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Business Policies and Marketing - Coggle Diagram
Business Policies and Marketing
Modern Marketing and Its Environment
Nature
Satisfaction of needs
→ Value exchange
Importance
Drives the economy
→ Generates employment
→ Facilitates global trade
International perspective
Global markets
→ Cultural adaptation
→ International competition
4 Ps
Product
→ Price
→ Place (distribution)
→ Promotion
The Product
Planning and development
Idea
→ Design
→ Launch
Packaging
Protection
→ Image
→ Differentiation
Product vs Service
Product: tangible
→ Service: intangible
Life cycle
Introduction
→ Growth
→ Maturity
→ Decline
Changes due to supply and demand
Design adjustments
→ Innovation
→ Continuous improvement
Pricing
Pricing strategy
Competition
→ Perceived value
→ Costs
Elasticity
Consumer sensitivity
→ Demand changes
Break-even point
Revenue = costs
→ Minimum sales level
Costs
Fixed (do not change)
→ Variable (depend on production)
Pricing methods
Cost-based
→ Value-based
→ Competition-based
Market
Globalization
Economic impact
→ Social impact
→ Political impact
External debt
Influences the economy
→ Affects consumption
Integration problems
Trade barriers
→ Cultural differences
Competitive forces
Direct competitors
→ Substitute products
→ Buyer power
→ Supplier power
Distribution Channels
Classification
Direct
→ Indirect
Characteristics
Coverage
→ Efficiency
→ Costs
Types
Wholesalers
→ Retailers
→ Intermediaries
Importance
Deliver products to customers
→ Facilitate sales
→ Reduce time
Promotion and Advertising
Media
TV
→ Radio
→ Social media
→ Press
Campaign
Objective
→ Message
→ Audience
Advertising vs Promotion
Advertising: paid communication
→ Promotion: short-term incentives
Presentation techniques
Type of audience
→ Message sequence
→ Effective closing