497ch8 - Functional strategy Marketing strategy Product...

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Functional strategy - is the approach a functional area takes to achieve corporate  and business unit objectives and strategies by maximizing  resource productivity Marketing strategy - deals with pricing, selling, and distributing product Product development - a company or unit can (1) develop new products for existing  markets or (2) development new products for new markets - using a successful brand name to market other products is  called line extension, and it is a good way to appeal to a  company’s current customers Advertising and Promotion - push strategy      – a marketing strategy in which a large amount  of money is spent on trade promotion in order to gain or hold  shelf space in retail - pull strategy      – a marketing strategy in which advertising pulls  the products through the distribution channels Pricing - skim pricing    
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