Price Discrimination

Price discrimination is the practice of one retailer, wholesaler, or manufacturer charging different prices for the same items to different customer. This is a widespread practice that does not necessarily imply negative discrimination.

This video (link given below) explain it very well!

http://www.youtube.com/watch?v=4NNGP9gWnSg&feature=related

Role of Marketing in Business

Marketing is perhaps the most important activity in a business because it has a direct effect on profitability and sales. Larger businesses will dedicate specific staff and a department for the purpose of marketing. It is important to realize that marketing cannot be carried out in isolation from the rest of the business. For example:
The marketing section of a business needs to work closely with operations, research and development, finance and human resources to check their plans are possible. Operations will need to use sales forecasts produced by the marketing department to plan their production schedules. Sales forecasts will also be an important part of the budgets produced by the finance department, as well as the deployment of labor for the human resources department.A research and development department will need to work very closely with the marketing department to understand the needs of the customers and to test outputs of the R&D section.

4Ps can be described best as the 4Cs

It is saying that 4Ps talks about the seller view of the market but not buyer view. From the buyer point of view in this age of customer relationship the 4Ps might be better decribed as 4Cs.

4Ps

Product

Price

Place

Promotion

&

4Cs

Customer Solution

Customer Cost

Convenience

Communication

While marketers see themselves as selling products, customers see themselves buying value or solution to their problems. And cutomers are interested in more than just the price; they are intereted in total cost of obtaining, using and disposing of a product. Customer wants the product and services to be as conveniently available as possible. Finally, they want two way communication.
Marketers would do well to think through 4Cs first and than built 4Ps on that platform.

New-Product Pricing Strategies – Penetration Strategy

Set a low initial price so the brand to “penetrates” the market quickly.
Eventually raise prices when wide adoption and brand loyalty have been achieved.
Best used when:
Market is highly price sensitive.
High fixed cost structure.
Need to keep competition out or effects are only temporary

Product Sales V/S Product Awareness

In a world where everything starts and ends with Business, success lies in how many products or services are sold. But products are not sold unless there is awareness of the product. So the question arises, what is more important? Methods of selling the product or Methods of creating product awareness?

Jonathan Zittrain: The Web as random acts of kindness | Video on TED.com

Jonathan Zittrain: The Web as random acts of kindness | Video on TED.com

Make Your Business More Successful through Telemarketing.

Telemarketing is very important in every business nowadays, because it is an effective way to know the needs and wants of your customers and also a way on how to respond on them effectively. There are lots of telemarketing companies that come out now, and one of it is the Touchbusiness. Similar to other Telemarketing UK companies, Touchbusiness is known for its excellent and outstanding services providing beneficial advantages to their clients. Touchbusiness, a telemarketing UK Company provides business-to-business or B2B, outbound telemarketing, appointment setting, market research, telemarketing lead generation, and sales. Generating leads is an important service that you can acquire from a telemarketing company. It is a process where you can get leads from your customers in order to know their reactions or feedbacks about your product or business. Telemarketing lead generation may vary from one telemarketing company to another depending on the kind of service that they offer. Telemarketing companies such as Touchbusiness, are really beneficial in one’s business in providing vital information to make your business more successful.

source: http://www.custardpie.co.uk/

Components of marketing plan

Components of marketing plan

Mission statement
Executive summary
Internal and external analysis
Objectives
Marketing strategies
Identify resources
Implementation plan
Marketing budget
Evaluation methods

Porter's Five Forces A MODEL FOR INDUSTRY ANALYSIS

Michael Porter provided a framework that models an industry as being influenced by five forces. The strategic business manager seeking to develop an edge over rival firms can use this model to better understand the industry context in which the firm operates.

Image Source: http://www.quickmba.com/strategy/porter.shtml

Stefana Broadbent: How the Internet enables intimacy | Video on TED.com

Stefana Broadbent: How the Internet enables intimacy | Video on TED.com