As per BCG matrix there are different types of product. So the marketer may decide as per the product.
1) Stars:- stars are the products having high market share and also high growth rate. These are the market leaders. Marketer is required to make large investment.
2.) Question mark:- these are the products having low market share and high growth rate. These products have poor profit margin. Marketer is required to keep eye on them as there is danger of becoming them dogs because of low market share. Continue reading “BCG Matrix or Bostan Consultancy Group’s growth share matrix”
Most of the companies have their own marketing plan but they all follow a common set of components of marketing plan. These components of marketing plan are:
1.) Executive summary: it is the brief summary of the marketing plan, objectives, and strategies. It is prepared by top management by providing a brief overview of major elements of marketing plan having its table of contents.
2.) Situation analysis: it includes the information of the current marketing situation like the situation of the market, product, customers, competitors and distribution etc. Continue reading “Components of marketing plan”
Marketing plan is the written document which contains the necessary guidelines regarding the firm’s marketing programmes and policies along with their allocation over the planning period. Marketing plan involves mainly five steps.
STEP I Analysis of marketing situation:- it is the first and important step of marketing planning. It analyze the current situation of the product and helps in analyzing that whether past plans are required to be revised or there is a need to prepare new plans to achieve the objectives. Marketing situation involves internal and external environment. Continue reading “Steps in marketing planning”
Marketing plan is the written document which contains the necessary guidelines regarding the firm’s marketing programmes and policies along with their allocation over the planning period.
A written plan is a very important for the successful communication within the organization, in the areas like manufacturing, sales, production, finance, distribution etc. Continue reading “Marketing planning and its aims”
The marketer has to make different decisions to popular a brand. These decisions are called brand strategy decisions. It includes following decisions:
1.) Brand positioning:- the marketer can position their product in the mind of the consumer by 3 different ways.
i) Attribute: it means the features of the product. The marketers can emphasis on the attributes of the product and this way he can position the product in the minds of the consumer of the product. For eg. Pears face wash – to clean the face. Continue reading “Brand strategy decision”
The word brand originated from the Norwegian word “brandr” which means to burn. In the early days, the owner of animals put some identification mark on the body of the animals by hot iron to distinguish their possession. Similarly now a days companies also start using branding to distinguish their product in the market. Continue reading “Meaning of brand and Brand equity”
There are different pricing methods or strategies which are used by the marketer to attract the customer.
1.) Cost based pricing: this type of pricing strategies uses break even concept which means the point where the total cost = total revenue. Profit will be zero at break even point. At level where the total revenue > total cost there is profit and where total revenue< total cost there is loss.
2.) Demand based pricing: it is of two types; Continue reading “Pricing methods or pricing strategies”
Price bundling means selling two or more separate products together for a single price. It is usually done in case of goods which are sold as package. Like televisions now a days sold with 3 D glasses. It is of three types: Continue reading “Concept of Price bundling and its types”
Price discrimination is commonly called monopoly price discrimination. In such a situation monopoly firm charges different price from the customer for the same product and the buyer has no choice but to buy it because of having no close substitutes. Price discrimination is of three types: Continue reading “Concept of Price discrimination and its types”
Price determination is a very difficult task as it is affected by a number of factors. Therefore, before deciding the price the marketer has to keep in mind the factors affecting the price. Factors affecting pricing policy are divided into two parts: Continue reading “Factors affecting pricing policy”