Internationalization and globalization may become possible or may become necessary at some stage in the product life cycle and marketing strategy may need to redeveloped taking into consideration the expanded market.Ī marketing plan is a written document that summarizes what the marketer has learned about the market place and indicates how the firm plans to reach its marketing objectives.ĭetailed articles - Marketing Strategy and Marketing Processģ. The marketing strategy is also influenced by the position the product gets in the competitive market place: leader, challenger, follower and niche player.
The marketing strategy related to the product gets modified based on the life cycle stages: introduction, growth, maturity, and decline.
Marketing has further role to play in the new product development process. The differentiation decision gives the signal for full development of the new product. How does marketing affect customer value? Developing Marketing Strategies and Plansġ. What are the tasks necessary for successful marketing management?ĭeveloping Marketing Strategies and Plans.Īssessing Market Opportunities and Customer Valueĭetailed articles - Marketing Concept by Kotler - 14th Edition Extra coverageĢ. What are some core marketing concepts?Ĥ, How has marketing changed in recent years?ĥ. Marketers market 10 main types of entities: goods, services, events, experiences, persons, places, properties, organizations, information, and ideas.ģ. Marketing is about identifying and meeting human and social needs in profitable manner. There must be a top line, for there to be a bottom line. It thus builds demand for products and services offered by the firm thus providing a top line for the firm from which profits can be made.
Marketing also provides input to decide what features to design into a new product or service, what prices to set, where to sell products or services and how much to spend on advertising and sales. Marketing identifies demand for unfulfilled needs.
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