Price skimming is a pricing strategy in which a marketer sets a relatively high price for a product or service at first, then

lowers the price over time. Penetration pricing is a pricing strategy where the price of a product is initially set at a price lower than the eventual market price, to attract new customers. Old question paper Marketing is the process of communicating the value of a product or service to customers, for selling that product or service. Conditions to be satisfied for exchange to happen (1) There are at least 2 parties, (2) each party has something that might be of value to the other party, (3) each party is capable of communication and delivery, (4) each party is free to accept or reject the exchange, and (5) each party believes it is appropriate or desirable to deal with the other party. The value, or satisfaction, that people derive from the goods and services they consume and the activities they pursue is called

utility

How production and marketing activities create utilities Marketing creates utility by being a part of a business system that provides the consumer with what they need. Although marketing inputs may guide the creation of form utility, production activities create it. What are the elements of marketing mix or 5 P's of marketing Product The products or services offered to your customer: Price How you price your product or service so that your price remains competitive but allows you to make a good profit. Place (Also referred to as Distribution) Where your business sells its products or services and how it gets those products or services to your customers. 4th p Promotion The methods used to communicate the features and benefits of your products or services to your target customers. 5th p People When referred to as an element in the marketing mix, this 5th P refers to how your level of service and the expertise and skills of the people who work for you can be used to set you apart from your competitors. Strategic marketing concept Key concept :Product scope: goods, services, experiences, events, persons, places, properties, organizations, information and ideas. Strategic Marketing Strategic Marketing is the management process of instilling the marketing concept, into the heart of an organisation. Marketing Concept "Marketing is the management process responsible for identifying, anticipating, and satisfying customers' requirements, profitably." Chartered Institute of Marketing. Differentiate between research design and experimental design experimental design it is the design of any information-gathering exercises where variation is present, whether under the full control of the experimenter or not. Human subject vs. object experimentation

Other DOE Constraints Time Money Vs Research design it is a systematic plan to study a scientific problem Qualitative vs. quantitative Understanding the relationship between objectives (research question) and variables is critical Planning in advance is a must To include how data will be analyzed

Reasons for branding Recognition: Differentiation: Authority: Branding helps you look bigger than you are. Branding increases the quantity of leads that respond to DR offers. Branding boosts performance across all channels. Always On branding keeps your brand top of mind during the decision -making process Influence buying committees with strong branding what are the special characteristics of services o o o o o Perishability Intangibility Variability Inseparably Non-ownership POP

Point-of-purchase marketing, also known as POP marketing or marketing at retail, uses in-store displays and other last minute marketing ploys to influence the customer to choose a specific brand or to make an impulse buy. augmented product A commodity that has both the primary physical attributes and the non-physical attributes that are added to increase the product's value. major causes for new product failure
o o o o o o o o o o Marketers assess the marketing climate inadequately. The wrong group was targeted. A weak positioning strategy was used. A less-than-optimal "configuration" of attributes and benefits was selected. A questionable pricing strategy was implemented. The ad campaign generated an insufficient level of awareness. Cannibalization depressed corporate profits. Over-optimism about the marketing plan led to a unrealistic forecast. Poor implementation of the marketing plan in the real world. The new product was pronounced dead and buried too soon.

Beta Testing
Produce a physical prototype or mock-up Test the product (and its packaging) in typical usage situations Produce an initial run of the product and sell it in a test market area to determine customer acceptance

marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.

Micro environment factors are factors close to a business that have a direct impact on its business operations and success. Before deciding corporate strategy businesses should carry out a full analysis of their micro environment.
Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and priorities and then designing and implementing strategies to target them. limitation of personal selling promotional method is misunderstood High cost-per-action (CPA) Training Costs Advantages of Personal Selling Convey More Information - You can express added information with personal selling when compared to any other types of promotion, More Impact - Personal selling has a superior impact on consumers than direct mail or other forms of advertising.

Organization buying is the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers.

different stages of buying decision process 1. Problem/Need recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Post-purchase behavior 6. Purchase

Advantages of Secondary data

1. It is economical. It saves efforts and expenses. 2. It is time saving. 3. It helps to make primary data collection more specific since with the help of secondary data, we are able to make out what are the gaps and deficiencies and what additional information needs to be collected. 4. It helps to improve the understanding of the problem. 5. It provides a basis for comparison for the data that is collected by the researcher.

Disadvantages of Secondary Data

1. Secondary data is something that seldom fits in the framework of the marketing research factors. Reasons for its non-fitting are:-

a. Unit of secondary data collection-Suppose you want information on disposable income, but the data is available on gross income. The information may not be same as we require. b. Class Boundaries may be different when units are same. How sample size is determined Choosing the right sample size is often a balance between surveying enough people to ensure your results are robust enough to make strategic business decisions, without blowing the budget. So Choosing the number of respondents you need depends on the level of accuracy you require in

your data.

whenever possible, use random sampling procedures with controls in place to insure our target market is properly represented.
web based marketing : Internet marketing, or online marketing, refers to advertising and marketing efforts that use the Web and email to drive direct sales via electronic commerce, in addition to sales leads from Web sitesor emails.

Advantages: One of the most important advantages is the fast availability of the information. The clients/users can easily get information, by navigating the internet, about the products that they wish to purchase, and besides that, they can check the information at anytime of the day.

It allows the companies to save money, an aspect that is really taken into account by the companies since the online marketing campaigns dont require a large amount of investment. The previous mentioned aspect, gives less importance to the differences between large and small companies in some way, thus increasing the competition and giving that way advantages to the customers. Presence on the Internet can help the expansion of the company from a local market to national and international markets at the same time, offering almost infinite expanding possibilities.

On the internet everything can be measured, thus its easier for the companies to know almost instantly if their campaign is working or not, what company or user is interested in their products, from what cities or countries are they, etc.

Disadvantages: Slow internet connections can cause difficulties. If the companies build too complex or too large websites, it will take too long for users to check them or download them and they will get bored eventually..

The e-commerce doesnt allow the user to touch the merchandise before purchasing it. Because of this, some salesmen are starting to guarantee the possibility of returning the product. In Germany, where a law that regulates e-commerce and guarantees the customers the total refund of the money exists since 2000, the electronic commerce is very popular. Other factor is the payment: many users still dont trust in the electronic methods of paying and give up buying online because of this. One of the major disadvantages may be the lack of trust of the users because of the constant virtual promotions that appear to be frauds. This is an aspect that deteriorates the image and reputation of quality and honest companies. Other disadvantage is the cash on delivery system, since it doesnt guarantee the 1 00% purchase of the product. This is also the case of thousands of users that dedicate themselves to daily mock big companies by ordering on the internet using false identities.

Features of marketing Marketing is a science as well as art: Exchange is essence of marketing Marketing is Goal Oriented: Marketing is a continuous process: Marketing is Consumer Oriented: Marketing starts with consumer and ends with consumer: What is promotional mix (IMC) ? MENTION ITS COMPONENTS A specific combination of promotional methods used for one product or a family of products. Advertising Personal selling Sales promotion Public relations Direct Marketing DEF : IMC integrated marketing communications : A concept of marketing communications planning that recognizes the added value of a comprehensive plan that evaluates the strategic roles of a variety of communication disciplines and combines these discipline to provide clarity consistency and maximum communications impact Brand is the "name, term, design, symbol, or any other feature that identifies one seller's product distinct from those of other sellers.

types of buying behavior Complex Buying Behaviour: Dissonance Habitual Buying Behaviour: Variety seeking Buying Behaviour :

Marketing Information System (MIS) collects, analyses, and supplies a lot of relevant information to the marketing managers. It is a valuable tool for planning, implementing and controlling the marketing activities. Components of maketing information system
Internal Records, Marketing Intelligence, Marketing Research (MR), and Marketing Decision Support System.

Applications of Market Research

Pricing Research Product Research Concept Testing Positioning Research Marketing Due Diligence Customer Satisfaction Research Branding Research Brand Equity Research Advertising Research Market Segmentation Sales Analysis steps involved in marketing research process Formulating the Marketing Research Problem Method of Inquiry Research Method Research Design Data Collection Techniques Sample Design Data Collection Analysis and Interpretation The Marketing Research Report four types of demand states

1. Negative demand: consumers dislike the product and may even pay a price to avoid it. 2. Nonexistent demand: consumers may be unaware or uninterested in the product. 3. Latent demand: consumersmay share a strong need that cannot be satisfied by an existing product. 4. Declining demand: consumers begin to buy the product less frequently or not at all. 5. Irregular demand: consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. 6. Full demand: consumers are adequately buying all products put into the marketplace. 7. Overfull demand: more consumers would like to buy the product than can be satisfied. 8. Unwholesome demand: consumers may be attracted to products that have undesirable social consequences. E.g. Cigarettes are harmful to society but attract more and more consumers to use.

Needs :Wants :Demands :them.

A human need is a state of felt deprivation of some basic satisfaction. wants are desires for specific satisfies of these deeper needs. demands are wants for specific products that are backed by an ability and willingness to buy

behavioural basis for segmentation

Behavioural segmentation involves dividing potential buyers into groups which define their usage rate, their brand familiarity and consumers whose buying patterns are determined by some occasions.

Brand equity is a phrase used in the marketing industry which describes the value of having a well-known brand name, based on the idea that the owner of a well-known brand name can generate more money from products with that brand name than from products with a less well known name, as consumers believe that a product with a well-known name is better than products with less well-known names. Brand is the "name, term, design, symbol, or any other feature that identifies one seller's product distinct from those of other sellers. Customer delight is surprising a customer by exceeding his/her expectations and thus creating a positive emotional reaction.

Customer satisfaction is giving the customer something they expect and it makes them happy. Vs Customer delight is giving the customer something they never expected but they value it highly once they have it service marketing mix is also known as an extended marketing mix and is an integral part of a service blueprint design. Its consist of product ,place ,promotion ,pricing ,people ,process ,physical evidence Qualitative measures in marketing research Qualitative market research means "quality. they offer a way to measure the market, again, in terms of depth and range of buyer perceptions and needs rather than quantity. The purpose of qualitative research is to plumb the depths and range of buyer attitudes and beliefs, not quantity.