![]() At each stage, the marketing of the product is different. When a product is in the declining stage, most competitors leave the market, and prices are very low. As the product grows and matures, the strategy changes marketers lower the price over time. The fact that initial customers will be early adopters of a new product affects the marketing strategy. Technology products best illustrate this. New products typically cost more than existing products due to the high costs associated with production and development. By the end of this course, you will be familiar with the art and science of marketing a product.Ĭompleting this unit should take you approximately 6 hours. The idea that "great products sell themselves" is simply not true. The strategy a marketing firm chooses for a particular product is vital to the product's success. Grabbing the customer's attention may entail undercutting competitors' prices, aggressively marketing with promotions and advertising (like "As Seen on TV" ads), or targeting ideal customers. Once a company identifies its customer and product, marketers must determine the best way to capture the customer's attention. We will explore ways marketing departments and independent agencies answer these questions, whether through research, analysis, or trial and error. In reality, advertising is just one of many tools used in marketing, which is how firms determine which products to offer, how to price those products, and who they should be made available to. Many people incorrectly believe that marketing and advertising are the same. ![]() ![]() You will then see the learning materials and instructions on how to use them. Click Unit 1 to read its introduction and learning outcomes. Then, enroll in the course by clicking "Enroll me in this course". ![]() Four activities characterize marketing: creating products and services that serve consumers, communicating a clear value proposition, delivering products and services in a way that optimizes value, and exchanging (or trading) value for those offerings.įirst, read the course syllabus. Marketing is an understanding of how to communicate with the consumer. ![]() You will begin to think about who the consumer of goods and services is, what the consumer needs, and what the consumer wants. You will also learn how to think like a marketer – and the best marketers know that the focus of marketing has always been on the consumer. In this course, you will learn about the marketing process and examine the range of marketing decisions an organization must make to sell its products and services. ![]()
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