Concise Notes on Marketing Decisions

Organic Growth

  • Internal growth achieved through launching new products, expanding branches, or entering new markets.
  • Benefits: Improved control, customer loyalty.

Globalisation

  • Definition: Businesses operating internationally (exports, foreign investments).
  • Advantage: Access to foreign markets, benefits from economies of scale (bulk buying).

Trade Blocs

  • Groups that eliminate trade barriers (e.g., tariffs).
  • Disadvantage: Increased foreign competition can lead to loss of market share.

Changes in Business Objectives

  • Objectives may change due to:
    • Market conditions (trends, economic changes).
    • Technology use.
    • Performance issues.
    • Legal changes.

Design Mix Elements

  1. Function: The practical use of a product.
  2. Aesthetics: The look and feel of a product.
  3. Cost: Balancing production cost with customer appeal.

Product Life Cycle Stages

  1. Introduction: Product development/launch.
  2. Growth: Increased sales/popularity.
  3. Maturity: Peak popularity, potential for decline.
  4. Decline: Decrease in sales, possible discontinuation.

Extension Strategies

  • Methods to prolong product life (e.g., new flavors, product variations).

Product Differentiation and USP

  • Differentiation: Offering unique features to stand out in the market.
  • Unique Selling Point (USP): What makes a product or service uniquely attractive to customers (e.g., exclusive features or services).