Short Answers to Marketing Questions Essay Example | Topics and Well Written Essays - 1000 words

Short Answers to Marketing Questions - Essay Example Pricing involves deciding the right price on the basis of competition and desired margins. Besides, planning marketing strategy is an overriding function of marketing management where planning for various marketing activities is done in accordance with organizational goals. 2. Developing a new product generally involves seven steps. The first step is the idea generation where the idea may be regarding a new innovation or customization of an existing product to new market, target segment or geography. The second step is screening where useful ideas are shortlisted from a large number of ideas. In the third step, the testing of the idea or concept is performed. Fourth step involves financial and technical analysis of the prospective product. The fifth step is the actual development or design of the new product. In the next step, test marketing is done on a focus group or selected markets. The last step is the commercialization of the product which is also called Go to Market. 3. The pr oduct life cycle shows the path of a product in an industry through 4 stages. Consider the example of an electronic product such as a mobile phone. A new mobile phone is introduced into the market in its first stage with a lot of marketing hype to make it attractive to customers. As customers buy it and realize its benefits, more customers buy the mobile phone leading the product towards a growth stage. After the product sales reach a peak, it is no longer very attractive to customers because of introduction of new advanced products and technologies by competitors. The product reaches a maturity stage. Finally, the mobile phone is no longer attractive to customers. Its features become obsolete. It reaches a decline stage and is phased out of the market. 4. An organization can primarily use 4 promotional methods in its promotion mix. Advertising involves non-personal communication through mass media. For example, advertisement of a soap over TV. Personal selling is aimed at informing and convincing customers personally to buy products. For example, Sales representatives selling credit cards. Public relations include maintaining indirect relations with customers through useful sources such as favorable articles in newspapers. Sales promotion contains activities such as providing incentives and gift vouchers to boost sales. 5. While creating an advertising campaign, the company firstly needs to identify the target audience. Secondly, the company must decide the quantifiable objectives to be conveyed to the prospective customers as a result of the campaign. Thirdly, the organization must create the advertising platform containing issues important to both company and the customers. Thereafter, the organization needs to decide the money to be spent and the media forms to be used. Lastly, the company must decide how to measure the advertising effectiveness. 6. Public relations are a set of communication steps taken by an organization to maintain a healthy relationshi p between itself and its various stakeholders. A company can reach almost anyone through public relations. For example, a positive newspaper article describing the efficient manufacturing process in a steel factory can go a long way in establish good relations with customers, shareholders, government, environmental regulatory agencies, NGOs, suppliers and so on. 7. The competition between two or more firms is said to be price competition when the

Factor behind the fall of communism in Eastern Europe Essay

Factor behind the fall of communism in Eastern Europe - Essay Example Communisms can also be well-defined as the principle of the circumstances of the public or waged people. This is a category of people in the society who live totally from the sale of their labour without profit and capital gains.   The proletariat in a word is the working class of the 19th  century. The lay man’s understanding of communism is that it is the rule of the gun in which the elite minority control the masses through all manner of oppression and exploitation, it started in 1945 and ended in 1991. Before the end of cold war in 1991 the world was divided into two blocs the Eastern and the Western (Western Europe and America). The Eastern Bloc which was the communist comprised of the Soviet Union, Poland, Czechoslovakia, Romania, East Germany, Hungry and Yugoslavia, with Poland being the largest communist country  apart from the Soviet Union however there were other communist  countries outside Europe such as Cuba (Levesque, 2010, p. 7). Many factors were respon sible for the collapse of communism, in this essay only three are explored namely nationalism, economic and ideology. Great emphasis is placed on economic as the main cause that affected Eastern Europe. Communism collapsed in 1989 and the iron curtain was dismantled with the demolition of the Berlin wall (Zubok, 2010, p.7). A long period of silence existed known as the cold war and set the world in two separate blocs the western and the eastern plus their allies. The standoff resulted into tension, suspicion, anxiety and fear among the rivaling blocs. An opaque situation existed known as the Iron Curtains that promoted heinous acts of oppression, nepotism, corruption and lack of accountability between the two blocs. This resulted into separation of Europe with a manmade Berlin wall. The insecurity and tension felt on both sides led to the nuclear arms race giving rise to the development of defense organizations in Europe i.e. the WARSAW pact and the NETO (Howard, 2003, p. 10). Befor e looking at the factors that led to the overthrow of communism