Tuesday, February 18, 2020

Course reveiw Coursework Example | Topics and Well Written Essays - 500 words

Course reveiw - Coursework Example The three objectives are, to increase brand loyalty, this targets customer’s interests in the produced product, and can increase customer’s reliability where they are able to purchase the same product over and over. For branding to be successful, it must assist in promotion, by conducting adverts, personal selling, this works like sales and marketing, they are all done by the use of the brand name. The two mentioned objectives help increase status and prestige of the producer, distributors to the customers and this flourishes the business. Introduction Stage  Ã¢â‚¬â€œ a company or business comes up with ways of attracting customers either through adverts or sales and must be committed so as to outdo their competitors. Growth Stage  Ã¢â‚¬â€œ this stage targets expansion of sales and pricing with an aim of making profits, with time, the businesses invest more money in the promotion activities to increase the potential of this stage. Maturity Stage  Ã¢â‚¬â€œthis is the most competitive time for most products and businesses need to invest in any marketing they undertake. There is need to consider any product modifications or improvements to the production process that might give bring a competitive advantage. Decline Stage  Ã¢â‚¬â€œ this stage is inevitable to any type of business and reflects shrinking due to the market becoming saturated or because the consumers are changing to different types of products, but it is possible that companies will make profits by lowering their prices (Mohr, Sengupta & Slater, 2010 ). Bundle pricing common in supermarkets, where promotions are given, if one buys something, they are given another for free. Competition pricing some firms offers a price services that resembles service to what their competitors are offering so as to beat the competition in terms of customers. Skimming pricing a company tends to reduce the price for over 5 years,

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