#principleofmarketing

Welcome to our YouTube channel! In the previous chapter, we explored customer-driven marketing strategies. Now, let's delve into the cornerstone of marketing management: the Marketing Mix. Learn how to captivate consumers and boost sales by mastering the four essential elements: product, pricing, distribution channels (place), and sales promotion techniques. Discover how blending these components creates the perfect Marketing Mix, serving as a powerful tool for achieving marketing objectives. Today's video delves into the intricate world of product management, an essential aspect of marketing strategy. In this comprehensive guide, we explore the fundamental concepts, strategies, and decisions involved in product planning and development.
Starting with the 🛍️ Product basics, we define what a product is and emphasize its broader definition beyond tangible goods, encompassing services, events, persons, places, organizations, and ideas. We delve into the levels of a product, including the core product, actual product, and augmented product, highlighting how each level adds value for consumers. Next, we explore 🏷️ Product Classification: based on various criteria such as durability, tangibility, and consumer use, distinguishing between consumer products and industrial goods. From convenience products to specialty products, we break down the different categories and how they are marketed to consumers. Moving on, we discuss the pivotal role of 📦 Product Decisions: including individual product decisions, product line decisions, and product mix decisions. We analyze key elements such as product attributes, branding, packaging, labeling, and product support services, and how they contribute to the overall product strategy. Throughout the video, we emphasize the importance of 🧪 New Product Development, outlining the step-by-step process from idea generation to commercialization. We explore the stages of the 🔄 Product Life Cycle: from introduction to decline, and strategies for managing products at each stage to maximize profitability and market share.
Whether you're a seasoned marketer or a budding entrepreneur, and business student understanding product management is crucial for achieving business success. Join us as we unravel the complexities of product strategy and empower you to make informed decisions in the dynamic world of marketing. Don't forget to like, share, and subscribe for more valuable insights on marketing strategy and business development!

#MarketingMix #ProductPlanning #ProductClassification #ProductDecisions #NewProductDevelopment #ProductLifeCycle #MarketingStrategy #Branding #Packaging #Labeling #ProductSupportServices #ConsumerProducts #IndustrialGoods #MarketingManagement #BusinessStrategy #MarketResearch #SalesPromotion #ProductDevelopmentProcess #MarketSegmentation #TargetMarket #MarketingGoals #MarketingStrategyDevelopment #Commercialization #BrandEquity #MarketingChannels #SalesAndDistribution #CustomerSatisfaction #MarketPositioning #MarketGrowth #MarketAnalysis #MarketingSuccess #ProductManagement #NewProductDevelopment #BrandManagement #BusinessStrategy #MarketingInsights #PricingStrategy #DistributionChannels #SalesPromotion #ConsumerGoods #IndustrialGoods #MarketSegmentation #BrandEquity #BrandIdentity #PackagingDesign #Labeling #CustomerService #CompetitiveAnalysis #MarketResearch #Innovation #MarketEntry #Commercialization #MarketingMix #MarketingManagement #Entrepreneurship

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