Michael Potter proposed the value chain as a tool for identifying ways to create more customer value also called value chain analysis. Every firm performs activities in order to design produce, market, deliver and support its product. The value chain identifies nine strategically relevant activities
In the words of Cournot, French Economist, “Economists understand by the term market not any particular market place in which things are bought and sold but the whole of any region in which buyers and seller’s are in such free inter course with one another that the prices of same goods & services tend to equality easily and quickly”.
Pricing is all around us. We pay for house rent, we pay for taxi, if need a laptop we must pay to buy it. Everything has a price. Who determine the price structure of a product, top management, CEO, the entrepreneur, answer is no. Basically two factors, which affect the company price decision and strategy.
Markets consist of buyers, and buyers differ in different ways. They differ in their wants, locations, resources and buying attitudes. The process of converting heterogeneous market into homogenous markets is called is called segmentation. Every buyer has different approaches towards product. Their wants and need are different, so separate market programs can satisfy well the buyers wants
A new product means original products, product improvements and modification and new brand that a firm develops through his own efforts and research. There are six stages of new product development Idea Generation, Idea Screening, Business Analysis, Product Development, Testing Market, Commercialization
Marketing is dealing with customers, creating customer value and satisfaction. Sound marketing is key to success for companies. In today’s competitive markets both the profitable large scale organizations like McDonalds, Pepsi, Sony or nonprofit organizations like hospitals, universities are involve in marketing which is an important function of any business.
Basically there are five different concepts according to which businesses conduct their marketing activities. Following are the marketing philosophies: Production Concept, Product concept, The Selling Concept, Marketing Concept and Societal Concept
Product Life Cycle can be divided into four stages: Introduction Stage It is the stage when the product is launched at the first time. Growth Stage At this stage sale is climbed rapidly. Maturity Stage At some point the rate of sale growth will slow, and product will enter in maturity stage.