About This Chapter
Marketing Strategies in Business - Chapter Summary
Learn all about marketing and how it is employed in business. Video lessons will teach you about the phases of product and service planning, the role of marketing in product development, different pricing strategies and the factors that influence pricing decisions. Look at the different types of distributors and distribution models. You will also be introduced to factors affecting product and service distribution.
You will find out about different types of inventory control systems and about how consumer buying decisions are made. The videos can also help you to learn how to determine consumer's motives for making particular purchases and the roles of advertising. At the end of this chapter, you should be able to:
- Describe the phases of product and service planning
- Explain the role of marketing in product development and the stages of the product life cycle
- Define different pricing strategies and the factors that influence pricing decisions
- Discuss types of distributors and distribution models
- Recognize the role of geography on decisions about product and service distribution
- Define channels of distribution and how they work
- Explain how inventory control systems operate
- Describe consumer buying decisions and ways of determining consumer motives
You'll learn about these topics by watching brief and engaging video lessons that make the learning process fun. You'll also find self-assessment quizzes and lesson transcripts to enhance your learning. There are also embedded video tags that will take you quickly to a specific part of the video. All of these materials have been developed and written by instructors who are experts in their field.
1. How a New Product is Adopted by Consumers
In this lesson, you will learn the five stages consumers go through to determine whether or not to adopt a product that is new to the marketplace. You will also learn why it is important for companies introducing new products to understand the adoption process their customers use.
2. Product Life Cycles: Development, Design and Beyond
Have you ever considered that products, like humans, have a life cycle? You will learn about product life cycles and how they are designed and developed. See how a product goes from its introduction to being retired.
3. Pricing Strategy and Consumer Perception
Consumers' perceptions of products rely heavily on the pricing strategy that is chosen by the marketing manager. Price will impact not only consumer perception but also profit and speed of product adoption.
4. Economic Factors of Pricing and Pricing Strategy
Economic factors can alter companies' pricing strategies. Prices need to be flexible, especially in response to inflation and recessions. There are numerous strategies that can be employed to combat economic changes and lead to corporate sales and profits.
5. Physical Distribution in Marketing: Definition, Functions & Importance
In this lesson, we'll be looking at physical distribution and the movement of finished goods from production to consumer. We will explore the functions of physical distribution and its importance.
6. Channel Intermediaries: Definition and Function in Business
Marketing managers must have an effective physical distribution strategy, and companies must be able to deliver their products to the consumer. Most managers utilize channel intermediaries to help with transactional, logistical and facilitating functions. Learn more about this process here.
7. Retail Distribution Strategies
Retailers, such as department stores, discount stores and boutiques, sell most consumer products. In this lesson, you'll learn about different retail distribution strategies that manufacturers employ to get their products in front of consumers.
8. Perpetual and Periodic Inventory Systems
Inventory management is an important part of business success. In this lesson, we will discuss the two types of inventory systems used in accounting today.
9. Influences on Consumer Buying Decisions: Cultures, Values & More
External influences are all around us and play a large role in our buying decisions. Watch this video to see how cultures, values and other influences shape our purchases.
10. Buying Behavior and Marketing: Types of Consumer Buying Decisions
Marketers must consider how consumers decide to buy their product. Consumers use nominal, limited, and extended decision making. Watch this video to learn more about the different types of consumer decisions.
11. Effects of Advertising on Consumer Buying Behavior
How does advertising influence the process of consumer buying behavior? What impact does advertising have on a company's market share, and how does this shape the marketing budget? This lesson describes why advertising is so important - particularly for newer companies.
12. Customer Relationship Management and Marketing Technology
Customer relationship management helps companies retain customers and boost the effectiveness of their marketing strategies. Watch this video to see how customer relationship management is guided by technology to provide the most appropriate level of customer service.
13. Customer Relationship Management: Using CRM to Focus on Customers
Customer relationship management (CRM) is an enterprise business system that organizations utilize to acquire, enhance, and retain relationships with customers. This lesson explores how CRM helps organizations become more customer-focused and profitable by combining functional processes with business operations.
14. Sales Promotion in the Promotional Marketing Mix
Marketers use a wide range of sales promotion tools to incentivize consumers and intermediaries to buy. Watch this video to learn more about these tools and how they work.
15. Consumer Sales Promotion: Definition and Purpose
Manufacturers offer many kinds of incentives to encourage consumers to buy their products once they reach a retailer. Watch this video to learn more about how consumer sales promotion entices customers to buy.
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Other chapters within the NYSTCE Business and Marketing (063): Practice and Study Guide course
- Introduction to Business Management
- Organizational & Group Behaviors in Business Management
- Motivation in Business Management
- Human Resource Management & Development
- Business Ownership
- Laws Related to Business Ownership
- Labor-Management Relations
- Business Law Basics
- Ethics in Business Today
- Marketing Fundamentals
- Marketing & International Business
- Accounting Fundamentals
- Accounting & Financial Management
- Business Technology & Information Systems
- Business & Marketing Communications
- Principles of Economics
- Consumer Economics & Personal Finance
- Career & Professional Development in Business
- NYSTCE Business and Marketing Flashcards