Essay On Marketing And Advertising

necessary tests, and marketing products according to their intended use and design.

Additionally, an intermediary also plays an important role in trading processes. Acting as a mediator between two trading parties, this fourth party provides intermediation services that add value beyond what direct trading can achieve. The intermediary acts as a conduit for suppliers' goods or services to reach consumers. For instance, industries like insurance and financial services rely on intermediaries like mortgage brokers, insurance brokers,and financial advisers who facilitate transactions involving financial products such as mortgage loans, insurance plans,and investment products.In barter scenarios too intermediaries play crucial roles in storing valuables until they are needed for trade.Delays may occur due to insufficient storage space or until specific conditions are met. Intermediaries, whether individuals or organizations, play a role in facilitating contracts between two parties. The internet is increasing transparency and awareness about the potential for automation across various industries. Economics distinguishes between "durable goods" and "nondurable goods" as categorizations that differentiate different types of products. To fully understand these terms: 1) Durable goods have a long lifespan and can be used over an extended period, while nondurable goods deteriorate quickly and have limited use. 2) Examples of durable goods include cars, books, televisions, and freezers; whereas nondurable goods like petrol, cosmetics, and soaps have a limited number of uses and cannot be resold or rented. Conversely, durable goods can be repeatedly used with potential for resale or rental. Penetration pricing refers to a marketing technique where companies initially offer new products at lower prices than their competitors to gain market share and customer loyalty before eventually raising the price. This strategy is commonly employed by

utilities and competitive gas/electricity markets to attract customers and increase sales. New product development (NYPD) encompasses the process of bringing tangible or intangible products to the market, involving all necessary steps to provide benefits that ensure customer satisfaction.The text describes two parallel paths in product development: one focusing on idea generation, product design, and engineering details, and the other focusing on market research and marketing analysis. Companies typically see new product development as the first step in the broader strategic process of managing the product life cycle. This approach helps companies maintain or expand their market share. The stages involved in this process include idea generation, idea screening, concept development and testing, business analysis, beta testing and market testing, technical implementation, centralization, and new product pricing.

Family branding is a marketing strategy where multiple products are marketed under one brand name while each individual product has its own separate branding. For instance, a company may use one brand to promote soap, lotion, hair shampoo, and nail polish; however lipstick and nail polish may have their own unique marketing identity for each line of products. The concept behind family branding is to make a variety of products desirable and profitable by giving them all one recognizable name that helps build recognition for the brand itself as well as customer loyalty. This loyalty can then be leveraged when introducing new products or making changes to existing ones. Family branding allows for successful marketing of multiple products through a single advertising campaign rather than promoting each product individually.Market segmentation is a strategy that involves dividing a broad target market into subsets of consumers with similar needs. Strategies are then

implemented to cater to these needs using various media channels and touch-points. By identifying market segments, companies can develop product differentiation strategies tailored specifically to them. The criteria for segmenting an ideal market segment include measurability, profitability, stability over time, accessibility through promotion and distribution channels, internal homogeneity among potential customers within the segment, preference for the same product qualities within the segment, external heterogeneity in response to market stimuli, cost-effective reach through intervention, and assistance in determining the marketing mix.