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Marketing discusion questions - Book Report/Review Example
Author : bbradtke
Pages 11 (2761 words)
Marketing Discussion Questions (Name) (University) (Course) (Tutor) Question one Value is the benefits that individuals attach to a product or service. It is a function of intrinsic product features, service and price and has different meanings for different people…
Marketing activities together with communication initiatives ensure that the markets are aware of the product characteristics and features together with its perceived advantages before they enter the market. When the products are finally brought into the market it is necessary to keep the customers interested in the product or service through activities that are aimed at enhancing brand loyalty. Thus marketing actions also come in here to build brand loyalty through promotions and other loyalty programs that make the customers stick to a given brand. Marketing also helps in pricing products and services. It is true that some customers make attach value to a product basing on its price as compared to others in the market. Pricing ensures that customers remain loyal to the product with periods of discounts and premium pricing. Value is also created through the establishment of long-term relationships with its customers. This is important for successful marketing strategies (Mullins & Walker, 2010). To stakeholders marketing activities enhance shareholder value through the reduction of the vulnerability and volatility or risks associated with cash flows. This has been made possible through various marketing activities and processes that include the design of new products, supply chain management, managing customer relations, channels and even strategic partners. ...