Lesson 1: Marketing Introduction Marketing Process Model:

Marketing Situation Analysis —> Marketing Strategy —> Marketing

- A social process by which individuals and groups Mix Decisions —> Implementation & Control
obtain what they want and need through creating, 1. Situation Analysis - identifying opportunities to
offering, and freely exchanging products and satisfy customer needs
services of value with others - Viewed in terms an analysis of the:
Marketing Process External Environment - macro and micro
- Which goods and services move from concept to - environmental
the customer Internal Analysis
- As a practice it consists in coordination of four - Framework used:
elements called 4P 5C Analysis - company, customer,
● Product competitors, collaborators, and climate
● Place PEST Analysis - political, economic,
● Price societal, and technological factors
● Promotional Strategy SWOT Analysis - strength, weakness,
American Marketing Association Defines Marketing opportunities, and threats
Management: 2. Marketing Strategy - a strategic plan for pursuing
A process of planning and executing the conception, the opportunity can be develop
pricing, promotion, and distribution of ideas, goods, and The Marketing strategy involves:
services. - Value Proposition to the target market
- Positioning the product within the
Concept of Marketing market
Target Market —> Customer Needs —> Integrated - Segmentation
Marketing —> Profit Through Customer Satisfaction - Targeting/Target Market Selection
3. Marketing Mix Decision - detailed tactical
Product Overview decisions then are made for the controllable
Unique - product specifically dedicated parameters of the marketing mix. The action
First to Market - beautifully design items includes:
Tested - conducted testing ● Product Development - specifying,
Authentic - designed with the help and output designing, and producing the first units of
Target Market the product
Companies do best when they choose their target market ● Pricing Decisions
carefully and prepare tailored marketing programs ● Distribution Contracts
Customer Needs ● Promotional Campaign Development
● Stated Needs 4. Implementation and Control
● Rea Needsl - a marketing plan has been developed and
● Unstated Needs a product has been launched.
● Delight Needs - As the market changes, the marketing
● Secret Needs mix is adjusted to accommodate the
Product Benefits changes.
- Simple and Efficient - It needs continual monitoring and
- Quick customer service assistance adaptation to fulfill customer needs
Integrated Marketing consistently over the long-term.
- When all the company's department work
together to serve the customer's interests Lesson 2: Introduction to Marketing Strategy
Marketing Strategy
- Place on two levels
Marketing strategy is a comprehensive plan or roadmap
1. Various Marketing Function; developed by businesses to achieve their marketing goals
2. By other department and objectives.
Profitability Marketing Strategy Formulation
- A company makes money by satisfying customer Refers to the process of establishing a company's
marketing targets and objectives.
needs than its competitors
- Marketing Strategy streamliness your daily
Marketing Process routine without sacrificing results.
The firm must find a way to discover unfulfilled customer - Marketing Strategy allows for business growth
needs and bring to market products that satisfy those - Marketing Strategy keeps your team focused and
needs. free of distractions
 - Marketing Strategy helps increase quality
marketing leads
5 Marketing Strategies
- Influencer Marketing Strategy
- Affiliation Marketing Strategy
- Search Engine Optimization (SEO) and content
marketing strategy
- Social Media Marketing Strategy
- Email Marketing Strategy
How to have a strong marketing strategy formulation?
● Don't get stuck in the old ways. Make the shift.
● A strong marketing formulation requires you to
have a growth mindset
● Pay close attention to data during marketing
strategy formulation
● Prioritize talent conflicts and don't hesitate to be
unconventional
● Be creative
Key Drivers of Marketing Strategy
● Competition - assessing and analyzing
competitors
● Economic Growth and Stability - economic
growth - invest more, economic downturns - cost-
cutting and value driven marketing
● Political Trends - changes in government policies,
trade regulations, or international relations
● Legal and Regulatory Issues - adhere local,
national, and international laws and regulations
● Technological Advancements - must stay up-to-
date with the latest technologies
● Socio-Cultural Trends - align with these trends to
resonate with target audiences
Types of Marketing
Industrial Marketing (B2B) - Concentrates on promoting
goods and services to other enterprises.
- Strategy for B2B
- Targeted Segmentation - identify and
segment target market
- Relationship Buildings - establish strong
relationship with key decision- makers
- Content Marketing - create informative
and valuable content
- Trade Shows and Exhibitions - showcase
your products and services
- Digital Presence - make a strong online
presence
- Customer Testimonials - collect and
showcase testimonials/review from
satisfied customers
- Competitive Analysis - monitor and
analyze competition
- Data Analytics - measure the
effectiveness of your marketing efforts
- Distribution Channels - explore various
channels
- Regulatory Compliance - comply with
industry regulations and standards
Consumer Marketing (B2C) - goal is to create demand for
products or services among the general public and drive
customers to make purchases.
3. Strategies for B2C
- Marketing Product and Service -
promoting and create awareness about
your product or service
- Identifying Appropriate Pricing -
determine optimal price
- Create Place Strategy - making your
product or service available
- Develop Promotion Strategy - advertising,
sales promotion, and publics relations
- Extraordinary Unique Selling Point -
compelling reason why consumer should
choose your product over others
- Scarcity and Undercover Marketing -
creating sense of urgency or limited
availability
- Relationship Marketing - building and
maintaining long term relationships with
customers is essential
5. Unique Selling Proposition - what makes your
business better than your competitors and why
customers should buy from you
- USP could be:
- Lowest Price
- Highest Quality
- Fastest Delivery
- Unique Location
- Innovative Product
Service Marketing - refers to application of a different set
of tactics or strategies to anticipate the consumer's need
for an intangible product.
- Characteristics of Services
● Intangibility
● Inseparability
● Variability
● Perishability
● Simultaneity
● People - oriented
Competitor Analysis - process of evaluating the strength
and weakness of present and potential competitors
- Competitor's Objectives
- Competitor's Assumption
- Competitor's Current Strategy
- Competitor's Resources and Capabilities
- Competitor Response Profile
Lesson 3: Marketing Mix Decision
The classic marketing mix, as established by Professor of
Marketing at Harvard University, Prof. James Culliton in
1948 and expanded upon by Jerome McCarthy,
incorporates Product, Price, Placement, and Promotion
into a theory of marketing that has been important to the
industry for more than 70 years. Since then, the theory
has been expanded into the 7 P's of marketing. Which are:
Product, Price,Promotion, Place, People, Packaging, and
Process.
What are the 7P's of marketing?
1. Product
There are five components to a successful product-led
marketing that are important for product marketers to
take into consideration:
Let your product or service sell itself.
Know your customer's needs content marketing.
Share authentic stories.
Focus on your product before you consider how to sell it.
2. Price
Many factors go into a pricing model. Brands may:
 Price a product higher than competitors to create the
impression of a higher-quality offering.
 Price a product similar to competitors, then draw
attention to features or benefits other brands lack.
 Price a product lower than competitors to break into
a crowded market or attract value-conscious
consumers.
 Plan to raise the price after the brand is established
or lower it to highlight the value of an updated model.
 Set the base price higher to make bundling or
promotions more appealing.
3. Promotion
Ways that you can use these channels together:
 Make sure you know all the channels available and
make the most of them to reach your target audience.
 Embrace the move toward personalized marketing.
 Segment your promotional efforts based on your
customers' behavior.
 Test responses to different promotions and adjust
your marketing spend accordingly.
 Remember that promotion isn't a one-way street.
Customers expect you to pay attention to their
interests and offer them solutions when they need
them.
4. Place
Here are some considerations when it comes to place:
 Where will people be looking for your product?
 Will they need to hold it in their hands?
 Will you get more sales by marketing directly to
customers from your own e-commerce website, or
will buyers be looking for you on third-party
marketplaces?
 Do you want to converse directly with your
customers as they purchase, or do you want a third
party to solve customer service issues?
5. People
Here’s what you can do to ensure your people are making
the right impact on your customers:
 Develop your marketers’ skills so they can carry out
your marketing mix strategy
 Think about company culture and brand personality.
 Hire professionals to design and develop your
products or services.
 Focus on customer relationship management, or
CRM, which creates genuine connections and
inspires loyalty on a personal level.
6. Packaging
Here are some ways to make your packaging work harder
for you:
 Design for differentiation.
 Provide valuable information.
 Add more value.
7. Process
Processes to consider:
 Are the logistics in your main distribution channel
cost-efficient?
 How are your scheduling and delivery logistics?
 Will your third-party retailers run out of product at
critical times?
 Do you have enough staff to cover busy times?
 Do items ship reliably from your website?
Types of Marketing Mix
1. Product Mix
2. Product Progression and Product Life Cycle
3. Market Coverage Mix/Positioning Mix
4. Service Mix
5. Marketing Program Mix/Promotional Mix
6. Channel Mix/Vertical Integration
7. Global Marketing Mix/International Marketing Mix
Product Development Planning
A new product is one that is new in any way concerning
the company. A new product idea can come from
customers’ feedback, competitors, research findings, or
old product’s repositioning. Although new product
development sounds very exciting. it is not easy. It
requires time, effort understanding of the market, and a
vision for future shifts in buyer behavior.
1. First Step - The search for new ideas should be
systematic and have a formal procedure. The following
sources of idea generation are identified by P. Kotler, J.
Ward and J. McCarthy:
• Internal sources - a company’s sales force, internal
reports, etc. (customers - info could be obtained from
surveys.
• Competitors - analysis of competitors’ products.
• Distributors and suppliers.
• Advertising agencies, associations, friends, overseas
markets.
2. Second Step - Screening involves evaluating the new
ideas. Ideally, a company should be able to match its
resources to possible opportunities which eventually lead
to a competitive advantage.
3. Third Step - Concept Development and Testing
Once a product concept is defined, it needs to be tested
with a potential group of target consumers. Usually,
concept testing is done by asking customers to answer
the survey questions in relation to a new product.
4. Fourth Step - Marketing Strategy Development
The marketing strategy statement has to include the
target market, positioning, sales goals, and market share
goals. After designing the marketing strategy, an
evaluation of business attractiveness, including business
analysis, review of sales, costs, profit projections, and a
company’s long - term objectives, must be done. Only
then can the product concept move into actual product
development.
Product Life Cycle
The Product Life Cycle, or PLC, is a strategic concept in
marketing that outlines the stages a product goes through
from introduction to eventual decline. It helps businesses
understand and plan for the various phases of a product's
existence, guiding decisions on marketing strategies,
pricing, and resource allocation.
Stages of PLC
1. Induction Stage
- Product sales are initially low as customers become
aware of the product's benefits.
- Firms may announce the product before its release, but
this can alert competitors. - - Advertising costs are
typically high to boost customer awareness and target
early adopters.
- The firm may face extra expenses related to initial
product distribution, often resulting in negative profits.
- The main goal here is to establish a market and generate
primary demand for the product class.
2. Growth Stage
- Revenue experiences rapid growth as more customers
discover the product's benefits, and new market
segments are targeted.
- Retailers show interest, and sales surge when customers
demand the product. As competitors enter the market,
there may be price competition and increased
promotional costs to demonstrate the product's
superiority.
3. Maturity Stage
- Most profitable phase. While sales continue to grow, the
pace slows down.
- Strong brand awareness reduces advertising costs.
- Increased competition may lead to decreased market
share and prices.
- Products in the market become very similar, making
differentiation challenging.
- Efforts focus on enticing competitors' customers to
switch, boosting usage per customer, and converting non-
users.
- Sales promotions may be used to secure more shelf
space from retailers.
4. Decline Stage
- Sales start to decrease due to market saturation,
technological depreciation, or shifting customer
preferences.
- Brand loyalty may prolong profitability, but eventually,
unit costs may rise with declining production, making
further profit unattainable.
Limitations of PLC
The term "life cycle" implies a predictable, well-defined
path like that seen in living organisms. However,
products have diverse and unpredictable life cycles. This
concept isn't ideal for sales forecasting.Furthermore,
critics have argued that the product life cycle may
become selffulfilling.
New Product Development
What is Product?
A good, service, or idea consisting of a bundle of tangible
and intangible attributes that satisfies consumers which
they receive in exchange for money or some other unit of
value.
What is a new product?
• A product that opens an entirely new market
• A product that adapts or replaces an existing product
• A product that significantly broadens the market for an
existing product
• An old product introduced in a new market
• An old product packaged in a different way
• An old product marketed in a different way
New product can be used...
• Increase/defend market share by offering more choice
or updating older products
• Appeal to new segments
• Diversify into new markets
• Improve relationship with distributors
• Maintain the firm‘s reputation a leading edge company
• Even out peaks and troughs in demand
• Make better use of the organization’s resources
Types of new product
• New product the world products – innovative products
• New product lines – to allow the firm to enter an
existing market
• Addition to product line – to supplement the firm‘s
existing product line
• Improvements and revisions of existing product
• Repositioned products – existing products targets at
new market
• Cost reduction new product that provide similar
performance at lower cost
Examples of new products
• New to the world – high definition TV, ipod, flat screen
TV
• New products lines – Mars ice creams
• Addition to the products line – weetabix launched
fruitibix
• Product improvement & replacement new car
model
What is a New Product Development?
• NPD is a process which designed to develop, test and
consider the viability of products which are new to the
market in order to ensure the Growth or survival of the
organization.
• The stages a firm goes through to identify business
opportunities and convert them to a salable good or
service.
Why develop NPD?
• To add to product portfolio
• To create stars and cash cows for the future
• To replace declining product
• To take advantage of new technology
• To defeat rivals
• To maintain/increase market share
• To keep up with rivals
• To maintain competitive advantage
• To full gap in the market
New Product Development Process
1. New Product Development Strategy
• Original products
• Acquisition
• Product improvements
• Product modifications
• New brands through the firm‘s own Ramp and D efforts
- New Product Planning
• This is the strategic stage
• The firm assesses
• It current product portfolio
• Opportunities and threats
2. Idea Generation
- Idea generation is continuous, systematic search for
new product opportunities. It involves delineating
sources of new ideas and methods for generating them.
- To identify as many new product ideas as possible
Sources: 1. Customers
2. Company Research and Development
3. Sales representatives / employees
4. Competitors
3. Screening & Evaluation
Product Screening
- In product screening poor, unsuitable or otherwise
unattractive ideas are weeded out form further actions.
Concept Testing
- Concept testing present the consumer with a proposed
product and measure attitudes and intention at this early
stage of development.
4. Business and Financial Analysis
•Business and financial analysis for the remaining
product concepts is much more detailed than product
screening.
•Assesses the potential profitability of the product
concept.
• Estimate sales, Estimate costs
5. Product Development
• The product concept described on paper is turned into a
physical product called a prototype.
• Prototype is tested with sample groups from the target
market.
• Product development converts a product idea into a
physical form and identifies a basic marketing strategy.
6. Test Marketing
• Test marketing involves placing a product for sale in
one or more selected areas and observing its actual REQUIREMENTS OF MARKET SEGMENTS
performance under the proposed marketing plan. Identifiable: the differentiating attributes of the segments
• Product is tested under realistic purchase conditions. must be measurable so that they can be identified.
• See how targeted consumers respond to product and Accessible: the segments must be reachable through
other marketing mix elements. communication and distribution channels.
• Product is introduced in one or more test cities. Substantial: the segments should be sufficiently large to
justify the resources required to target them.
7. Commercialization Unique needs: to justify separate offerings, the segments
•Commercialization involves implementing a total must respond differently to the different marketing mixes.
marketing plan and full production Durable: the segments should be relatively stable to
• Product is placed on the market. minimize thecost of frequent changes.
Involves setting up:
1. manufacturing facilities Target and Positioning
2. Channels of distribution
• Promotion for the product Target marketing
• Will often use a regional roll out - is a marketing strategy that breaks a market into
segments and then concentrates your marketing efforts
Market Segmentation on one or a few key segments consisting of the customers
1. Geographic Segmentation whose needs and desires most closely match your
Tells you where your audience is located. Like product or service offerings.
demographic segmentation, categorizing your contacts
according to geographic location is straightforward. THREE TARGETING STRATEGIES AN ORGANIZATION
1. UNDIFFERENTIATED MARKETING - It is a
Region: by continent, country, state, or even standardization strategy option, where the firm offers the
neighborhood same product, uses the same advertising, promotional,
Size of metropolitan area: segmented according to size distribution, publicity, public relations and pricing
of population strategies to different market segment. E.g.: - Pepsi and
Population density: often classified as urban, suburban, Coca-Cola.
or rural 2. DIFFERENTIATED MARKETING STRATEGY - It
Climate: according to weather patterns common to contradicts the Undifferentiated Marketing Strategy
certain geographic regions where the firm develops different products/services to
suit the need of varying groups which increases their
2. Demographic Segmentation marketing and operational expenditures. E.g.: - Airline
Enables you to understand who your target audience is, Industry.
which is critical for building customer personas. 3. CONCENTRATED MARKETING - This is a “focused”
• Age approach of the firm to target only one particular
• Gender segment and create a niche market of that particular
• Family Size segment. In other words instead of targeting a small
• Family Lifecycle share of a large group, the company aims at a large share
• Generation of a small group.
• Income
• Occupation TARGETING CAN BE DONE BY THE FIRMS BY ADOPTING
• Education A LOGICAL AND SYSTEMATIC METHODOLOGY/STEPS.
• Ethnicity WHICH ARE AS FOLLOWS:
• Nationality STEP 1: - Identify the potential buyers - Through proper
• Religion market research and market segmentation.
• Social class STEP 2: - Select the target audiences - The factors that
influence Targeting are the Internal and External
3. Behavioral Segmentation environment. Internal environment includes the mission,
Refers to a type of market segmentation in which you vision, values and objectives of the firm; whereas;
group your audience based on consumer behavior, External factors are the social, cultural, economic, global,
allowing you to see how customers interact with your demographic, natural, task, technological, political and
business. legal environment.
• Benefits sought STEP 3: - Proper positioning of the Product - After
• Usage rate developing an appropriate segmentation and target
• Brand loyalty strategy; positioning strategy can be worked out
• User status: potential, first-time, regular, etc. effectively.
• Readiness to buy
• Occasions: holidays and events that stimulate purchases Positioning
- “A product‘s position is the place the position occupies
4. Psychographic Segmentation in consumers‘ minds relative to competing products.
Enables businesses to segment their contacts based on ” - Philip Kotler
psychological traits that influence shopping.
• Activities - The process where marketers try to create a product
• Interests image or identity in the minds of their target market
• Opinions relative to competitive products.
• Attitudes
• Values - It is all about placing a product / brand in the minds of
the customer to occupy a stable, distinct and permanent
Requirements of Market Segmentation place in their rational and conscious mind set.
In addition to having different needs, for segments to be
practical they should be evaluated against the DIFFERENT POSITIONING PLANKS/BASES
following criteria: • Economy
• Benefit
• Gender
• Luxury and Exclusiveness
• Fashion for elite class
• Technology and Value added features
CRITERIA OF SUCCESSFUL POSITIONING
• Clarity
• Consistency
• Credibility
• Competitiveness
THREE STEPS FOR SUCCESSFUL POSITIONING
1. Select position concept
2. Design the feature that conveys position
3. Coordinate the marketing mix to convey position
Channel Management
- A set of interdependent organizations involved in the
process of making a product or services available for the
use or consumption.
- Channel is a mechanism which brings the product to the
consumer at his doorstep.
Why Channels?
When it becomes impossible for the manufacturer to
directly deal with the consumers.
Minimize transportation costs; maintain service levels,
reduction of stock holding etc.
Required to distribute your products.
Lacks the financial resources to do direct marketing.
Cannot have the infrastructure to make the product
widely available and near the customer.
Trading profits could be less than manufacturing profits
Channel functions.
Gathers information on customers, competitors and other
external market data.
Develop and disseminate persuasive communication to
stimulate purchases.
Agreement on price and other terms so that transfer of
ownership can be effected.
Placing orders with manufacturers.
Acquire funds to finance inventories and credit in the
market.
Assume responsibility of all risks of the trade.
Successive storage and movement of products.
Helps buyers in getting their payments through with the
banks.
Oversee actual transfer of ownership.
Functions of a Distribution Channel
The main function of a distribution channel is to provide
a link between production and consumption.
Organisations that form any particular distribution
channel perform many key functions:
Information: Gathering and distributing market research
and intelligence - important for marketing planning.
Promotion: Developing and spreading communications
about offers.
Contact: Finding and communicating with prospective
buyers.
Matching: Adjusting the offer to fit a buyer’s needs,
including grading, assembling and packaging.
Negotiation: Reaching agreement on price and other
terms of the offer.
Physical: distribution Transporting and storing goods.
Financing: Acquiring and using funds to cover the costs of
the distribution channel.
Risk taking: Assuming some commercial risks by
operating the channel (e.g. holding stock)
Types of Marketing Channel
• Business Goods
• Services
Advertising
Direct Marketing
- Involves direct communication with customers to sell
products.
- It includes database management, telemarketing, direct
mail, and online shopping.
- It focuses on direct personal responses, making it
convenient for customers to buy directly from
manufacturers.
Internet Marketing
- Provides a click-of-a-mouse experience, offering
information flow in both directions. It offers customers
options, like comparing products and reading reviews.
- It combines elements of the promotional mix, offering
direct marketing, advertising, publicity, public relations,
and personal selling in one place.
Sales Promotion
- Includes product samples, coupons, discounts,
and more.
- It benefits consumers and also involves retailers and
wholesalers through price deals, contests, and
allowances.
Publicity
- non-personal form of communication where no
payment is made to the publisher.
- It includes product reviews, discussions in forums, local
events, and news.
Personal Selling
- Involves direct contact between buyers and sellers,
allowing for quick feedback and message adaptation.
- It's commonly used in business-to-business models.
Pricing Strategy
- One of the four major elements of the marketing mix is
price.
- Pricing is an important strategic issue because it is
related to product positioning.
- Furthermore, pricing affects other marketing mix
elements such as product features, channel decisions, and
promotion.
- The following is a general sequence of steps that might
be followed for developing the pricing of a new product:
1. Develop marketing strategy
2. Make marketing mix decisions
3. Estimate the demand curve
4. Calculate cost
5. Understand environmental factors
6. Set pricing objectives
7. Determine pricing
Marketing Strategy and the
Marketing Mix
Before the product is developed, the marketing strategy
is formulated, including target market selection and
product positioning. There usually is a tradeoff between
product quality and price, so price is an important
variable in positioning.
Estimate the Demand Curve
There is a relationship between price and quantity
demanded, it is important to understand the impact of
pricing on sales by estimating the demand curve for the
product.
Calculate Costs
The unit cost of the product sets the lower limit of what
the firm might charge, and determines the profit margin
at higher prices. The total unit cost of a producing a
product is composed of the variable cost of producing
each additional unit and fixed costs that are incurred
regardless of the quantity produced.
Environmental Factors
Pricing must take into account the competitive and legal
environment in which the company operates. From a
competitive standpoint, the firm must consider the
implications of its pricing on the pricing decisions of
competitors.
Pricing Objectives
The firm’s pricing objectives must be identified in order
to determine the optimal pricing. Common objectives
include
the following:
• Current profit maximization - seeks to maximize current
profit, taking into account revenue and costs.
• Maximize quantity - seeks to maximize the number of
units sold or the number of customers served.
• Maximize profit margin - attempts to maximize the unit
profit margin.
• Quality leadership - use price to signal high quality in an
attempt to position the product as the quality leader.
• Partial cost recovery - an organization that has other
revenue sources may seek only partial cost recovery.
• Survival - in situations such as market decline and
overcapacity, the goal may be to select a price that will
cover costs and permit the firm to remain in the market.
In this case, survival may take a priority over profits, so
this objective is considered temporary.
• Status quo - the firm may seek price stabilization in
order to avoid price wars and maintain a moderate but
stable level of profit.
For new products
Skim Pricing
- Attempts to “skim the cream” off the top of the market
by setting a high price and selling to chose customers
who are less price sensitive.
- Skimming is a strategy used to pursue the objective of
profit margin maximization.
- Skimming is most appropriate when:
1. Demand is expected to be relatively inelastic
2. Large cost savings are not expected at high volumes,
or it is difficult to predict the cost savings that would be
achieved at high volume.
3. The company does not have the resources to finance
the large capital expenditures necessary for high volume
production with initially low profit margins.
4. Distribution Policy:
- Importance: Distribution policies determine how
products or services reach customers.
5. Market Research Policy:
- Importance: Research informs decision-making, helps
understand customer needs, and identifies market trends.
Method - helps you reach and connect with your target
audience and ultimately is how you will grow your
business in the long run.
- A well-planned digital marketing strategy will help your
brand highlight your strengths and how better you are
than your competitors.
1. Digital Marketing:
- Importance: Digital marketing leverages online channels
for brand visibility and customer engagement.
- Methods: Strategies include SEO, social media marketing,
email marketing, and pay-per-click advertising.
2. Content Marketing:
- Importance: Content marketing focuses on creating
valuable content to attract and retain customers.
- Methods: Blogging, video marketing, infographics, and
e-books are common content marketing methods.
3. Social Media Marketing:
- Importance: Social media platforms provide
opportunities for brand interaction and customer
engagement.
- Methods: Companies use platforms like Facebook,
Instagram, and Twitter for promotion and
communication.
4. Email Marketing:
- Importance: Email marketing enables direct
communication with customers and can be highly
personalized.
- Methods: Email campaigns target specific customer
segments with tailored content.
5.Influencer marketing:
- Importance: Influencers have the ability to reach niche
audiences and build trust.
- Methods: Companies partner with influencers to
promote products or services to their followers.

Penetration Pricing
- Pursues the objective of quantity maximization by
means of a low price.
- It is most appropriate when:
1. Demand is expected to be highly elastic
2. Large decreases in cost are expected as cumulative
volume increases.
3. The product is of the nature of something that can
gain mass appeal fairly quickly.
4. There is a threat of impending competition.

POLICIES AND METHOD IN MARKETING

Policy Marketing - involves creating and implementing

policies that are aligned with the company's values and
beliefs. These policies can be related to the environment,
social responsibility, ethical practices, and other areas
that reflect the company's culture.

Example of 5 Marketing Policy

1. Pricing Policy:
- Importance: Pricing is a crucial factor influencing
customer purchasing decisions and a company's
profitability.
2. Promotion Policy:
- Importance: Effective promotion policies create brand
awareness and drive sales.
3. Product Policy:
- Importance: A well-defined product policy ensures
product quality, features, and differentiation.