After reading this article you will learn about Marketing Mix:- 1. Concept of Marketing Mix 2. Elements of Marketing Mix. Concept of Marketing Mix: Marketing mix is the set of controllable variables that a firm can use to influence the buyer's response within a given marketing environment (consisting of political, social, cultural, economic and marketing institutional influences). The environmental influences [...]
This article throws light upon the seven main steps involved in planning and development of a new product. The steps are: 1. New Product Ideas 2. Idea Screening 3. Concept Development and Testing 4. Business Analysis 5. Product Development, Programme 6. Test Marketing 7. Commercialisation. Planning and Development: Step # 1. New Product Ideas: We visualize the detailed features of [...]
This article provides an overview on Product Life Cycle. The product life cycle concept derives from the fact that a product's sales volume and sales revenue follow a typical pattern of five-phase cycle. The life cycle is a fact of existence for every product. It is similar to the human life cycle. The length of the life cycle, the duration [...]