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  • Marketing Management

    MM

    Welcome to Marketing Management – Module BM4403.

     

    This module, BM4403 presents the knowledge and understanding about the importance of marketing management in companies.  It imparts the concepts and principles involved in marketing of the company’s products and services and enabling the company to gain competitive position in the market.

    The marketing function plays an important role in the sense that it is in contact with the external environment and acquires the necessary information for the development and improvement of the company’s operations and processes in order to attain the stability with the environment.  It is the only function that brings in the financial returns to the company for the continuous operations of the other functions to provide the support to the marketing function.

    I truly hope that, like your predecessors, you will enjoy the module and find that our ‘discussions’ enhance your understanding of the marketing management process.


◄TOPIC 6 - MARKET SEGMENTATION, AND TARGETINGTOPIC 8: PRICING STRATEGY►

TOPIC 7 - SETTING PRODUCT STRATEGY

  • TOPIC 7 - SETTING PRODUCT STRATEGY

    INTRODUCTION


    Product is the first of the four marketing mix elements (4Ps), which is the most important element. A product exists as a result of efforts by seller to match their resources with the requirements of the market. Product is seen as the central element of any company and all marketing activity is seen to centre on it. As the first of 4Ps, product is starting point of the majority of planning activities. It is something that can be adapted, differentiated, introduced, modified, or eliminated for profit-making purposes. Without a well-developed product strategy, a marketing organization will not have a long-term success. Product decisions are needed to determine the core strategy for the marketing plan.


    LEARNING OUTCOMES

    After studying this chapter, you should be able to:

    1.       Describe the characteristics and classifications of products

    2.       Explain the differentiation of products

    3.       Enumerate the strategies in building and managing product mix and product lines


◄TOPIC 6 - MARKET SEGMENTATION, AND TARGETINGTOPIC 8: PRICING STRATEGY►