COMM 103 Chapter Notes - Chapter 11: Rifling, Customer Engagement, Marketing Mix
Marketing mix decisions relating to product/service offerings. Effe(cid:272)ti(cid:448)e (cid:373)arketi(cid:374)g (cid:373)i(cid:454)es (cid:862)fit(cid:863) produ(cid:272)t/ser(cid:448)i(cid:272)es a(cid:374)d (cid:374)eeds of pote(cid:374)tial (cid:272)usto(cid:373)ers: product, distribution (place, price, communication (promotion) Pricing strategy: companies must protect their price point and respond to price reduction requirements, key fundamentals of finalising pricing decision. Distribution stratey: direct, indirect, or mixed systems, direct: producers handle final sale directly to convey full benefit of product. Importance of channel intermediaries: point of contact between business and customers, risk mitigation through inventory management, profit leaks: inefficiencies in marketing mix resulting in loss of profit. Traditional product life cycle: development, viable product idea, testing and pre-launch publicity, burns through cash no revenue. Introduction: product launch, first customer acquisitions, positioning, generating awareness, getting market share, no profit, bep, growth, create customer loyalty, demand accelerates, need for further capital, achieve profitability objectives, maturity, reinforce brand differentiation, defend market share, watch for disruptions.