Objectives In this lesson, we will introduce you to the activities that comprise a firm’s marketing program. These activities are popularly referred to as the 4 Ps – product, price, place and promotion. After you work out this lesson, you should be able to: · Understand the major product decisions in marketing planning · Know the pricing…
Objectives In this lesson, we will introduce you to the activities, viz., segmentation, targeting and positioning, that are collectively referred to as marketing strategy. After you work out this lesson, you should be able to: · Segment the markets based on several segmentation variables · Target a segment by identifying the fit between segment profitability and organizational…
Objectives In this lesson, we will introduce you to the process through which the ultimate buyer makes purchase decisions. After you work out this lesson, you should be able to: · Identify what stimulates a consumer to consider buying · Describe the buyer’s decision-making process and the several factors which influence this decision · Understand the response of…
Objectives In this lesson, we will introduce you to the forces that define marketing’s external environment. After you work out this lesson, you should be able to: · Identify, analyse and monitor external forces and assess their potential impacts on the firm’s goods and services · Understand how marketers formulate their strategy within the frame of reference…
Marketing planning involves objectives and plans with a 2-5-year time horizon and is thus further from day-to-day activity of implementation. Because of their broader nature and longer-term impact, plans are typically developed by a combination of higher level line managers and staff specialists. If the specialists take over the process, it loses the commitment and…
Objectives In this lesson, we will introduce you to the activities that makeup the marketing process. After you work out this lesson, you should be able to: · Identify the parts of the marketing process · Understand the relationships among the parts of the marketing process · Explain how the marketing process creates, captures and sustains value for…
Objectives In this lesson, we will introduce you to the conceptual ideas that makeup the marketing function of a business. After you work out this lesson, you should be able to: · List out the concepts of marketing · Understand how these concepts are interconnected · Explain how marketing is changing in a connected world In this lesson,…
Firms must spend money to create time, place and ownership utilities as discussed earlier. Several studies have been made to measure marketing costs in relation to overall product costs and service costs and most estimates have ranged between 40-60 percent. These costs are not associated with raw materials or any of the other production functions…
Until fairly recently, marketing focused primarily on exchanges of goods between individuals (business-to-consumer (B2C) marketing) and businesses (business-to business (B2B) marketing). Industrial marketing deals with the organizational purchases of goods to support production of other goods or daily operations or for resale. Table 1.1.2 highlights the differences between consumer marketing and industrial marketing. Table Differences…
The basic elements of a marketing strategy consist of (1) the target market, and (2) the marketing mix variables of product, price, place and promotion that combine to satisfy the needs of the target market. The outer circle in Figure lists environmental characteristics that provide the framework within which marketing strategies are planned. Figure 1.1.1…