- •1. Read and translate the text in written form using a dictionary
- •Read and translate the text in written form using a dictionary
- •Read and translate the text in written form using a dictionary
- •Read and translate the text in written form using a dictionary Transportation
- •2. Give the summary of the text
- •2.Give the summary of the text Food Stores—From "Cash and Carry" to Supermarket
- •2.Give the summary of the text Transportation Modes
- •2.Give the summary of the text the ultimate promoters
- •2.Give the summary of the text the promotional mix
- •2.Give the summary of the text Advertising
- •2.Give the summary of the text Personal Selling
- •Sales Promotion
- •2.Give the summary of the text Publicity and Public Relations1
- •2.Give the summary of the text Factors Affecting Pricing1
- •Promoting the product
- •2.Give the summary of the text Stockholders1
- •2.Give the summary of the text the universal marketing functions1
- •The Exchange Functions
- •2.Give the summary of the text Physical Distribution Functions1
- •Standardizing and Grading
- •2.Give the summary of the text Financing1
- •Earlier approaches to marketing
- •2.Give the summary of the text what's happening to the american consumer1?
- •2.Give the summary of the text The Contributions of Small Business1
- •Trends in Small Business Development
- •The Franchise Boom
- •2.Give the summary of the text levels of authority: the management pyramid1
1. Read and translate the text in written form using a dictionary
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Read and translate the text in written form using a dictionary
THE MODERN MARKETING MIX
The modern firm employing a total marketing approach ultimately must develop appropriate strategies in four broad areas—product, pricing, promotion, and placement. Together these four areas of strategic decision-making—product, pricing, promotion, and placement— are referred to as the marketing mix.
Product Product decisions first of all involve determining just what products the consumer wants and will buy. However, planning the wanted product also leads to the development of related strategies. Brand name, trademark, warranty, and guarantee aspects of the product must also be determined. The physical design and the packaging of the product similarly must be specified.
Price Clearly the decision to produce a certain good and the price charged for it are not independent variables.
Pricing decisions are always complex. Even the reasonable expectation that the firm will always price to make the maximum total profit is not always correct. In fact, to initially establish itself with a new product line, a firm may actually accept a situation in which costs exceed price. Of course, this is usually a short-term strategy. Generally, profit maximization remains the long-term goal.
Promotion Once the critical product and pricing decisions have been made, the marketing manager must determine the appropriate means of promoting the product. In general, a useful, well designed and fairly priced product will go unsold unless people know about it. In a few exceptions, word of mouth can sustain consumer demand, but a firm must usually promote its goods extensively. A marketing manager must therefore plan a selling strategy that involves the promotional tools of personal selling, advertising, publicity, and sates promotion.
Placement The final marketing decision involves how the goods will get to the potential consumer. Through what channels of distribution should the goods be made available? Many small specialty product manufacturers use mail order selling. However, most sales of consumer goods occur in individually owned or franchised retail stores. The marketing manager can sell goods either directly to the retail outlets or to wholesalers who in turn supply the retail dealers.
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Read and translate the text in written form using a dictionary
The Costs of Middleman Services
As the number of goods grew and as the goods became more varied and complex? Middlemen channeling simplified and specialized the marketing process.
The Costs of Middleman Services Middleman services are not free. Depending on the type of product and the degree of competition among middlemen, middleman costs and profits may account for 40 to 75 percent of the selling price. Payments made by middlemen and included in the price of the good include all the costs of moving the commodity from manufacturer to retail shelf—handling, transportation, insurance, warehousing, inventory, advertising, selling, and clerical and administrative expenses, as well as profits earned by wholesalers and retailers.
Reports of middlemen's profits (especially on food items) often outrage consumers. Reactions of "price gouging," "rip-off," and "eliminate the middleman" are common. But is it a rip-off? First, most of the middleman's cost of transportation, warehousing, advertising, and selling would have to be paid by the customer if the producer sold directly. Meanwhile, the higher middleman profits reflect a risk that the good might not be sold at its planned price. Indeed, it eventually might have to be sold below cost. Also, since most middlemen are comparatively small, and have a lower volume of sales than producers, they must obtain higher per unit profits because of low volume. Are the profits really too high after the risk and volume are considered? Sometimes the answer is certainly yes. But the best check against high profits (and consequently higher prices) is competition. If a record outlet, a meat packer, or a clothing store is charging a price far beyond the real costs and risks of doing business, other firms will (at least should) enter the market. In our discussion of supply and demand, such an increase in the supply of middlemen operations will eventually bring the price down to a more reasonable level. Everything considered, if middlemen profits were truly excessive, more producers would turn to direct selling to keep these profits for themselves. However, that simply has not been the trend in the development of marketing channels.
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