It includes the coordination of four elements called the 4 P's of marketing: (1) identification, selection and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy. When you try to sell the features of your product or service, you're making the customer do all the work to figure out why they want the feature.

Is your product or service unique, better, economical, profitable (for the market), or does it have other distinctive criteria that will differentiate it from the many other products and services available? These points of differentiation must be important and valued by your customers (for example, being marketed as an economical product in a luxury goods market would be a significant positioning mistake) ref.: click online. I believe that my success at working with senior stakeholders and on difficult projects is to do with business acumen read book. By advertising through social media, 100% of our clients have seen results at lower costs than before. You need an effective website to get the most success from social media advertising read pdf. Its purpose is to aid decision making in marketing. It is the systematic gathering and analysis of information. Marketing research jobs can be classified in different ways such as: Routine problem analysis and research on routine problems Research on short term and long term problems Classification based on the actual subject of the research Demand forecasting and Market Potential analysis Commonly used terms: Market potential or industry potential Company potential or sales potential Market demand or Industry demand Company demand or company sales possibilities Market forecast or Industry forecast Company forecast or sales forecast Consumer buying behavior Factors influencing buyer behavior: Personal factors: Age, Education, Economic position, status and self esteem Cultural factors: Religion, language, up bringing etc Psychological factors: Beliefs, attitudes, motivation, perception STP Benefits of segmentation to the marketer: Facilitates proper choice of target market Facilitates tapping of the market, adapting the product offer to the target Makes the marketing effort more efficient and economic Helps to identify less satisfied segments and concentrate on them Benefits the customer as well Marketing Mix 4 P’s of marketing: extension of the same Environmental variables are referred to as the non controllable variables of marketing while the marketing mix variables are referred to as the controllable variables of marketing Product Decisions New products are classified in to two groups: New products arising out of technological innovations New products arising out of market – oriented modifications Factors responsible for success and failure of products Success rate in new products is correlated to the presence of 3 critical factors: A unique and superior product idea that yields a real benefit to the customer Strong technical and production expertise A strong market orientation on the part of the company , cited: Product Management in Post Liberalised India: How Can A Product Be Succesful In An Emerging Market..

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