Dimensions of marketing strategy PDF

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Dimensions of marketing strategy Check your progress 1.What steps do companies generally take to develop and introduce a new product? They must follow steps like idea development, the screening of new ideas, business analysis, product development, test marketing, and commercialization. 2.What is the product life cycle? How does a product's life cycle stage affect its marketing strategy? It is a cycle to explain how products are born, grow, mature, and die. A product's marketing strategy is effected differently at each stage of its life cycle. In the introductory stage, marketers are focused on promoting and informing consumers about their product. In the growth stage, marketing expenses are up. In the maturity stage, marketers are focused on rebranding a product to adapt to the current new developments in the world. Lastly, during decline, market expenditures may cut back even though this increases the rate at which the firm losses profits. 3.Which marketing mix variable is the most flexible? Why? Price is the most flexible of the marketing mix variables because it depends on the supply and demand of a product which is always in a fluctuating. Distinguish between the two ways to set the base price for a new product. There are two ways to set the base price for a new product. The first is price skimming which is charging the highest possible price that buyers who want the product will pay. And the second is penetration price, which is a low price designed to help a product enter the market and gain market share rapidly.

4.Distinguish between the two ways to set the base price for a new product. There are two ways to set the base price for a new product. The first is price skimming which is charging the highest possible price that buyers who want the product will pay. And the second is penetration price, which is a low price designed to help a product enter the market and gain market share rapidly. 5.What is probably the least flexible marketing mix variable? Why? The least flexible variable in the marketing mix is probably distribution, because there are many moving pieces (transportation, warehousing, and handling materials) that go into distribution, and once a product is set up to be distributed to a certain place it is very difficult to get all of those moving pieces to a different location. 6.Describe the typical marketing channels for consumer products. There are four typical marketing channels for consumer products. The first channel is directly from producer to consumer. The second is producer, to a retailer, to the consumer. The third adds another middleman, the products go from the producer, to wholesales, who then sale to retailer, and ultimately the consumer can then purchase the products from the retailer. The last channel starts with the producer, moves to an agent, then to the wholesaler, then to the retailer, and lastly to the consumer.

Dimensions of marketing strategy 7.What activities are involved in physical distribution? What functions does a warehouse perform? Physical distribution includes all the activities necessary to move products from producer to consumer—inventory control, transportation, warehousing, and materials handling. A warehouse is designed to receive, store, and ship products. A warehouse can identify, sort, dispatch goods to storage, recall or select goods, assemble shipments, and dispatch shipments. 8. How do publicity and advertising differ? How are they related? Advertising is meant to be informative and/or persuasive, have an immediate impact to set a person into action, is necessary to cause a direct exchange, and is repeated multiple time while publicity is mainly informative and describes what a firm is doing or what kind of products they offer (usually not calling for any action), usually is only seen once, and is really to inform specific groups of the happening rather than a direct exchange. Both work to relay information to keep consumers up to date with the products a company has to offer. 9.What does the personal selling process involve? Briefly discuss the process. Personal selling is a direct, two-way communication with buyers and potential buyers. There are six main steps to this process: 1) prospecting (identifying potential buyers, 2) approaching (using a certain method to determine prior interest), 3) presenting (product demo), 4) handling objections (countering rejections to the product), 5) closing (asking the consumer to purchase the product, and 6) follow up (checking for satisfaction). 10.List the circumstances in which the push and pull promotional strategies are used. A push strategy is used when a company attempts to motivate wholesalers and retailers to make a product available to the customer. Sales personnel may also use this to offer a product, distribute promotional materials, and offer promos. A pull strategy is used when a company needs to create consumer demand so consumers will put pressure on marketing channels to make products available....