Marketing Planning - My learning blog

  Innovation/new product offerings are essentially creating the future of the organization. Timely innovations sometimes lead the industry to a new era by making that innovation a trend in the market. For any kind of an organization these innovations are significant in creating future business opportunities in the global market. The most important factor is, these innovations should be done at the correct time, otherwise the effort will be useless if the innovation fails in the market. Some of the failed companies in innovating are: Nokia Motorola IBM Blackberry Kodak etc.   Categories of new products New to the world New product line Additions Improvements Repositioning Cost reductions   Innovation is not just creating a new product, but it can be a value addition to an existing product and that will deliver a new experience for the customers. Sometimes the company may focus on improving the quality level of the product by changing the raw material, produ

  There are a lot of parties involved in the process of producing a product and selling it to the target customers. Starting from the suppliers and ending with different types of marketing intermediaries whose adding value to the final output. A manufacturer or a producer must take decisions on selecting the best intermediaries to bring the offering from their end to the final user and the most suitable marketing channel system to deliver the product to the target customer.   A Marketing Channel It is a system which the particular set of independent organizations involved in the process of making the product or service available for use or consumption. When making decisions on what marketing channel systems to use, marketers must think either they need to go to the customers and sell their offerings or allow customers to come to the organization to get their offerings. It means, marketers have to think of selecting either “Push strategy” or “Pull strategy” to deliver their offeri

  Any kind of business transaction involves different parties who add values to the product or service at the end of the process. The number of parties will vary based on the industry. In some industries, the producer directly contacts the customer to do the transaction. But in most instances, one more intermediary will take part in the process to add value to the offerings if the producer does not have the possibility to do so. Hence, the role of marketing intermediaries is significant in the process of meeting the producer and the end customer.   Marketing intermediaries Agents Distributors Wholesalers Retailers   In this chapter I mainly focus on the roles of wholesalers and retailers and their future with the development of seamless transactions.   Retailers The duty of the retailer includes all the activities involved in selling goods or services directly to the end customers for their personal, but not for business use. The main transaction ends at this poi

  “Price” can be defined as a monetary value given to a product or a service based on different factors. This price can be rent, fee fare, salary, toll, premium etc. And most significantly, price is the unique and only element of the marketing mix that gives revenue to the company. All other elements in marketing mix incur cost. Hence, the marketers must handle this element wisely when preparing the marketing plan. Because when taking decisions on pricing, we as marketers must have an understanding about the price and quality concerned customers in the market. Psychology and perception on pricing of the customers are different from each other since, different customers have different experiences, knowledge, and income levels with them. Their price comparisons and purchase decisions may be backed by those factors. Based on the consumer psychology on pricing, there are 4 different types of consumer behaviors.   Reference prices Most of the customers have fair knowledge about the pr

  When marketers develop their marketing plan, they give considerable weight to the product strategy which is one of the most important aspects of the marketing plan. Since every marketer’s ultimate objective is to reach their target markets with their offerings with high quality and value to satisfy customers’ requirements. The “Product (offering) can be described as any kind of a thing that can satisfy customers’ needs and wants. That offering can be product, service, experience, information, organization etc. At this point, marketers focus on product concept rather than the production concept which concentrates on the enhancement of quality, features, innovations etc. These enhancements will vary based on the type of offer and its features.   Five levels of a product Any kind of offering has different levels of its creation with value additions. When marketers develop the product, they initially start with the core product and then add features and value additions based on the