Principles of marketing: Lecture 45

Principles of marketing: Lecture 45 provide students with knowledge about: individual product decisions; new product development; product life-cycle (PLC); factors affecting price decisions; setting pricing policy; general pricing approaches;... Please refer to this lesson for details!

MGT301 Principles of Marketing Lecture­45 Summary of   Lecture­44 Review­1 Today’s Topics Review­2 Individual Product Decisions Product Attributes Branding Labeling Packaging Product Support Services New Product Development  Marketing Strategy Concept Development and Testing Idea Screening Idea Generation Business Analysis Product Development Test Marketing Commercializat ion Product Life­Cycle  (PLC) Sales and Profits ($) Sales Profits Time Product Introduction Development Stage Growth Maturity Decline Sales and Profits Over the Product’s Life From Inception to Demise Price – The amount of money charged for a product or  service, or the sum of the values that consumers  exchange for the benefits of having or using the  product or service Global Marketplace Global Marketing Think Globally Act Locally e­Marketing New Tool to Reach Consumer Internet Telephone Telephone Radio Postal Postal Service Service Television Marketing and Society Current Issues in Marketing • The current issues and marketing can be divided  into two major subjects: – Social responsibility – Ethics • The two concepts are very closely related Summary – Marketing Management DemographicEconomic Environment Place g tin ke ol ar tr M Con PoliticalLegal Environment Product Target Price Consumers Promotion Competitors Publics Im Ma pl rk em et en ing ta t io n M An ark al eti ys ng is Marketing Intermediaries g tin g ke in ar n M lan P Suppliers TechnologicalNatural Environment SocialCultural Environment Simple Marketing System Communication Product/Service Producer/Seller Money Feedback Consumer Marketing Process The process of : Analyzing marketing opportunities Selecting target markets Developing the market Mix Managing the marketing effort Marketing in Theory and Practice ? Enough for  Marketing. .  MGT301 Principles of Marketing Lecture­45 ... and Profits ($) Sales Profits Time Product Introduction Development Stage Growth Maturity Decline Sales and Profits Over the Product’s Life From Inception to Demise Price – The amount? ?of? ?money charged for a product or ... Target Market Costs Total TotalCosts Costs Sum Sumof ofthe theFixed Fixedand andVariable VariableCosts Costsfor foraaGiven Given Level Levelof ofProduction Production Variable VariableCosts Costs... – The amount? ?of? ?money charged for a product or  service, or the sum? ?of? ?the values that consumers  exchange for the benefits? ?of? ?having or using the  product or service Factors Affecting Price Decisions