Marketing Management

  Pricing: - The amount the consumer pays in return of a service or a product. Factors that influence pricing: - 1.       Internal Factors – They are in the control of the organization. a.        Organizational Factors – Includes pricing policies and strategies of the organization b.       Marketing Mix – There must be a sync between the price and the products. c.        Product Differentiation – When you’re differentiating your products from your competitors then the pricing will change.   d.       Cost of the product – Fixed cost (machinery, etc.) and variable costs (stationery, electricity, etc.) are included in this. 2.       External Factors - They are not in the control of the organization or in the semi-control of the organization. a.        Demand of the prod...

  A product goes through 4 stages of life cycle: - 1.       Introduction of the product : When the product is launched in the market; spends more on advertisement and marketing of the product; sales are low and extensive promotions take place. 2.       Growth Stage : Sales will gradually start increasing; profits will also rise. 3.       Maturity Stage : Here, the market saturates and the sale starts declining. 4.       Decline Stage : The product is no longer relevant in the market. E.g.; Blackberry phones, Nokia, etc.   New product development process: - There are 8 stages/steps of new product development. They are as follows: 1.       Idea Generation – The company comes out with different ideas. Brainstorming sessions are done for idea-generation by the internal/in-house sources such as R&D team as well as external sources. ...