MKT 310 Lecture Notes - Lecture 3: Management System, Bargaining Power, Intimate Relationship
Document Summary
Refers to not only physical goods, but intangible services also. Includes brand, size, quality, features, packaging, and warranty: price. The price of p(cid:396)odu(cid:272)t o(cid:448)e(cid:396)po(cid:449)e(cid:396)s the (cid:272)usto(cid:373)e(cid:396)"s de(cid:272)isio(cid:374) Has many factors that influence price; i. e. competition, discounts and allowances: place. Ho(cid:449) p(cid:396)odu(cid:272)t gets f(cid:396)o(cid:373) (cid:373)a(cid:374)ufa(cid:272)tu(cid:396)e(cid:396) to (cid:272)usto(cid:373)e(cid:396)"s ha(cid:374)ds. Looks at use of retailers/wholesalers, logistics, how the product is transported. Consumers know the least about this, is a growth area: promotion. Advertisements play a large role; print media, billboards, and social media are examples. Market penetration: to (cid:373)ai(cid:374)tai(cid:374) o(cid:396) i(cid:374)(cid:272)(cid:396)ease sha(cid:396)es of the (cid:272)o(cid:373)pa(cid:374)(cid:455)"s (cid:272)u(cid:396)(cid:396)e(cid:374)t p(cid:396)odu(cid:272)ts, example: increasing usage of product from current customers, encouraging new applications for product, attracting customers away from rivals by changing marketing mix. Market development: selling existing products in new markets; to introduce said product to new people, may require changes to marketing mix, example: creating a new promotional strategy, finding new distribution channels.
