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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...