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Market theory questions
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the market?
ANS1:
Definition:The stages that a new product is belived to go through from the beginning to the end: Product development, Introduction, Growth, Maturity and Decline.
Importance: It helps a firm to manage the risk of launching a new product more effectively, whilst simultaneously maximising the sales and profits that could be achieved throughout the product's life cycle.
ANS2:
Product life-cycle(PLC)-the course of a product’s sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity and decline.
The PLC concept can be applied by marketers as a useful framework for describing how products and markets work. It can help in developing good marketing strategies for different stages in the PLC.
marketing mix?
"4Ps of Marketing" includes marketing strategies of product, price, place and promotion.
It is the easiest way to understand the main aspects of marketing. It is the synonym of marketing mix.
5 .What is the ‘acceptable price region’?
How can it be determined?
The acceptable price region: Consumers will understand the value of goods in different price limits. This limit is the price consumers would rather pay the money and do not want to miss this opportunity to purchase the product. It is determined by the consumers' understanding of the product value , and their demand intensity.
ANS1:
For clients:1.indication of quality2.efficient shopping 3.customer service
For supplier:1.order management 2. Juridical aspect(provide the protection for unique production feature otherwise might be copied by competitors) 3.customer relations(attract loyal customer) 4. Segmentation possibility(help segment market).
For society: quality(lead to a higher quality), innovation (give incentive to producer to look for new feature that can be protected against imitated by competitors)shopers (for it provide information about the product and where to find it )
No brand is cheaper
ANS2:
If we do not brand, the product will be cheaper.
But if we brand, we can have some different advantages:
For client: it is a indication of quality, and they can enjoy efficient shopping, also they can get better customer service.
For supplier: they can do order management easier and they do not worry about the juridical aspect. And they can have stronger customer relations. And they are possible to segment market.
For society: The brand can lead and enhance innovation. Also it can repreasent quality.
Which decisions are linked to it for the company?
Buyers may differ in their wants, locations, buying attitudes and buying practices. Through market segmentation, companies divide large markets into smaller segments that can be reached more efficiently with products and services that match unique needs.
