Roche, (2000) states that this is the process by which organizations develop and maintain a balanced mix between the goals of the organizations and the resources of the organizations’ in the face of the dynamic marketing opportunities: the steps include: defining company mission, setting company objectives and goals, designing business portfolio and marketing the product
The marketing strategy statement consists of a description of the target market, a description of the planned product positioning, and sales, market share and profit goals.
According to Mick, (2006), the four Ps of marketing mix takes a sellers view and not a buyers view because, they are more focused on how the sellers analyses the market and not on the perception of the buyers. The marketers should consider the buyers view by conducting a marketing research and concept testing
Cultural factors exert a broad and deep influence on consumer behaviour. The marketer needs to understand the role played by the buyer’s culture, subculture, and social class. Compare the roles of culture, subculture, and social class.
Petkus, (2000) argues that most organizations fail because they overestimate the size of the market or the design of the product was poor compared to the desired standards. Some organizations fail because their fail in their product positioning in the market or the price of the market as very high compared to the prices in the market. However, some organizations fail, because of the strategies they take to market their product such as wrong advertisement methods.
According to Jacoby, (2006), to improve the odd, organizations should imitate the strategies used by successful brands or study the characteristics of the new products. Organizations may improve the odds by understanding its customers, the markets they are in and the competing companies that they are running against. In this way, the organization can develop a high value for its customers
In pure competition, there are many buyers and sellers who do not have any impact on the price of goods while in monopolistic competition, there are many buyers and sellers who trade within a set of prices in the markets (Mick, 2006)
Market skimming pricing is a process by which a company sets a high price for a new product into the market and lowers the price according to the reactions of the consumers. Marketing penetration pricing, is the process method that involves companies setting a very low price to realise a large sales volume and make a grand entry into the market (Sheth, & Sisodia, 2005).
Internal factors such as marketing objectives, marketing mix strategies, costs and organizational considerations, External factors: survival, profit maximization, market share leadership, Position and product quality leadership. Target market; Cost factors such as fixed cost and variable cost (Johnson, 2008).
Product development starts by idea generations, idea\ screening, concept development and testing, marketing strategy, business analysis, product development, test marketing, commercialisation (Schivelbusch, 1992).
According to Armstrong & Kotler, (2009), Concept testing refers to the use of both quantitative and qualitative to determine how the consumers are likely to respond to a new product in the market. It may slo refers to the use of qualitative methods to detedrmine the optimal communication strategy to create customer loyalty and determine if the company need to alter the concept
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Sheth, J. & Sisodia, S. (2005). A dangerous divergence: Marketing and society. Journal of Public Policy and Marketing, 24, 160-162.
Mick, D. (2006). Meaning and mattering through transformative consumer research. In C. Pechmann & L. L. Price (Eds.), Advances in consumer research (Vol. 33, pp. 1-9). Provo, UT: Association for Consumer Research
Jacoby, J. (2006). ACR presidential address—Consumer research: Telling it like it is. Advances in consumer research (Vol. 3, pp. 1-11). Cincinnati, OH:
Johnson, M. (2008). Customer orientation and market action, Upper Saddle River, NJ: Prentice Hall
Mick, D. (2005). Report on the task force on transformative consumer research at the Association for Consumer Research. Retrieved October 10, 2005, from http://www.acrwebsite.org/fop/index.asp?itemID=327
Petkus, E., Jr. (2000). A theoretical and practical framework for servicelearning in marketing: Kolb’s experiential learning cycle. Journal of Marketing Education, 22, 64-70.
Richins, M. L. (2000) Observation and the training of doctoral students. ACR News, 1-7. Retrieved November 5, 2011, from http://www.acrwebsite.org/newsletter/webnews/pdf/Sept00.pdf
Roche, D. (2000). A history of everyday things. The birth of consumption in France, 1600- 1800. Cambridge, UK: Cambridge University Press