In order to take correct decisions, it is important that he understands the concept and its influence on pricing decisions saxena, 2009. Final element in the product attribute decision is the overall product design. So, we should care about the ethical issues of india while taking product decision. Introduction marketing mix is the combination of different marketing decision variables being used by the firm to market its goods and services. Marketing decisions include promotion decisions which are important content of the marketing mix in which different aspects of marketing communication occurs. Setting marketing objectives introductory comments typology of objectives to follow, drawing somewhat from tellis 1998, i develop a typology of marketing objectives that may help you appreciate their interrelated nature. This can be done directly by the producer or service provider, or using indirect channels with distributors or intermediaries. Obviously, some theories and concepts in chapters 17 will be more relevant to this assignment. Ag decision maker business development marketing products. Explore marketing projects for mba pdf, marketing projects, advertising project topics or ideas, sales based research projects, latest synopsis examples, samples, structure abstract, base papers, source code, thesis ideas, phd dissertation for mba students, reports in pdf, doc and ppt for final year mba, diploma, bsc, msc, btech and mtech students for the year 2015 and 2016.
May 22, 2020 the width of the product mix is equal to the number of product lines within a company. Price decision and management of the price variable is a crucial task, that confronts a marketer. They are expressed in terms of customer needs, expectations, requirements and motivations. The information about the product is communicated with an objective to produce positive customer response. A product is a combination of physical attributes say, size and shape. Objective siriusdecisions frameworks, models, data and known best practices to illustrate bestinclass approaches to building and operating an effective, efficient and agile product marketing function both locally and globally. The concept is truly applicable in some niches such as electronics and mobile handsets. Product support services stage five of individual product decisions. The objective of decision making in corporate finance is. Pdf due to the shift from products to services and the resulting gain of. Distribution is the process of making a product or service available for the consumer or business user who needs it.
The relationship between marketing mix and customer decisionmaking over travel agents. Management accounting 243 pricing decision analysis the setting of a price for a product is one of the most important decisions and certainly one of the more complex. The decisions that marketers make marketing managers face a host of decisions in handling marketing tasks. Project report marketing management product strategy of. In short, overall management philosophy and practice have a direct impact on pricing decision. Marketing is the performance of activities that seek to accomplish an or ganization s objectives by anticipating customer or client needs and directing the flow of need satisfying goods and services from producer to customer or client. Finding and meeting the needs of customers is the key element in a successful marketing strategy. These range from major decisions such as what product features to design into a new product, how many salespeople to hire, or how much to spend on advertising, to minor decisions such as the wording or color for new packaging.
It can be argued that product decisions are probably the most crucial as the product is the. Similarly, product lifecycle management plm integrates people, data, processes and business systems. Houghton mifin, 1972 lists seven major promotional objectives namely. Usually, the companys offer includes some form of customer service, of product support services. The management must first decide what prod ucts to offer in the market place before other intelligent product decisions pertaining to.
Promotion decision is used to find the appropriate and effective method to promote a particular product to increase the sales. Pdf marketing management project on coca cola mian. Factors affecting pricing decisions business study notes. Branding is the management process by which a product is branded it covers various. There are 5 marketing concepts that organizations adopt and execute. The marketing concept, a crucial change in management philosophy, can be explained best by the shift from a sellers market one with a shortage of goods and services to a buyers market one with an abundance of. Marketing mngmt promotion decisions tutorialspoint. Following are some of the important promotion decisions. The product concept proposes that consumers will prefer products that have better quality, performance and features as opposed to a normal product. Thus, taking the above example, if there are 4 product lines within the company, and 10 products within each product line, than the product line width is 4 only. Design of the product refers to how the product looks, functions and is put together. Product decisions marketing mix describes how a business uses and manipulates the 4ps to market their product. Product decision all chapter brand product business scribd.
Please bear in mind that the labels i apply to the objectives are strictly for purposes of this discussion. Marketing mix, product, price, positioning, promotion, competitive advantage i. Social media has changed the basic approach that marketing has in principle. This means that the management of the business should take into account the change in the price and offering of the competitors and take steps accordingly. An approach based on integration of marketing and operations management decisions. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Marketing management i about the tutorial marketing management is an organizational discipline, which deals with the practical application of marketing orientation, techniques and methods in enterprises and organizations and with the management of a companys marketing resources and activities. Total quality management tqm is an approach that deals with. Apr 30, 2016 marketing decisions include promotion decisions which are important content of the marketing mix in which different aspects of marketing communication occurs. The relationship between marketing mix and customer. The other three elements of the marketing mix are product, pricing, and promotion. Product decision all chapter free download as powerpoint presentation. A strategic decisionmaking approach, concentrates on marketing decisionmaking, rather than mere description of marketing phenomena. Pdf models for marketing planning and decision making.
An empirical study rezky purna satit faculty of management and human resource development, universiti teknologi malaysia. The product mix, also called product portfolio, is the set of all product lines and items that a company offers for sale. By definition, marketing is a social and managerial process through which individuals and groups benefit from what they. Individual product decisions decisions in the development and marketing. The following table identifies five eras in the history of marketing. However, these five individual product decisions built the base for the product development and marketing. Although marketing has always been a part of business, its importance has varied greatly over the years. The basic principles of marketing management are analysis, planning, implementation and control. If price is lowered, for example, then sales is most likely to increase. This paper presents an integrated framework for designing profitmaximizing productsservices, which can also be produced at reasonable operating difficulty levels. New product development has become all the more important in the modern world characterised by technological change and market dynamics.
Product attribute decisions the marketing study guide. A covid19 action plan in the first of a series of articles, decision marketing is launching a new service designed to provide advice on indepth, news. Product is the most important constituent of marketing mix. Product decisions free download as powerpoint presentation. Marketing is a combination of management tasks and decisions aimed at meeting opportunities and threats in a dynamic environment in such a way that its market offerings lead to the satisfaction of consumers needs and wants in order to achieve the objectives of the enterprise, the consumer and.
Besides these individual product decisions, many other choices need to be made. Product management is an organisational function within a company dealing with new product development, business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle. Before turning to the product mix decisions, we first have to know what the product mix actually is. In the last ten years, the product management role has expanded its influence in technology companies. Promotion decision 180 promotion aims to influence to persuade and to inform actual and potential customers. The strategic role of product management how a marketdriven focus leads companies to build products people want to buy 5 product management is a wellunderstood role in virtually every industry except technology. Individual product decisions also include product support services. Acknowledgments we wish to thank the project management institute for grant funding that has made this research possible.
By providing specific tools and decision frameworks, it prepares its readers to hit the ground running and contribute tangibly to the marketing efforts of firms large. Important product decisions in international marketing management are. This involves a number of activities such as product planning, pricing, promotion, use of middlemen wholesalers, retailers, etc. Objective siriusdecisions frameworks, models, data and known best practices to illustrate best in class approaches to building and operating an effective, efficient and agile product marketing function both locally and globally. Businesses employ different strategies when marketing products compared to services. Planning is the most important part of marketing management and marketing managers need to make the right plan for a durable success. Important product decisions in international marketing. Marketing management pricing decision tutorialspoint. As a physical product, marketers need to consider packaging, labelling and branding involved in marketing the overall product. As a physical product, marketers need to consider packaging, labelling and branding involved in marketing the. More often than not it goes hand in glove with the packaging design and the brand image. Pdf on feb 1, 1986, jerry wind and others published models for marketing planning. Thus, product line width is a depiction of the number of product lines which a company has. Mar 01, 2016 the discussion needs to be closely linked to the chosen productservices marketing mix elements.
Their operating costs were kept low by efficient management, low cost labour. Product mix and product line understanding product length. Distribution or place is one of the four elements of the marketing mix. Basic concept a product can be defined as a collection of physical, service and symbolic attributes which yield satisfaction or benefits to a user or buyer. A productservice is the most important component of the marketing mix being the. Expertiseinformation to ask tough questions of incumbent managers. This involves a number of activities such as product planning, pricing, promotion, use of. The marketing concept is the strategy that firms implement to satisfy customers needs, increase sales, maximize profit and beat the competition. Consumer decision making marketing assignment sample assignment. Individual product decisions 5 stages marketinginsider. The first product decision to be made is the market segment decision because all other decisions product mix decision, product specifications, and positioning and. Product decisions marketing mix describes how a business uses and. Marketing, sales and product leaders and their teams who need a consistent and scalable process to drive product success. This opens up a wealth of new marketing opportunities for producers.
In decisions on producing or providing products and services in the international market it is essential that the production of the product or service is well planned and coordinated, both within and with other functional area of the firm, particularly marketing. Pricing depends on various factors like manufacturing cost, raw material. Integrated marketing communication integrated marketing communication imc is a continuous effort to plan, execute and evaluate techniques for selling or advertising a product by using traditional and nontraditional. Marketing managementis the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that. Marketing management pricing decision pricing is a process to determine what manufactures receive in exchange of the product. Financial market prices are much too volatile, for financial markets to be efficient. It is a fundamental rule of marketing and sales that customers are typically more interested in benefits as opposed to the technical details or features of. We define product decision as every conscious decision made by a company for a product. Issue 4 2019 management decision and the circular economy. If individual product decisions are made carefully in accordance with consumer needs and wants, the product can become a success. A decision guide for management article pdf available in journal of marketing management 33. Important product decisions in international marketing management. Product design has become more prominent in recent years primarily due to the success of apple with their design of their smart phones in particular.
A change in price not only directly affects revenue but has major consequences on other decisions. In adding new productlines management has to decide about the type and the nature of the product lines as well as the ways that. Dr g r damodaran college of science mcq 2015 even semester root. Pdf due to the shift from products to services and the resulting gain of importance in planning. Marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. A product benefit is the value that customers realize from a product or service. The chapter is concluded with a special section about the product decisions made by service providers. Mba marketing management full notes pdf download mba 2nd.
Product decisions or policy and strategy are concerned with the management of the. Decisions about the product types the decisions about the product types to be offered represent the most critical decisions in determining the future of a company. Pdf decisionmaking process for product planning of product. The practice of project management in product development. This can be a minor part of the product or a major part of the total offering.
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