Reference Notes for Management
Pricing a product requires an understanding of the company’s goals before determining the price. It is important for a company to establish its pricing objectives before determining prices. Because pricing methods and policies are directly influenced by pricing objectives, it is important to state them explicitly.
A. leading demand with a one-step expansion
B. leading demand with incremental expansion
C. Subcontracting should never be used to accommodate excess demand.
D. lagging demand with incremental expansion
Ans: The franchisee has no flexibility as it is required to follow the franchisor’s procedures to the letter. Franchise issues are handled strictly by the franchisor according to a set of procedures. There is no control over these procedures and they cannot be unilaterally changed by the franchisee.
A good or service can be marketed by using the four Ps of marketing. In other words, they are the product, price, location, and promotion of a good or service. The four Ps, commonly referred to as the marketing mix, are governed by internal and external factors in an overall business environment and interact significantly with each other. Using the 4 Ps, companies identify key factors for their business, such as what consumers expect from them, how their product or service meets or fails to meet those needs, how their product or service is perceived in the world, and how they differentiate themselves from competitors.
In the 1950s, Neil Borden popularized the concept of the marketing mix and what would later come to be known as the four Ps. Professor Borden taught advertising at Harvard University. In his 1964 article, Borden used advertising tactics to engage consumers. Decades later, the marketing concepts Borden popularized are still being used by companies. Borden’s ideas were very influential when they were first introduced in the business world, and they were developed and refined over time by other industry players. Professor of marketing at Michigan State University, Jerome McCarthy, who refined Borden’s concepts and came up with the phrase “4 Ps,” which is still used today. Further popularizing the 4 Ps was McCarthy’s book “Basic Marketing: A Managerial Approach,” published in 1960.
In the beginning, marketing mix was utilized to account for physical barriers preventing widespread adoption of products. As a result, the Internet has helped businesses increase their integration with consumers and overcome some of these barriers. People, process, and physical evidence are extensions of the original 4 Ps, and they are more in line with current marketing trends.
The product positioning is an important aspect of a marketing strategy. An organization’s product positioning establishes a mental image of their products in the minds of consumers, emphasizing the most important benefits that distinguish the product from similar products on the market. Product positioning involves the identification of strengths and weaknesses of a company’s product that enable it not only to meet market standards but also to deliver additional value to consumers on aspects such as quality, innovation, price, leadership, and functionality, among others.
A) how responsive buyers are to changes in sellers’ prices.
B) the slope of the demand curve.
C) the ability of sellers to change the amount of the good they produce.
D) the ability of sellers to change the price of the good they produce.
The Societal Marketing Concept believes that the company should make marketing decisions by considering consumers’ wants, the company’s requirements, and society’s long-term interest. It emphasizes social consciousness as part of an overall marketing plan. Most of the marketing concepts overlooked the long-run welfare for aiming to fulfill the short-run wants of customers. This scenario gave rise to a question that revolved around the possible conflict between long-run welfare and the short-run wants of consumers. This condition resulted in the evolution of a new marketing concept called the societal marketing concept.
This concept assumes that the organization should consider the well-being of the society while developing any marketing strategy that aims in satisfying customers wants. The rise in the concept of modern marketing has resulted in many problems (deterioration of the environment, scarcity of resources, inflation, population explosion, etc.) in the world affecting social welfare in the long run. Therefore the concept of societal marketing concept believes in fulfilling the social interests along with fulfilling the wants and interests of the consumers.
Nike PESTLE Analysis | Nike Marketing | Marketing Analysis | Nike Incorporation PESTLE Analysis is one of the very important tools that is used for analyzing macro-environmental factors that has an impact on the Company. PESTEL Analysis includes factors like Political, Economic, Socio-cultural, Technological, Environmental, and Legal.Nike PESTLE Analysis is described below: Nike PESTLE … Read more
Starbucks analysis |Starbucks SWOT Analysis | SWOT Analysis of Starbucks |Starbucks Competitive Analysis |Starbucks marketing mix | Starbucks competitors Starbucks Background and Starbucks History Starbucks Company is one of the leading American multinational Coffee Company which was founded in 1971 in Seattle, Washington as a single coffee shop. The key people behind the formation … Read more
