By Patrick Forsyth
This e-book is a complete and available e-book overlaying all key advertising and marketing issues, with an emphasis on practicality and why advertising and marketing is necessary in engineering. Aimed basically at non-marketing humans in need of rationalization of marketing's objective, position and techniques, it could possibly offer significant impression to the method of establishing a advertising tradition inside of an organization in a manner that definitely affects ends up in undefined. Practitioners can also enjoy the book's transparent motives and the sensible view it takes of the need for advertising and marketing and its implementation.
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Additional resources for Demystifying Marketing: a guide to the fundamentals for engineers (Iet Management of Technology Series 23)
For example, hire-purchase and leasing arrangements are almost as important as the car in that market. Such things influence both what is bought (a Ford or a Mazda, say) and where it is bought from (two different distributors will deliver identical cars, but arrangements such as finance may vary considerably). This helps explain just how important the product is as a marketing variable – one of the three key Ps of the marketing mix (product, price and presentation). It is not in any sense fixed and there are many decisions to be made and many tasks to be undertaken to create a product package that is likely to thrive in a competitive market.
Some are here today and gone tomorrow, as with fashion products, a pop record or a newspaper or magazine. Research shows that, whether the life is short or long, over time the overall pattern is similar, taking the form of a bell-shaped curve, usually divided into five stages known as: • • • • • introduction growth maturity decline phase-out Let us consider these in turn. • • • • • Introduction is a period of often slow growth as the product is introduced in the market. The profit curve shows profits as almost nonexistent at this stage because of the heavy expenses of product introduction.
Thus, a pharmaceutical product may aim to appeal only to farmers raising beef cattle and the vets they call on to secure the health of their livestock; and a specialist oil may be suitable for use only in a narrow range of machines. At this juncture a key point should be noted: in whatever field a product is, it will succeed only if it is ‘good’. No one can successfully market a car, let us say, that fails to start two out of three times, does only two miles to the gallon when it does go and rusts within the week.