Product sales growth slows down, peak sales and drop in profit – the maturity stage normally last longer than the introduction and growth stage Most product of Tung Fong Hung is at maturity stage, therefore, the company has to consider new marketing strategies to deal with mature product B,) chapter 7 p. 47
Marketing strategy:
1, modifying the market
Increase the consumption of current product of TFH, look for new users and market segments For example: Chinese medicine for youth market, pills or herbal medicine for youth market For example: distribute to overseas market such as Europe, Africa…… 2, modifying the product
– change characteristics such as quality, features, or style to attract new users, for example, fashionable packaging, sugar coated pills and easy to swallow, change retail store image etc. (作的) – may add new features to expand the product’s usefulness, safety or convenience, for example, introduction of herbal medicine powder 3. modifying the marketing mix
– increase sales by changing one or more marketing mix element – Price: match to competitors, such as Yu Yan Sang
– Distribution: build more retail stores or distribute to convenience stores to strengthen the intensive distribution – Promotion: stress brand difference and benefits by heavy advertising campaigns and aggressive sales promotion, such as TV advertisement and print advertisement on health magazines, sales promotion on seasonal basis, collaborate with credit cards to increase sales volume
The Term Paper on Product life cycle and its stages
In today’s world, where market is unpredictable, strategies play crucial role in defending a firm’s product position. “The main reason why companies must continually develop new products is because products have life cycle”, (Bittel, 1980). Just as operation managers must be prepared to develop new products, they must also be prepared to develop strategies for both new and ...
2012/13 Semester 2
1,) chapter 8 p. 50
A) (i) Right price—profit
(ii) If price is too high, sales loss. If price is too low, lose return
on investment. B) Five factors: p. 53-55
i. marketing objectives and strategies – product positioning
ii. product costs – rates of return
iii. the natures of market and demand
– price freedom various with different types of market, i.e. pure competition, monopolistic competition, oligopolistic competition, pure monopoly
iv. competitors’ strategies and prices – price moves react to competitors’ price
v. the economy – strong impact during boom, recession, inflation or interest rates Remarks: elaboration is required
2) a) chapter 7, p. 43
Given the rapid change in customer tastes, technology and competitions, Samsung must develop a steady stream of new smart phone models. New models can sustain company growth and profits and replace old models. For customers, they bring new solutions and variety to their lives.
More elaboration……….
e.g. shorten product life cycle against competition profit meet customer demand for adopting customer focus strategies
b) New product development process:
1. Idea Generation
2. Idea Screening
3. Concept Development
4. Marketing Strategy and Development
5. Business Development
6. Product Development
7. Test Marketing
8. Commercialization
Propose and justify?
For example: No design problem, Meet customers’ requirements, against
competition etc…..
Why fail?
For example: May not meet customers’ requirement, overestime market size, incorrect positioning etc.
The Essay on Price Quotes and Pricing Decisions
This archive file of BUS 640 Week 5 Price Quotes and Pricing Decisions Applied Problems shows the solutions to the following problems: 1. a. Why would your company have bid with a zero mark-up on some past tenders? Business – General Business Price Quotes and Pricing Decisions Applied Problems . Please, complete the following 3 applied problems in a Word or Excel document. Show all your ...
3) a) chapter 9, p. 57 market skimming strategy
b) chapter 10, p. 64 Exclusive distribution – limited numbers of dealers to position BMW’s image
c) chapter 11, p. 77 Push Strategy – using the sales force and trade promotion to pust the product through the channel Pull Strategy – spending a lot of advertising and consumer promotion to build up consumer demand
Remarks: Elaboration is required for case-specific
2012/13 sem 1
A, a) chapter 8, p 51
Value-based Pricing
Uses customers’ perceptions of value, not the sellers’ cost, as the key to pricing Also consider other marketing mix variables before setting price
b) i) Value-added Pricing – by attaching value-added features and services to differentiate their offers from competition
c) chapter 9, p. 59
Price adjustment strategy
Segmented pricing
Psychological pricing
Promotional pricing
International pricing
11/12 first semester
1) Chapter 11
Promotion Mix
A, Advertising
B, Personal selling
C, Sales Promotion
D, Public Relations
E, Direct marketing
Remarks: elaboration is required
2) a) chapter 10, p. 63
greater efficiency, better contacts, experience, specialization, scale of operation/ economy, reduce the number of transactions.
b) Three distribution strategies:
– intensice distribution
– selective distribution
– exclusive distribution
c) Intensive distribution. Explain why? Made available at lots of outlets and conventent to shoppers
3) a) chapter 7, p. 43-44
New Product Ideas:
internal sources: R&D, employee’s suggestion, etc
external sources: customers, competitors, distributors and suppliers, outsourcing etc b)