Michael Potter proposed the value chain as a tool for identifying ways to create more customer value also called value chain analysis. Every firm performs activities in order to design produce, market, deliver and support its product. The value chain identifies nine strategically relevant activities that …
What is a Market In the words of Cournot, French Economist, “Economists understand by the term market not any particular market place in which things are bought and sold but the whole of any region in which buyers and seller’s are in such free inter course …
Factors Affect Price Decision Pricing is all around us. We pay for house rent, we pay for taxi, if need a laptop we must pay to buy it. Everything has a price. Who determine the price structure of a product, top management, CEO, the entrepreneur, answer …
Markets consist of buyers, and buyers differ in different ways. They differ in their wants, locations, resources and buying attitudes. The process of converting heterogeneous market into homogenous markets is called is called segmentation. Every buyer has different approaches towards product. Their wants and need are …
A company can develop a new product by two ways: Acquisition New Product Development ACQUISITION To buy a patent or license to produce other’s product. NEW PRODUCT DEVELOPMENT A new product means original products, product improvements and modification and new brand that a firm develops through …
What is Marketing Marketing is dealing with customers, creating customer value and satisfaction. Sound marketing is key to success for companies. In today’s competitive markets both the profitable large scale organizations like McDonalds, Pepsi, Sony or nonprofit organizations like hospitals, universities are involve in marketing which …
Basically there are five different concepts of marketing according to which businesses conduct their marketing activities. Following are the marketing philosophies: The production concept. The product concept. The selling concept The marketing concept The societal concept. THE PRODUCTION CONCEPT The Production Concept Production concept is one …
Following are the 4 Stages of Product Life Cycle: Introduction Stage Growth Stage Maturity Stage Decline Stage INTRODUCTION STAGE OF PLC Here the product is launched at the first time. At this stage the sales growth is very slow, the causes of slow growth sale are: …
