Majorly there are four methods for pricing determination strategies: 1. Cost based pricing 2. Break-Even Concept 3. Demand based pricing 4. Pricing related to the market.
New product development process plays a crucial role in deciding the future of the organisation. Every product has a life of its own and it becomes obsolete after a certain period of time. It is essential to develop new products or alter or improve the existing ones to meet the oft-changing customer needs.
Demand forecasting is an attempt to estimate the future level of demand on the basis of past as well as present knowledge and experience, to avoid both under production and overproduction. Without forecasting, forward planning will be directionless and meaningless.
The buying behaviour of organizations that buy goods and services for use in the production of other products and services that are sold, rented or supplied to others. Organisational buying is also called institutional buying and when the products are used in their own production process, the buying process is called industrial buying.
Consumer behaviour refers to the actions of consumers in the market place and the underlying motives for those actions. Marketers expect that by understanding what causes consumers to buy particular goods and services they will be able to determine which products are needed in the market place, which is obsolete, and how best to present the goods to the consumers.
Marketing Environment is the combination of Internal factors and the External factors and forces outside marketing that affect top-level management’s ability to develop and maintain successful relationships with its target customers.
Marketing management process consists of four key stages, namely Market analysis, Marketing planning, Implementation of the marketing program, Control of the total marketing efforts.
Marketing Concept is the philosophy that an organization should analyze the needs of their consumers and then make decisions to satisfy those needs, better than the competition. There are five different marketing concepts: Production, Product, Selling, Marketing, Social Marketing Concept.
Marketing Mix: The set of controllable tactical marketing tools – product, price, place and promotion – that the firm blends to produce the desired response in the target market. The mix consists of 4Ps, product, price, place and promotion.
Market Segmentation is the sub-dividing of a market into homogeneous subsets of customers, where any subset may conceivably be selected on a market target to be reached with a distinct marketing mix. Types of market segmentation are geographic, demographic, psychographic and behavioural segmentation.