By Patrick Forsyth
This booklet is a entire and obtainable ebook masking all key advertising concerns, with an emphasis on practicality and why advertising is critical in engineering. Aimed basically at non-marketing humans short of rationalization of marketing's objective, function and strategies, it could offer significant effect to the method of establishing a advertising tradition inside an supplier in a manner that certainly impacts ends up in undefined. Practitioners can also enjoy the book's transparent reasons and the sensible view it takes of the need for advertising and its implementation.
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Additional info for Demystifying Marketing: a guide to the fundamentals for engineers (Iet Management of Technology Series 23)
For example, one current trend, referred to as GOY (getting older younger), 16 Demystifying marketing has very specific influence on two sectors: many traditional toys are redundant as far as today’s children are concerned at a younger age than in the past; conversely, other products are becoming appealing to younger age groups than in the past. Marketing must both respond to and deal with such factors and, many people believe, is also instrumental in encouraging them, even initiating them. 2 The product life cycle The product life cycle charts the way in which a product performs over time from its inception and launch to such time as its decline may lead to its being discontinued.
The difference here is simply interesting. But what is crucial in marketing is: • that what is to be marketed should be well chosen – a poor product will rarely, if ever, sell more than once; • that marketing activity should match the product in every possible way. The product and its price are inherently associated (as the reference to product positioning made clear above), so it is to price that we logically turn next. Chapter 4 Pricing policy and tactics Unless the product is to be given away, it must have a price.
This can, in turn, imply joint ventures, subsidiary companies and overseas offices. That said, whatever the market, the way it must be approached is similar in principle. 2 Market segmentation The concept of segmentation opens up a number of different ways, and scales of action, for marketing approaches. Key here are the following. 1. Mass marketing: Here all buyers are considered as the same. This has the advantage of economies of scale and reducing costs. However, the concept of ‘one size fits all’ is difficult to sustain in today’s drive for mass customization and differentiation.