Learning the fundamentals of Marketing is essential to the success of any business.The use of magic abbreviations like NPV, SPC, and MBO are actually very easy to learn and use provided you study and start using them at suitable time and appropriate place. The Business jargon are simple to study. As you go through this progression, you too will begin to reflect and talk like a Business professional. Our goal is to make you proverbial and familiar with the noteworthy management tools and theories currently being taught at the leading business schools .
7 Steps of Market Strategy Development:
- Consumer analysis
- Market analysis
- Competitive analysis
- Distribution channel analysis
- Develop the marketing mix
- Determine the economics
- Revise the plan
- All the possible uses of a product or service
The Buying Process
- The stages of making a purchase
- The importance of a product to the consumer
- Ways to divide the population to find a profitable target
- The portion of the market that is interested in your product
Product Life Cycle
- The birth-to-death (and possibly rebirth) life cycle of a product
- A multivariable picture of a product and its competitors
Channel Margin Mathematics
- Each level in the distribution takes a margin of the selling price it charges to the next level of distribution.
The Marketing Mix of the 4 P’s
- Exclusive, selective, and mass market
- Who in the distribution chain dictates the terms of the relationships?
- Reach, frequency,
- GRP, TRP,
- Share of voice.
- Buy wisely.
- Cost plus,
- Value pricing,
- The volume of sales needed to recover the fixed cost of marketing plan