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Chapter 8: Product and Services Strategy

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By the end of this topic, you should be able to:

  • Identify the flaws in cost-plus and market-share based pricing Employ digital tools to analyse the effectiveness of a marketing campaign.
  • Formulate a marketing plan including marketing objectives, marketing mix, strategies, budgetary considerations and evaluation criteria.
  • Write a business plan for an entrepreneurial start-up venture. Develop pricing strategies that take into account perceived value, competitive pressures and corporate objectives.
  • Develop strategies for the efficient distribution of products and services.
  • Apply the principles of business ethics and corporate social responsibility.

Younger generations are the ones leading the way when it comes to digital transformation. Generation Y and Generation Z combined are the biggest consumer market in history. Businesses are aligning their strategies to the preferences of these generations. And they are also the biggest in the workforce and are influencing companies from within. Thus, they have a tremendous impact on bringing digital technologies into the mainstream. But for the digital lifestyle to be the new norm, the change must be massive and evenly spread across generations and social-economic status.

The digitalization process happens fairly quickly around the world. On the one hand, everyone seems to embrace the digital lifestyle and cannot imagine living without it. And yet, the inertia still exists. Many customers are still accustomed to the traditional ways of buying and enjoying products and services. Equally, businesses have been procrastinating when it comes to digital transformation Both services and products can be marketed digitally, however, there are different marketing strategies depending on whether it is one or the other. Learn about the difference between services and goods and explore how services are marketed to a consumer using specific techniques.