According to Philip Kotler A product is anything that can be offered to a market for attention acquisition use or consumption It includes physical objects services personalities place organisation and ideas ID: 1012621
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1. APPLICATION OF RESEARCHUNIT 5
2. According to Philip Kotler “A product is anything that can be offered to a market for attention, acquisition, use or consumption. It includes physical objects, services, personalities, place, organisation and ideas.”Product Research
3. ExplorationScreeningBusiness analysisDevelopmentTestingcommercialisationNew product Development
4. 1. Introduction2. Growth3. Maturity4. DeclineProduct life cycle
5. Kinds of Pricing DecisionsOdd pricingPsychological pricingCustomary pricesPricing at the prevailing pricesPrestige pricingPrice liningGeographical pricingDual pricingMonopoly pricingSkimmimg pricingPenetration pricingSealed bid pricingMarkup or customary pricingPRICE RESEARCH
6. Promotion refers to the various business tools used by a business to create, maintain and increase demand.Promotion Research
7. 1. Nature of the product2. Nature of market3. Stage of the products life4.Availability of funds5. Nature of the technique6. Promotional strategy7. Readiness of the buyerFactors affecting Promotion
8. Retailer Marketing decisionsTarget market decisionProduct assortment and procurement decisionServices and store atmosphere decisionPrice decisionPromotion decisionPlace decisionDistribution Research
9. RetailingWholesalingOther middlemenLatest trendsDirect sellingMarket logisticsTypes of Distribution
10. Annual plan – sales analysis, market share analysis, market expense to sales analysis, financial analysisProfitability control – step by step controlEfficiency control – sales force efficiency, advertising efficiency, sales promotion efficiency and distribution efficiencyStrategic control – marketing effectiveness reviewSales control Research
11. Mainly 2 typesCommunication effect research and2. Sales effect researchMedia research
12. Direct rating methodPortfolio tests aided or unaidedLaboratory tests using equipments to test heartbeat, bp, pupil dilation, perspiration etc to an ad.1. Communication effect research
13. This is a post test which takes into effect mainly the sales in connection with the advertisement expenditure incurred.2. Sales effect research
14. Motivation is the inner state that causes an individual to behave in a way that ensures accomplishment of some goal Generally two methods of motivation are used to motivate people 1. Financial motivation and 2. Non-financial motivationMotivation Research
15. The important theories of Motivation areMaslow’s need HierarchyHerzberg’s Two Factor theoryAchievement Motivation theoryERG theoryExpectancy theoryEquity theoryReinforcement theoryMcGregor’s theory X and theory Y. show from unit 4 of OBTheories of Motivation