Slide3_2010Fall_MGMT324

Creating value through marketing mix product price

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Creating Value Through Marketing Mix Product Price Promotion Place Utility maximization Choice of the best alternative that satisfies their needs Competition Profit maximization Decisions on 4Ps to make its product/service the best alternative given competition From a single product To a product line From static profit maximization To dynamic profit maximization From a market as a whole To a market with many segments
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Dynamic Pricing Example P roduct : Hermes “Birkin” bag P rice : More than $10,000 Increases over time Skimming, Penetration or Neither?
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C ompany C onsumer C ompetition 3 C Checklist Objectives Resources Costs Company fit Collaborators Who How many Current 4 P decisions Possible reactions Expected future actions Entry Target market Who Size Growth Consumer behavior What/Why Where/How When PEST
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C ompany 3 C Checklist: C ompany Objectives Resources Costs Company fit Collaborators Organization specific: Profit vs Nonprofit organizations Time horizon specific: Short-term vs Long-term objectives Distribution channel/Supply chain
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Resources Product Price Place Promotion Competitive (dis)advantage Finance Accounting OBHR Operation management
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