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Marketing Skills : Unit 3

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  Product Life Cycle - Stages and Strategies Product life cycle is the timeline of demand, sales and profit for the product from its initial stage of introduction. Product life cycle can be defined as the life cycle of the product. It means the various stages a product sees in its complete life span. Product Life Cycle (PLC) refers to the stages a product goes through from its introduction to the market to its eventual decline. Understanding these stages helps marketers develop appropriate strategies for each phase to maximize profitability and market share.  Product life cycle comprises of the following four stages − Introduction Growth Maturity Decline 1  Introduction stage Introduction stage is life cycle stage in the product life -when the product is first distributed and made available for purchase.. * Promotion spending is high and profile are low or negative. * The product may be launched at a high price and low promotion spending if the market size...
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Marketing Skills : Unit 2

  Marketing Management Philosophies / Concepts There are five alternative concepts under which organizations conduct than marketing activities. 1. Production 2. Product 3. Selling 4. Marketing 5. Societal Marketing * Production Concept The production concept holds that consumers favor products that are available, and highly affordable and management should focus on improving production and distribution. The production concept is useful in two situations. 1. Demand for a product exceeds the supply. Management looks for ways to improve production. 2. Product's cost is too high and improved. productivity is needed to bring it down. * Product Concept Product concept holds that consumers favor products that offer the most and features, quality and performance and that organisation should make continuous product improvements. * Selling Concept The selling concept holds that consumers will not buy enough of the organisations products unless the organization undertakes a large-scale sellin...
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Marketing Skills : Unit 1

  Marketing Introduction Business = Marketing Marketing is the truly entrepreneurial part of business Marketing is the truly strategic part of the business. Marketing is an art, a science, a system, a process, a relationship. Marketing is meeting human needs or meeting customer needs. Marketing answers the following questions. Who are our customer? What must we do to meet their needs? How to meet their needs at a profit? Marketing adds value to the goods by providing  1. Time utility: distribution, storage and timely distribution 2. Place utility: sorting and grading 3. Possession utility: cash & credit facility, transfer of ownership. 4. Form utility: raw material to finished goods 5. Person utility: establish contact Definition of Marketing Marketing is the performance of business activities that direct the flow of goods and services from the producer to the consumers. Marketing is a the human activity directed at satisfyingneeds and wants through an exchange process. (K...
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