![]() In this stage, company profit is small (if any) as the product is new and untested. When a product first launches, sales will typically be low and grow slowly. The four stages in the product life cycle are: It is a useful tool for managers to help them analyze and develop strategies for their products as they enter and exit each stage. In other words, the product life cycle describes the stages that a product is likely to experience. The Product Life Cycle (PLC) defines the stages that a product moves through in the marketplace as it enters, becomes established, and exits the marketplace. There are other ways in which the process supports the customer experience as we will see from the next section.Updated OctoWhat is the Product Life Cycle? ![]() Another way of looking at this example is that there is end to end service support, which has enabled transactions between the company and its customers. This is a highly focused marketing process, and is an example of the importance of process in enabling delivery of the customer proposition. Finally, you arrive at your destination, and your baggage is delivered to you. You have two weeks of services from restaurants and evening entertainment, to casinos and shopping. Going on a cruise – from the moment that you arrive at the dockside, you are greeted your baggage is taken to your room. Here are some examples to help you build a picture of a marketing process, from the customer’s point of view. It’s best viewed as something that your customer participates in at different points in time. All views are understandable, but not particularly customer focused.įor the purposes of the marketing mix, process is an element of service that sees the customer experiencing an organization’s offering. processes that measure the achievement of marketing objectives. A further view is that marketing processes are used to control the marketing mix, i.e. Many processes are supported by indirect activities, often known as back office activities, which support the service before, during and after it has been consumed.Īnother view is that marketing has a number of processes that integrate together to create an overall marketing process, for example – telemarketing and Internet marketing can be integrated. Direct activities add value at the customer interface as the consumer experiences the service. Processes include direct activities and indirect activities. ![]() There are also electronic processes which include things like Electronic Point-Of-Sale (EPOS), barcodes on products which are scanned on phones or by checkout people and other means such as loyalty cards. For example Rolls-Royce motor cars will build a Phantom which is adapted to the requirements of each individual client. Technological processes include the process of manufacturing goods and adapting them for the needs of clients. There are a number of types of processes. Take a look at the lesson on value chain analysis to consider a series of processes at work. Marketing adds value to each of the stages. Processes essentially have inputs, throughputs and outputs (or outcomes). The process itself can be tailored to the needs of different individuals, experiencing a similar service at the same time.Customers are retained, and other services or products are extended and marked to them.Feedback can be taken and the mix can be altered.Process, physical evidence and people enhance services. Deliver value through all elements of the marketing mix.Some see processes as a means to achieve an outcome, for example – to achieve a 30% market share, a company implements a marketing planning process. Process is another element of the services marketing mix or 7Ps.There is a number of perceptions of the concept of process within the business and marketing literature. Process Process as part of the marketing mix
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