVD manufacturer offering different DVD recorders with different features at different prices eg A HD and non HD version.. The greater the features and the benefit obtained the greater the consumer will pay. This form of price discrimination assists the company in maximising turnover and profits.
Bundle Pricing:
The organisation bundles a group of products at a reduced price. Common methods are buy one and get one free promotions or BOGOF's as they are now known. Within the UK some firms are now moving into the realms of buy one get two free can we call this BOGTF i wonder?
This strategy is very popular with supermarkets who often offer BOGOF strategies.
Psychological pricing:
The seller here will consider the psychology of price and the positioning of price within the market place
The seller will therefore charge 99p instead £1 or $199 instead of $200. The reason why this methods work, is because buyers will still say they purchased their product under £200 pounds or dollars, even thought it was a pound or dollar away. My favourite pricing strategy.
Premium pricing
The price set is high to reflect the exclusiveness of the product.
An example of products u.
This document provides an overview of key concepts in international marketing including market entry strategies, product decisions, pricing approaches, positioning, distribution channels, and the promotion mix. It discusses factors like licensing, franchising, joint ventures, cost-based and market-based pricing. It also addresses positioning strategies, characteristics that impact distribution channel design, and examples of promotion regulations. The overall document serves as a guide to the basics of developing an international marketing strategy.
This document discusses marketing mix and product decisions. It defines the four Ps of marketing mix as product, price, promotion, and place. It also discusses alternatives to the four Ps that include people, process, physical evidence. The document outlines different types of products like consumer products, industrial products, and services. It describes product classifications for consumer products and different product decisions around product lines, mixes, and the new product development process. Finally, it discusses the product life cycle stages of introduction, growth, maturity, and decline.
This document discusses the key elements of the marketing mix - product, price, place, and promotion. For product, it describes factors like functionality, appearance, quality and branding. Pricing strategies discussed include mark-up pricing, target return pricing, odd pricing, and promotional pricing. For place, it outlines distribution channel types like exclusive, intensive and selective distribution. Promotion includes advertising, personal selling, publicity and public relations. The summary provides a high-level overview of the marketing mix elements and strategies covered in the document.
The document discusses product development and management. It defines a product as anything that can satisfy a want or need in the market, including both tangible goods and intangible services. It then outlines the different levels of a product from the core benefit to augmentations. It also classifies products based on durability, tangibility, and whether they are consumer or industrial goods. The document concludes by describing the seven stages of new product development: idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, and test marketing.
This document discusses various pricing practices and strategies. It begins by outlining factors that affect price determination, including internal factors like product cost and objectives, and external factors like demand and competition. It then covers different pricing strategies such as cost-oriented strategies like cost-plus pricing, and market-oriented strategies like market skimming and penetration pricing. It also discusses competition-based strategies including discount pricing. The document concludes by comparing pricing approaches for large and small businesses.
what is marketing mix, 4 p's of marketing mix, product mix, place mix, price mix, promotion mix,distribution channels, marketing 7p's , 4 c's of marketing, application of marketing mix and example of amazon's marketing mix.
This document discusses pricing strategies and factors that affect pricing decisions. It explains that pricing is the process of determining the revenue a company will receive for its products. Pricing must achieve financial goals, fit market realities, and support product positioning. Factors like costs, customers, competition, and other variables influence pricing. Common pricing strategies include penetration pricing, skimming pricing, competition pricing, product line pricing, bundle pricing, psychological pricing, premium pricing, and optional pricing. The document also outlines basic pricing guidelines and different types of price discounts.
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RK PPT ON MANAGEMENT: MARKETING MIX DECISIONS
1. MARKETING MIXMARKETING MIX
•The marketing mix principlesThe marketing mix principles
(also known as the 4 p’s.) are(also known as the 4 p’s.) are
used by business as tools toused by business as tools to
assist them in pursuing theirassist them in pursuing their
objectivesobjectives
2. • The marketing mix principles are controllable variables,The marketing mix principles are controllable variables,
which have to be carefully managed and must meet thewhich have to be carefully managed and must meet the
needs of the defined target group.needs of the defined target group.
• marketing mix is apart of the organizations planningmarketing mix is apart of the organizations planning
process and consists of analyzing the following-process and consists of analyzing the following-
– How will you design, package and add value to the product.How will you design, package and add value to the product.
Product strategies.Product strategies.
– What pricing strategy is appropriate to useWhat pricing strategy is appropriate to use Price strategies.Price strategies.
– Where will the firm locate?Where will the firm locate? Place strategies.Place strategies.
– How will the firm promote its productHow will the firm promote its product Promotion strategies.Promotion strategies.
3. PRODUCT STRATEGIESPRODUCT STRATEGIES
• When an organization introduces aWhen an organization introduces a
product into a market they must askproduct into a market they must ask
themselves a number of questions.themselves a number of questions.
• Who is the product aimed at?Who is the product aimed at?
• WhatWhat benefitbenefit will they expect?will they expect?
• How do they plan toHow do they plan to positionposition the productthe product
within the market?within the market?
• WhatWhat differential advantagedifferential advantage will thewill the
product offer over their competitors?product offer over their competitors?
4. • Kotler suggested that a product should be viewed in threeKotler suggested that a product should be viewed in three
levels.levels.
• Level 1: Core ProductLevel 1: Core Product . What is the core benefit your. What is the core benefit your
product offers?. Customers who purchase a camera areproduct offers?. Customers who purchase a camera are
buying more then just a camera they are purchasingbuying more then just a camera they are purchasing
memories.memories.
• Level 2 Actual ProductLevel 2 Actual Product : All cameras capture memories.: All cameras capture memories.
The aim is to ensure that your potential customersThe aim is to ensure that your potential customers
purchase your one. The strategy at this level involvespurchase your one. The strategy at this level involves
organizationsorganizations branding,branding, adding featuresadding features and benefits toand benefits to
ensure that their product offers a differential advantageensure that their product offers a differential advantage
from their competitors.from their competitors.
• Level 3: Augmented product:Level 3: Augmented product: What additional non-What additional non-
tangible benefits can you offer? Competition at this level istangible benefits can you offer? Competition at this level is
based around after sales service, warranties, delivery andbased around after sales service, warranties, delivery and
so on.so on.
5.
6. Product DecisionsProduct Decisions
• Product designProduct design – Will the design be the selling point for the– Will the design be the selling point for the
organisation as we have seen with the iMAC, the new VW Beetle ororganisation as we have seen with the iMAC, the new VW Beetle or
the Dyson vacuum cleaner.the Dyson vacuum cleaner.
• Product quality:Product quality: Quality has to consistent with other elements ofQuality has to consistent with other elements of
the marketing mix. A premium based pricing strategy has to reflectthe marketing mix. A premium based pricing strategy has to reflect
the quality a product offers.the quality a product offers.
• Product featuresProduct features : What features will you add that may increase: What features will you add that may increase
the benefit offered to your target market? Will the organisation use athe benefit offered to your target market? Will the organisation use a
discriminatory pricing policy for offering these additional benefits?discriminatory pricing policy for offering these additional benefits?
• Branding:Branding: One of the most important decisions a marketingOne of the most important decisions a marketing
manager can make is about branding. The value of brands inmanager can make is about branding. The value of brands in
today’s environment is phenomenal. Brands have the power oftoday’s environment is phenomenal. Brands have the power of
instant sales, they convey a message of confidence, quality andinstant sales, they convey a message of confidence, quality and
reliability to their target market.reliability to their target market.
7. Pricing StrategiesPricing Strategies
• Pricing should take into account thePricing should take into account the
following factors:following factors:
• Fixed and variable costs.Fixed and variable costs.
• CompetitionCompetition
• Company objectivesCompany objectives
• Proposed positioning strategies.Proposed positioning strategies.
• Target group and willingness to pay.Target group and willingness to pay.
8. Pricing StrategiesPricing Strategies
• Penetration pricingPenetration pricing : Where the organisation: Where the organisation
sets a low price to increase sales and marketsets a low price to increase sales and market
share.share.
• Skimming pricingSkimming pricing : The organisation sets an: The organisation sets an
initial high price and then slowly lowers the priceinitial high price and then slowly lowers the price
to make the product available to a wider market.to make the product available to a wider market.
The objective is to skim profits of the marketThe objective is to skim profits of the market
layer by layer.layer by layer.
• Competition pricingCompetition pricing : Setting a price in: Setting a price in
comparison with competitors.comparison with competitors.
9. • Product Line Pricing:Product Line Pricing: Pricing differentPricing different
products within the same product range atproducts within the same product range at
different price points. An example would be adifferent price points. An example would be a
video manufacturer offering different videovideo manufacturer offering different video
recorders with different features at differentrecorders with different features at different
prices.prices.
• Bundle Pricing:Bundle Pricing: The organisation bundles aThe organisation bundles a
group of products at a reduced price.group of products at a reduced price.
• Psychological pricing:Psychological pricing: The seller here willThe seller here will
consider the psychology of price and theconsider the psychology of price and the
positioning of price within the market place.positioning of price within the market place.
The seller will therefore charge 99p insteadThe seller will therefore charge 99p instead
£1 or $199 instead of $200£1 or $199 instead of $200
10. • Premium pricingPremium pricing : The price set is high to: The price set is high to
reflect the exclusiveness of the product. Anreflect the exclusiveness of the product. An
example of products using this strategy would beexample of products using this strategy would be
Harrods, first class airline services,Harrods, first class airline services,
• Optional pricingOptional pricing : The organisation sells: The organisation sells
optional extras along with the product tooptional extras along with the product to
maximise its turnover. This strategy is usedmaximise its turnover. This strategy is used
commonly within the car industry.commonly within the car industry.
11. PlacePlace
Place strategiesPlace strategies
• Refers to how an organisation will distribute theRefers to how an organisation will distribute the
product or service they are offering to the endproduct or service they are offering to the end
user.user.
• What channel of distribution will they use?What channel of distribution will they use?
• Two types of channel of distribution methods areTwo types of channel of distribution methods are
available.available.
– Indirect distribution involves distributing your productIndirect distribution involves distributing your product
by the use of an intermediary.by the use of an intermediary.
– Direct distribution involves distributing direct from aDirect distribution involves distributing direct from a
manufacturer to the consumer e.g. For example Dellmanufacturer to the consumer e.g. For example Dell
ComputersComputers
13. Distribution StrategiesDistribution Strategies
• Depending on the type of product being distributed there are three commonDepending on the type of product being distributed there are three common
distribution strategies available:distribution strategies available:
• 1. Intensive distribution1. Intensive distribution : Used commonly to distribute low priced or: Used commonly to distribute low priced or
impulse purchase products eg chocolates, soft drinks. impulse purchase products eg chocolates, soft drinks.
• 2. Exclusive distribution:2. Exclusive distribution: Involves limiting distribution to a single outlet.Involves limiting distribution to a single outlet.
The product is usually highly priced, and requires the intermediary to placeThe product is usually highly priced, and requires the intermediary to place
much detail in its sell. An example of would be the sale of vehicles throughmuch detail in its sell. An example of would be the sale of vehicles through
exclusive dealers.exclusive dealers.
• 3. Selective Distribution:3. Selective Distribution: A small number of retail outlets are chosen toA small number of retail outlets are chosen to
distribute the product. Selective distribution is common with products suchdistribute the product. Selective distribution is common with products such
as computers, televisions household appliances, where consumers areas computers, televisions household appliances, where consumers are
willing to shop around and where manufacturers want a large geographicalwilling to shop around and where manufacturers want a large geographical
spread.spread.
• If a manufacturer decides to adopt an exclusive or selective strategy theyIf a manufacturer decides to adopt an exclusive or selective strategy they
should select a intermediary which has experience of handling similarshould select a intermediary which has experience of handling similar
products, credible and is known by the target audience.products, credible and is known by the target audience.
14. Promotion StrategiesPromotion Strategies
• A successful product or service means nothing unless the benefit ofA successful product or service means nothing unless the benefit of
such a service can be communicated clearly to the target market.such a service can be communicated clearly to the target market.
An organisations promotional strategy can consist of:An organisations promotional strategy can consist of:
• Advertising: Advertising: Is any non personal paid form of communicationIs any non personal paid form of communication
using any form of mass media.using any form of mass media.
• Public relations:Public relations: Involves developing positive relationships withInvolves developing positive relationships with
the organisation media public. The art of good public relations is notthe organisation media public. The art of good public relations is not
only to obtain favorable publicity within the media, but it is alsoonly to obtain favorable publicity within the media, but it is also
involves being able to handle successfully negative attention.involves being able to handle successfully negative attention.
• Sales promotion:Sales promotion: Commonly used to obtain an increase in salesCommonly used to obtain an increase in sales
short term. Could involve using money off coupons or special offers.short term. Could involve using money off coupons or special offers.
• Personal selling:Personal selling: Selling a product service one to one.Selling a product service one to one.
• Direct Mail:Direct Mail: Is the sending of publicity material to a named personIs the sending of publicity material to a named person
within an organisation. There has been a massive growth in directwithin an organisation. There has been a massive growth in direct
mail campaigns over the last 5 years.mail campaigns over the last 5 years.
15. Message StrategyMessage Strategy
• What message are you trying to put accross toWhat message are you trying to put accross to
your target audience?.your target audience?.
• How will you deliver that message? Will it beHow will you deliver that message? Will it be
through the appropiate use of branding?through the appropiate use of branding?
• logos or slogan design?.logos or slogan design?.
• The message should reinforce the benefit of theThe message should reinforce the benefit of the
product and should also help the company inproduct and should also help the company in
developing the positioning strategy of thedeveloping the positioning strategy of the
product.product.
16. Media StrategyMedia Strategy
• Media strategy refers to how the organisation is going toMedia strategy refers to how the organisation is going to
deliver their message.deliver their message.
• What aspects of the promotional mix will the companyWhat aspects of the promotional mix will the company
use to deliver their message strategy.use to deliver their message strategy.
• Where will they promote?Where will they promote?
• Clearly the company must take into account theClearly the company must take into account the
readership and general behaviour of their targetreadership and general behaviour of their target
audience before they select their media strategy.audience before they select their media strategy.
• What newspapers do their target market read?What newspapers do their target market read?
• What TV programmes do they watch?What TV programmes do they watch?
18. push strategypush strategy
• AA push strategypush strategy is where the manufactureris where the manufacturer
concentrates some of their marketing effort onconcentrates some of their marketing effort on
promoting their product to retailers to convincepromoting their product to retailers to convince
them to stock the product.them to stock the product.
• A combination of promotional mix strategies areA combination of promotional mix strategies are
used at this stage aimed at the retailer includingused at this stage aimed at the retailer including
personal selling, and direct mail.personal selling, and direct mail.
• The product is pushed onto the retailer, henceThe product is pushed onto the retailer, hence
the name.the name.
19. pull strategypull strategy
• A pull strategyA pull strategy is based around theis based around the
manufacturer promoting their product amongstmanufacturer promoting their product amongst
the target market to create demand.the target market to create demand.
• Consumers pull the product through theConsumers pull the product through the
distribution channel forcing the wholesaler anddistribution channel forcing the wholesaler and
retailer to stock it, hence the name pull strategy.retailer to stock it, hence the name pull strategy.
• Organizations tend to use both push and pullOrganizations tend to use both push and pull
strategies to create demand from retailers andstrategies to create demand from retailers and
consumers.consumers.