CLASSIFYING NEW PRODUCTS
Continuous Innovation
This type of innovation is a simple changing or improving of an already existing product where the adopter still uses the product in the same fashion as they had before. An example of a continuous innovation is now seen in the automobile industry as it continues to change and develop.
- Dynamically [...]
1. Production Concept
The production concept holds that consumers will favour products that are available and highly affordable and that management should, therefore, focus on improving production and distribution efficiency. This is one of the oldest philosophies that guides’ sellers.
The production concept is useful when:
- Demand for a product exceeds the supply.
- The product’s cost is [...]
A commonality shared by all elements of the promotional mix is that their function is to communicate. Thus, it is important that advertising and promotional planners have an understanding of the communication process.
Communication has been variously defined as the “passing of information,” the “exchange of ideas,” or the “process of establishing a commonness or oneness [...]
‘Price is the amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service’ (Kotler at al, 2008)
CHARACTERISTICS OF PRICE:
1. Price is the only one of the ‘4Ps’ which generates income
2. Customers can make inferences [...]
Integrated marketing communications (IMC) is the coordination and integration of all marketing communication tools, avenues, and sources within a company into a seamless program, which maximizes the impact on consumers and other end users at a minimal cost. This integration affects all of a firm’s business-to-business, marketing channel, customer-focused, and internally directed communications.
1. Information Technology
The [...]
The microeconomic environment focuses on the kind of market structure that an organisation finds itself competing in and includes the company itself, suppliers, distributors, competitors and publics. These are internal factors close to the company that have a direct impact on the organisations strategy. Micro environmental factors include:
- Customers
Organisations survive on the basis of meeting [...]
Relationship marketing can be defined as an attempt to establish, maintain, enhance and commercialise customer relationships so that the objectives of both parties are met. This is done by mutual exchange and fulfilment of promises. It consists of a shift from activities [...]
