Marketing

Unit 1: Introduction

Definition

Unit 2:

Marketing Mix/ 4Ps of Marketing

The Marketing Process

Understanding the Marketplace & Customer Needs

Product/Service

Levels of Product/Services

Classification of Products/Services

Types of Consumer Products

Contd..

Industrial Products

Product/Service Decisions

1. Individual Product Decisions

Product Attributes

Branding

Packaging

Labeling

Product Support Services

2. Product Line Decisions

3. Product Mix Decisions

New Product Development

Stages in New Product Development

Idea Generation

Contd…

Idea Screening

Concept Development & Testing

Marketing Strategy Development

Business Analysis

Product Development

Test Marketing

Contd…

Commercialization

Product Life Cycle

Contd…

Contd….

Unit 3: Pricing

Factors Affecting Pricing Decisions

Marketing Objectives

Marketing Mix Strategy

Costs

Organizational Considerations

External Factors Affecting Pricing

Contd…

2. Competition

3. Other External Factors

Contd…

General Pricing Approaches

A. Cost based Approach

1. Cost-Plus Pricing

2. Break Even pricing/Target Profit Pricing

B. Buyer based Approach/Value based

C. Competition based Approach

1. Going Rate Pricing

2. Sealed-bid Pricing

A. Cost based Approach

1. Cost-Plus Pricing/Markup

Adding a standard markup to the cost of the pricing.

A marketer considers both the price floor and price ceiling.

However, it is said that any pricing method that ignores demand and competitor prices is not likely to lead to the best price.

Contd…

2. Break Even Pricing/Target Profit Pricing:

Setting price to break even on the costs of making and marketing a product; or setting price to make a target profit.

B. Buyer based/Value based Approach

Setting price based on buyer’s perceptions of value rather than on the seller’s cost.

The marketer cannot set the price after designing a product and marketing program.

Here pricing begins with analyzing consumer needs and value perceptions.

Finally the...