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What is Marketing? Marketing is the process of identifying and meeting human and social needs in a way that harmonizes with the goals of the organization. American Marketing Association Definition: "Marketing is the activity, set of institutions, and proces...

Evolution of Marketing Philosophies Marketing philosophies have evolved over time, reflecting changes in the marketplace, consumer behavior, and business practices. Here's a look at the key stages in this evolution: 1. The Production Concept Focus: High pro...

Unit III: Product Decisions This unit explores the exciting world of products and how companies make smart choices to succeed. Setting Product Strategy # Product Classification Why Classify? Understand Consumer Behavior: How people search, evaluate, and buy...

Product Life Cycle Strategies Product Life Cycle (PLC) Strategy The Product Life Cycle (PLC) describes the stages a product goes through from its launch to its eventual decline in the market. Each stage requires different marketing, pricing, and product strat...

Services Marketing Services and Unique Characteristics of Services What Are Services? Definition: A service is an intangible activity or benefit that a business offers to fulfill the needs or wants of customers. Unlike physical products, services cannot be...

Competitive Dynamics Competitive Strategies for Market Leaders Expand total market demand: Find new users or increase usage among existing users. Protect market share: Defend against competitors' attacks. Increase market share: Gain a larger slice of t...

Stages of New Product Development Bringing a new product to life is a journey with several stages: Idea Generation: Coming up with new product ideas from various sources (customers, employees, competitors, etc.). Idea Screening: Evaluating ideas and sele...

Marketing Channels Definition Distribution channels are sets of interdependent organizations participating in the process of making a product or service available for use or consumption. [cite: 2] The intermediaries who resell merchandise are called merchants...

Consumer Marketing Channels 0-level: Manufacturer to Consumer 1-level: Manufacturer to Retailer to Consumer 2-level: Manufacturer to Wholesaler to Retailer to Consumer 3-level: Manufacturer to Wholesaler to Jobber to Retailer to Consumer Industrial Mark...

Wholesaling Wholesaling includes all activities involved in selling goods and services to those buying for resale or business use. Wholesalers add value by performing channel functions: selling and promoting, buying and assortment building, bulk breaking, war...

Physical Distribution (Marketing Logistics) Marketing Logistics: Planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a p...

Channel Management Marketing channel management involves selecting, managing, and motivating individual channel members and evaluating their performance over time. Selecting Channel Members Evaluate years in business. Consider other product lines carried. ...

Channel Conflict Channel conflict occurs when one channel member's actions prevent another channel member from achieving its goal. Sources of Channel Conflict Horizontal Channel Conflict: Conflict between channel members at the same level (e.g., one franc...

1. Sustainable Marketing Definition Sustainable marketing is a pivotal approach that goes beyond traditional promotional strategies. It emphasizes the endorsement of products, services, or practices with a strong commitment to environmental and social respons...

Marketing's Impact Marketing’s Impact on Individuals Influences purchasing decisions. Shapes perceptions of products and brands. Creates awareness about new products or services. Builds emotional connections with consumers. Drives consumer behavior and prefe...

Marketing Ethics Definition Marketing ethics is a moral compass, guiding a company's promotional activities. It's based on respecting consumer rights, desires, and expectations. It balances business goals with ethical considerations. Ethical Marketing A su...