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Marketing Management - Essay Example

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Marketing Management

• Mid-way through the Growth Stage: Sales increase at a decreasing rate and profits begin to flatten. Once the sales pick up, profits pour in and demand increases. However, this is followed by slower rate of sales as the markets become saturated with similar products and competition. Although new consumers continue to buy the product, competition by substitutes causes significant decline in sales for the original product. • Mid-way through the Maturity Stage: Sales peak and profits begin to decline. How can a company attempt to stop the decline? The company can handle this decline by introducing different products with similar and alternative features and maintain stable or slightly lesser prices. The company can freeze distribution channels and try to generate demand linked to the previous products. 1.3 You have been hired as a consultant to develop a branding strategy for a new product line. Discuss the strategic importance of branding and the key types of branding decisions that should be considered. Branding becomes extremely important as well as beneficial for new product sales and profit. Branding helps consumers to make quick buying decisions as it promises of certain level of quality and protection. Branding helps in systematic business institution through inventory and records. Branding provides protection through trademarks, patents, and copyrights. Branding also helps in attracting more consumers, proper communication of the positioning of the product and in gaining competitive edge in the market. Branding should be based on symbols, slogans and brand names that are memorable, meaningful and preferable. The brands should be easily transferable to other product lines, adaptable and protectable from competitors. Category 2: Pricing Strategy 2.1. Consumers of professional medical services (e.g., physician, dentist, etc.) tend to be more price sensitive than consumers of soft drinks. Utilizing five of the ten key factors that influence consumer price sensitivity, discuss whether the statement above is true or false. It is true that consumers of professional medical services tend to be more price sensitive than consumers of soft drinks. For instance, the perceived substitute effect describes that price becomes significant deciding factor if consumers perceive the price of a specific product to be higher compared to its possible substitutes, which is the case in pharmaceutical products. Considering the expenditure effect, consumers tend to choose alternative options if they feel the price is high and unaffordable. Soft drinks are usually priced on similar lines, unlike healthcare products. Consumers unwilling to spend more money on healthcare products, which are occasional requirements and are often unplanned in their expenditure, tend to consider price before choosing the product. Considering the shared-cost effect, consumers look for external financial help to buy specific product, especially health care product, through insurance and other means. When they can aid their health care expenses through insurance, they do not feel the pressure of high pricing. The Price-Quality effect plays a major role in choosing specific pharmaceutical products as it is associated with their psychology. If consumers had earlier had good experience with certain medicines, then fluctuating or increased price will not be a deciding factor in purchasing the same product once again. Unique value effect that consumers ...Show more


Category 1: Product Strategy 1.1 Provide the rational for why the following Product Life Cycle characteristics occur: • Time Period Zero: Sales start at zero and improve, yet profits are negative. The time-period zero is characterized by zero sales at the beginning when a new product is introduced into the market…
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