Ebook International marketing management: Part 2
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Ebook International marketing management: Part 2
International Marketing ConceptsAIMS AND OUTCOMES OF THE CHAPTERThe study of this chapter will help students understand marketing from an internationa Ebook International marketing management: Part 2al perspective as it deals with some basic concepts and useful ideas.279280International Marketing ManagementTo understand marketing it is useful to understand some basic concepts and useful ideas:MARKET SEGMENTATIONMarket segmentation is required because products can be used or are needed by only a Ebook International marketing management: Part 2 part of the entire population. The concept of segmentation focuses on the particular group or class of customer who would be definitely interested inEbook International marketing management: Part 2
the product. A history textbook will be of interest to students and teachers of history. Spices used in cooking will be needed by cooks, both in homeInternational Marketing ConceptsAIMS AND OUTCOMES OF THE CHAPTERThe study of this chapter will help students understand marketing from an internationa Ebook International marketing management: Part 2ve watch worth Rs 4,(XX)? rhe population can therefore be divided on the basis of whether they belong to a rich income group, poor income group or mid-income group. Depending on the product to be sold, further narrower classification can be done.TARGETING MARKETSMarkets have evolved from purely phys Ebook International marketing management: Part 2ical kx ations where buying and selling took place to supermarkets where a lol of products from diverse manufacturers are sold under one roof. Then thEbook International marketing management: Part 2
ere are need-based markets like healthcare products market, sports goods market. Markets can be for different age groups, different religious groups. International Marketing ConceptsAIMS AND OUTCOMES OF THE CHAPTERThe study of this chapter will help students understand marketing from an internationa Ebook International marketing management: Part 2these become the targets for the firm.CUSTOMERS AND PROSPECTIVE CUSTOMERSThese arc the people or organisations that cither need a product or could be brainwashed into buying a product. As they have a number of sources from whom they can buy, the sellers need to have really efficient persuasion or br Ebook International marketing management: Part 2ainwashing techniques in order to get them to buy their products. At limes, buyers arc also users, but it is not always so. For example, one family meEbook International marketing management: Part 2
mber might be buying toiletries, which are used by the rest of the family, rhe decision to buy one particular brand could be the buyer's, or it could International Marketing ConceptsAIMS AND OUTCOMES OF THE CHAPTERThe study of this chapter will help students understand marketing from an internationa Ebook International marketing management: Part 2he dictates of the family members.WHAT THE CUSTOMERS NEEDStarting from the physical needs of food, clothing, shelter, healthcare and education, people have a need for recreation, sports, entertainment and other leisure-time activities. Sellers stimulate these needs by educating the customers through Ebook International marketing management: Part 2 advertisements and personal selling. Some basic products likeInternational Marketing Concepts281food are demanded by the buyers. I lowever, the choicEbook International marketing management: Part 2
e of branded food keeps increasing, for example, for a product as common as salt several brands are available. Sellers keep focusing the attention of International Marketing ConceptsAIMS AND OUTCOMES OF THE CHAPTERThe study of this chapter will help students understand marketing from an internationa Ebook International marketing management: Part 2. For cellphones, a lot of concept selling about the product usage was doneeven before the product was offered in the market. It must be accepted that somewhere in the mindset of the target customers the latent need for cellphones existed. At times, however, with demand growth and increased competit Ebook International marketing management: Part 2ion, improved or more innovative products have to be introduced in the market, which helps in retaining or improving the firm's market share. Firms wiEbook International marketing management: Part 2
th better research and development facilities fare better in competitive situations. Attractive products or good-looking packages help in selling as tInternational Marketing ConceptsAIMS AND OUTCOMES OF THE CHAPTERThe study of this chapter will help students understand marketing from an internationa Ebook International marketing management: Part 2ot really need it. Credit cards or other credit sales make people/customers buy more than their need or more than they can actually afford and hence several social scientists consider pressure selling as an incurable modern-day malaise.PRODUCTS AND SERVICESProducts and services satisfy the customer' Ebook International marketing management: Part 2s needs or provides the benefit sought by the customer. Branded products have an identity of their own and lheir sales can be quantified accurately. FEbook International marketing management: Part 2
irms l(M>k for enhancing the value of their brand through its quality, advertising and personal sales.PRODUCT BENEFITS AND ITS VALUE TO THE CUSTOMERSUInternational Marketing ConceptsAIMS AND OUTCOMES OF THE CHAPTERThe study of this chapter will help students understand marketing from an internationa Ebook International marketing management: Part 2 Ills buying the product. Value to the customer can be defined as:Value - product benefits and its emotional value to the buyer as compared to its cost to the customer, including the cost of lime and effort.SALES CONTRACTSFor sales to be made in a legally valid and binding manner, the following cond Ebook International marketing management: Part 2itions must be met:•There must be at least two parties to the contract, both have something for the other; one may have a product and the other moneyEbook International marketing management: Part 2
to buy the product.•Each party can offer its product/money and also accept the offer.•Each party accepts the other as a reasonable party and the contrInternational Marketing ConceptsAIMS AND OUTCOMES OF THE CHAPTERThe study of this chapter will help students understand marketing from an internationa Ebook International marketing management: Part 2ne. Hence, it can be seen that when one party gives a gift to another party it282International Marketing Managementcannot be considered a sale as there is no payment involved in the transfer of goods from one party to the other.The ideal sought by sellers is that the buyers become their friends and Ebook International marketing management: Part 2to do so they sell quality products, offer good service and attractive terms of business, which, over a period of time makes their customers their friEbook International marketing management: Part 2
ends interested in a long-term relationship with them.RELATIONSHIP MARKETINGRelationship marketing has become the keyword in today's marketing languagInternational Marketing ConceptsAIMS AND OUTCOMES OF THE CHAPTERThe study of this chapter will help students understand marketing from an internationa Ebook International marketing management: Part 2eir target market place. They need a distribution channel, which goes up to lite retail stores where the customers go to buy their products. New channels like the internet and teleshopping have come up to enable customers to have interactions with the sellers without them having to lake lime off to Ebook International marketing management: Part 2do shopping. Sellers need to communicate to the buyers all die lime about their products, their benefits and prices, which is done through personal seEbook International marketing management: Part 2
lling at the retail outlets and through advertisements. Interactive channels like die internet and teleshopping help customers gather information abouInternational Marketing ConceptsAIMS AND OUTCOMES OF THE CHAPTERThe study of this chapter will help students understand marketing from an internationaInternational Marketing ConceptsAIMS AND OUTCOMES OF THE CHAPTERThe study of this chapter will help students understand marketing from an internationaGọi ngay
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