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SALES101: Marketing Fundamentals

Unit 4: Developing and Managing Products   Other important components of the marketing process include the development and management of products and services. Such management includes understanding a product’s life cycle and the role that marketing plays in that cycle. In this unit you will explore the remaining elements of the marketing mix: product, price, and placement (distribution). As you have learned while working through your course assignments and activities thus far, many people affect an organization’s offerings (its products and/or services). For example, if you are employed by a large toy store (a retailer) as a member of its sales and marketing department, you may have no control over the specific toys that the company buyers have placed in the store. But you do need to understand how marketing affects and is affected by a product’s life cycle. A product’s life cycle will influence the product’s price and placement—which in turn inform how you, as a sales associate, approach sales transactions with potential customers.

Unit 4 Time Advisory
Completing this unit should take you approximately 9.5 hours.

☐    Subunit 4.1: 1.5 hours

☐    Subunit 4.2: 2 hours

☐    Subunit 4.3: 2 hours

☐    Subunit 4.4: 2 hours

☐    Subunit 4.5: 2 hours

Unit4 Learning Outcomes
Upon successful completion of this unit, you will be able to:
- explain how the elements of the marketing mix affect a product’s life cycle;
  - explain the role of research in managing products and services;
  - describe the concept of pricing;
  - analyze the process of distribution; and
  - explain marketing channels.

4.1 Developing and Managing Offerings   - Reading: Principles of Marketing: “Chapter 7: Developing and Managing Offerings” Link: Principles of Marketing: “Chapter 7: Developing and Managing Offerings” (PDF)
 
Instructions: Read this chapter, which discusses how a company develops and manages new product offerings. Please pay special attention to Section 7.2, titled “Managing New Products: The Product Life Cycle.” Note that his chapter includes a number of helpful case studies; be sure to take notes on all the examples provided, and to respond to the discussion questions (but not the activities) provided at the end of this chapter.

 Reading this chapter, taking notes, and responding to the
discussion questions should take approximately 1 hour and 30
minutes.  

 Terms of Use: This text was adapted by The Saylor Foundation under
a [Creative Commons Attribution-NonCommercial-Share-Alike 3.0
License](http://creativecommons.org/licenses/by-nc-sa/3.0/) without
attribution, as requested by the work’s original creator or
licensee.

4.2 Marketing Channels   - Reading: Principles of Marketing: “Chapter 8: Using Marketing Channels To Create Value for Customers” Link: Principles of Marketing: “Chapter 8: Using Marketing Channels To Create Value for Customers” (PDF)
 
Instructions: Read this chapter, which explains the concepts of direct marketing channels and indirect marketing channels. Marketing channels are the means by which a business gets its products and/or services to its customers. Businesses often use multiple channels to reach more customers and increase their sales effectiveness. Some companies also use strategic channel alliances to increase their sales. These alliances and other strategies will be explored throughout this chapter. Be sure to take notes as you read and respond to the discussion questions (but not the activities) provided at the end of this chapter.

 Reading this chapter, taking notes, and responding to the
discussion questions should take approximately 2 hours.  

 Terms of Use: This text was adapted by The Saylor Foundation under
a [Creative Commons Attribution-NonCommercial-Share-Alike 3.0
License](http://creativecommons.org/licenses/by-nc-sa/3.0/) without
attribution, as requested by the work’s original creator or
licensee.

4.3 Understanding Supply Chains   - Reading: Principles of Marketing: “Chapter 9: Using Supply Chains To Create Value for Customers” Link: Principles of Marketing: “Chapter 9: Using Supply Chains To Create Value for Customers” (PDF)
 
Instructions: Read this chapter. A supply chain is the network of resources that includes all the steps that take a product from its raw materials, through the manufacturing process, into the company’s distribution channel, and, finally, to delivery of the product to the customer. This chapter discusses the numerous components that make up a supply chain and how businesses manage these components in order to minimize operational costs and maximize customer value. Be sure to take notes as you read and respond to the discussion questions (but not the activities) provided at the end of this chapter.

 Reading this chapter, taking notes, and responding to the
discussion questions should take approximately 2 hours.  

 Terms of Use: This text was adapted by The Saylor Foundation under
a [Creative Commons Attribution-NonCommercial-Share-Alike 3.0
License](http://creativecommons.org/licenses/by-nc-sa/3.0/) without
attribution, as requested by the work’s original creator or
licensee.

4.4 Pricing   - Reading: Principles of Marketing: “Chapter 15: Price, the Only Revenue Generator” Link: Principles of Marketing: “Chapter 15: Price, the Only Revenue Generator” (PDF)
 
Instructions: Read this chapter, which explores the marketing concept of price. There are a number of methods that companies can use to price their offerings effectively. This chapter provides you with a review of pricing basics and the concepts of value pricing, target pricing, price sensitivity and elasticity, dynamic pricing, rack pricing, and loss leaders. Be sure to take notes as you read and answer the discussion questions provided at the end of this chapter.

 Reading this chapter, taking notes, and responding to the
discussion questions should take approximately 2 hours.  

 Terms of Use: This text was adapted by The Saylor Foundation under
a [Creative Commons Attribution-NonCommercial-Share-Alike 3.0
License](http://creativecommons.org/licenses/by-nc-sa/3.0/) without
attribution, as requested by the work’s original creator or
licensee.

4.5 Marketing Discussion Forum Activity   - Activity: Unit 4 Discussion Forum Link: Unit 4 Discussion Forum (HTML)
 
Instructions: Click on the link above to access the online discussion forum for this course. Then, click on the discussion thread link for Unit 4 and post your responses to the questions provided. Feel free to start your own discussion thread, and/or respond to any threads started by other students.
 
Spend approximately 2 hours posting and participating in the discussion forum.