Archive for 'MARKETS' Category
Factors Affecting Price Sensitivity
Unique – Value Effect: Buyers are less sensitive when the product is more unique.
Substitute- Awareness Effect: Buyers are less price sensitive when they are less aware of the substitutes.
Difficult-Comparison Effect: Buyers are less price sensitive when they cannot easily compare the quality of substitutes
Total Expenditure Effect: Buyers are less price sensitive of the product [...]
A Product
A Product is anything that can be offered to a market to satisfy a want or need. Products that are marketed include physical goods, services, experiences events, persons, places, properties, organizations, information and ideas.
Each product is related to certain other products. The product hierarchy stretches from basic needs to particular items that satisfy those needs. [...]
Marketing Strategies during Growth Stage
- The firm improves product quality and adds new product features and improved styling.
- The firm adds new models and flanker products.
- It enters new market segments.
- It enters new distribution channels.
- It shifts some advertising from building product awareness to bring about product convicted and purchase.
- It lowers prices at right time to attract the next layer of price sensitive [...]