(CHAPTER-1) PRINCIPALE OF MARKETING MARKETING: It is the delivery of c sto!

er s"tisf"ctio# "t " $rofit% &r It is " $rocess of 'etti#' the ri'ht $rod cts to the ri'ht $eo$le "t the ri'ht $rice "#d "t the ri'ht $l"ce "#d ti!e (ith the ri'ht $ro!otio#% )IMP*E MARKETING )+)TEM COMMUNIKCATION Product/service PRODUCER / SELLER Money FEEDBACK CONSUMER

)&ME ,A)IC) &- MARKETING: co#sist of . P): (i) (ii) (iii) (iv) (v) (vi) (vii) PR&/0CT: 1h"t "re yo selli#' (it !i'ht 2e $rod ct or services)

PRICE: 1h"t is yo r $rici#' str"te'y% P*ACE: $l"ce4 Ho( "re yo distri2 ti#' yo r $rod ct to 'et it i#to the !"r3et

PR&M&TI&N: Ho( "re yo telli#' co#s !ers "2o t yo r $rod ct4 P&)ITI&NING: 1h"t $l"ce do yo ("#t yo r $rod ct to hold i# the co#s !er5s !i#d: PER)&NA* RE*ATI&N)HIP): Ho( "re yo 2 ildi#' rel"tio#shi$s (ith yo r t"r'et co#s !ers4 PE&P*E) 6 PR&-IT): P 2lic (ho c"# 2e "ffected 2y or'"#i7"tio# "#d to h"ve so!ethi#' v"l es i# ret r# of $rod ct or service%

REA)&N) -&R )T0/+ING MARKETING (i) (ii) (iii) (iv) It $l"ys "# i!$ort"#t role i# society% It is vit"l to 2 si#ess% It offers o tst"#di#' c"reer o$$ort #ities% It "ffects yo r life every d"y%

(CHAPTER-8) MARKETING PROCESS CORE MARKETING CONCEPTS MARKETING PROCESS: There "re cert"i# f"ctors th"t c"# i#fl e#ce the !"r3eti#' $rocess ter!ed "s9 :"ctors "#d forces i# !"r3eti#' syste!5% They "re: (i) (ii) (iii) (iv) )0PP*IER): "re the fir!s "#d $erso#s th"t $rovide the reso rces to $rod ce 'oods "#d services% MARKETING INTERME/IARIE): i#cl de v"rio s !iddle!e# "#d distri2 tio# fir!s "s (ell "s !"r3eti#' services "'e#cies% C0)T&MER): 0s "lly co#sist of co#s !er9 i#d stri"l reseller9 'over#!e#t "#d i#ter#"tio#"l !"r3et% C&MPETIT&R): "re s "lly co#sidered those co!$"#ies "lso servi#' " t"r'et !"r3et (ith si!il"r $rod cts "#d services%

CORE MARKETING CONCEPTS: NEE/);1ANT);/EMAN/): PPR&/0CT) AN/ )ER<ICE): It is "#ythi#' th"t c"# 2e offered to " !"r3et to s"tisfy " #eed or ("#t <A*0E;)ATI)-ACTI&N AN/ =0A*IT+: C sto!er v"lve is the differe#ce 2et(ee# the v"l es th"t the c sto!er '"i#s fro! si#' " $rod ct "#d the costs of o2t"i#i#' the $rod ct% T=M: (tot"l > "lity !"#"'e!e#t) is "# "$$ro"ch i# (hich "ll the co!$"#y5s $eo$le "re i#volved i# co#st"#tly i!$rovi#' the > "lity of $rod cts9 services "#d !"r3eti#' $rocess% E?CHANGE;TRAN)ACTI&N) AN/ RE*ATI&N)HIP): E@ch"#'e: is "ct of o2t"i#i#' " desired o2Aect fro! so!eo#e 2y offeri#' so!ethi#' i# ret r#% Tr"#s"ctio#: It is " tr"de v"l es 2et(ee# t(o $"rties%

(CHAPTER-B) MARKETING FUNCTIONS CUSTOMER RELATIONSHIP MANAGEMENT (CRM) MARKETS: A !"r3et is the set of "ct "l "#d $ote#ti"l 2 yers of " $rod ct% MARKETING -0NCTI&N): There "re C !"r3eti#' f #ctio#s th"t "re $erfor!ed i# !"r3eti#' these "re: i% ii% iii% iv% v% vi% vii% viii% , yi#': (r"( !"teri"l for $rod cts or fi#"l 'oods for f rther reselli#') )elli#': ($rod cts to s"tisfy c sto!ers #eeds "#d ("#ts) Tr"#s$orti#': (!ovi#' $rod cts fro! $rod ctio# $oi#t to selli#' $oi#t) )tori#': (("reho ses) for f rther distri2 tio# of $rod cts st"#d"rdi7i#' "#d 'r"di#' (to $rovide !ore > "lity "#d services for ch"r!) fi#"#ci#': ($rovide credit f"cility for ch"##el !e!2ers i%e% (holes"lers;ret"iler ris3 t"3i#': for #e( $rod cts sec ri#' !"r3eti#' i#for!"tio#: "2o t co#s !ers9 co!$etitors9 ch"##el !e!2er for !"3i#' !"r3eti#' decisio#%

MARKETING MANAGEMENT: It is the "rt "#d scie#ce of choosi#' t"r'et !"r3ets "#d 2 ildi#' $rofit"2le rel"tio#shi$s (ith the!% C0)T&MER RE*ATI&N)HIP MANAGEMENT (CRM) It is the $rocess to 2 ild "#d !"i#t"i# $rofit"2le c sto!er rel"tio#shi$s 2y deliveri#' s $erior c sto!er s"tisf"ctio#% (1i##i#' " #e( c sto!er is s "lly D-1E ti!es !ore costly th"# ret"i#i#' "# e@isti#' o#e (hich is !ore $rofit"2le the lo#'er yo 3ee$ the!%) ,A)IC G&A*) &- CRM i% ii% iii% iv% v% vi% Provide 2etter c sto!er service M"3e c"ll ce#ters !ore efficie#t Hel$ s"les st"ff close de"ls f"ster )i!$lify !"r3eti#' "#d s"les $rocess /iscover #e( c sto!ers Red ces the r"te of c sto!er defectio#

(CHAPTER-F) EVOLUTION OF MARKETING MARKETING PHI*&)&PHIE): There "re sever"l "lter#"tive $hiloso$hies th"t c"# ' ide or'"#i7"tio#s i# their efforts to c"rry o t their !"r3eti#' 'o"ls% 1hich "re4 i% ii% iii% The $rod ctio# co#ce$t: Co#s !er f"vor $rod cts th"t "re "v"il"2le "#d hi'hly "fford"2le

The $rod ct co#ce$t: Co#s !er f"vor > "lity $rod cts th"t "re re"so#"2ly $riced "#d therefore little $ro!otio#"l effort is re> ired% The selli#' co#ce$t: Co#s !er (ill #ot 2 y $rod ct #less or'"#i7"tio# !"3es e@tr" ordi#"ry $ro!otio#"l efforts s ch "s to sell i#s r"#ce $olicies% The !"r3eti#' co#ce$t: It holds th"t "chievi#' or'"#i7"tio#"l 'o"ls de$e#ds o# deter!i#i#' the #eeds "#d ("#ts of t"r'et !"r3ets% The soci"l !"r3eti#' co#ce$t: It holds th"t the or'"#i7"tio# sho ld deter!i#e the #eeds9 ("#ts "#d i#terests of t"r'et !"r3et% htt$:;;v st de#ts%#i#'%co!; (CHAPTER-D) MARKETING CHALLENGES IN THE 21ST CENTURY%

iv% v%

"%

Porters 5 or!es "o#e$ o !o"%et&t&o': (i) (ii) (iii) (iv) (v) Thre"t of #e( e#tr"#ts% ,"r'"i#i#' $o(er of 2 yers Thre"t of s 2stit te ,"r'"i#i#' $o(er of s $$liers% Riv"lry "!o#' co!$eti#' fir! i# i#d stry

A%

THE IT REVOLUTION: (i) Tech#olo'ies for co##ecti#'% I#ter#et co##ecti#' (ith c sto!ers% I#ter#et co##ecti#' (ith others i# the co!$"#y% E@tr"#ets co##ecti#' (ith str"te'ic $"rt#ers ; s $$ler% Co##ectio#s (ith c sto!ers% Thro 'h tele$ho#e9 !"il-order9 3ios3 set% I#ter#et /irect ch"##els (A!"7o#%Co!)

(ii)

(iii)

Co##ectio#s (ith !"r3eti#'5s $"rt#ers% M"r3eti#' #o lo#'er h"s sole o(#ershi$ of c sto!er i#ter"ctio#% ) $$ly ch"i# !"#"'e!e#t% )tr"te'ic $"rt#ers% Co##ectio#s (ith the (orld "ro #d s% -ir!s "re ch"lle#'ed 2y i#ter#"tio#"l co!$etitors i# their o#ce s"fe do!estic !"r3et% Co!$"#ies "re #ot o#ly e@$orti#' 2 t 2 yi#' !ore co!$o#e#ts fro! "2o"rd% /o!estic"lly $ rch"sed 'oods "#d services "re hy2rids ((ith co!$o#e#ts co!i#' fro! ("#ly i#ter#"tio#"l so rces)

(iv)

,%

RAPI( GLO)ALISATION : -"ster co!! #ic"tio# "#d tr"#s$ort"tio# -orei'# co!$etitors% /el"y t"3i#' ste$s to("rd i#ter#"tio#"li7i#' (Ris3)

C% /%

THE CHANGING *ORL( ECONOMY: THE CALL FOR MORE ETHICS AN( SOCIAL RESPONSI)ILITIES : (i) (ii) (iii) (iv) (v) (vi) (vii) Hi'h $rices Hi'h costs of distri2 tio# Hi'h "dvertisi#' "#d $ro!otio# co"st% E@cessive !iddle !"# 'ross $rofit !"r'i# /ece$tive $r"ctices (f"ctory9 (hole s"le) Hi'h $ress re selli#' $eo$le% 0#s"fe $rod cts%

E% THE NE* MARKETING LAN( SCOPS% The #e( !"r3eti#' l"#dsc"$e is " dy#"!ic9 f"st-$"ced "#d evolvi#' f #ctio# of "ll these ch"#'es "#d o$$ort #ities%

(CHAPTER-G) STRATEGIC PLANING AN( MAKETING PROCESS 1% STRATEGIC PLANNING: The $rocess of develo$i#' "#d !"i#t"i#i#' " str"te'ic fit 2y the or'"#i7"tio#5s 'o"ls "#d c"$"2ilities "#d its ch"#'i#' !"r3eti#' o$$ort #ities is c"lled str"te'ic $l"##i#'% 8% TACTICAL PLANNING: It is co#cer#ed (ith tr"#sl"te the 'e#er"l 'o"ls "#d $l"#s develo$ed 2y str"te'ic !"#"'ers i# to o2Aective th"t "re !ore s$ecific "ctiv"tes% B% OPERATIONAL PLANNING: or'"#i7"tio#% It is sed to s $ervise the o$er"tio#s of the

CHARACTERISTICS OF A STRATEGIC PLAN : "% 2% c% d% It e#co r"'es !"#"'e!e#t to thi#3 "he"d syste!"tic"lly% It forces !"#"'ers to cl"rify o2Aectives "#d $olicies% It le"ds to 2etter coordi#"tio# of co!$"#y efforts% It $rovides cle"rer $erfor!"#ce st"#d"rds for co#trol%

STRATEFGIC PLANING PROCESS: "% 2% c% d% )t"ti#' " cle"r co!$"#y !issio#% )etti#' s $$orti#' co!$"#y o2Aective% /esi'#i#' " so #d 2 si#ess $ortfolio% Pl"##i#' "#d coordi#"ti#' !"r3eti#' "#d other f #ctio#"l str"te'ies%

COMPANYS MISSION: (1) A MISSION STATEMET: "% 2% c% d% e% (8) ,e re"listic ,e s$ecific -it the !"r3et e#viro#!e#t i#dic"te disti#ctive co!$ete#ce ,e !otiv"ti#'

SETTING COMPANY O)+ECTIVES AN( GOALS, This seco#d ste$ i# the str"te'ic $l"##i#' $rocess re> ires the !"#"'er to set co!$"#y 'o"ls "#d o2Aectives%

(B)%

(ESIGNING THE )USINESS PORTFOLIO, It is the collectio# of 2 si#ess "#d $rod cts "#d !"3e $ the co!$"#y%

(CHAPTER-.) MARKETING PROCESS S)Us The str"te'ic 2 si#ess #it is " #it of the co!$"#y th"t h"s " se$"r"te !issio# "#d o2Aectives% (EVELOPING GRO*TH STARATEGIES, (i) M-r.et %e'etr-t&o', ch"#'i#' i# "#y ("y% M"3i#' !ore s"les to $rese#t c sto!ers (itho t

(ii) MARKET (EVELOPMENT: A str"te'y for co!$"#y 'ro(th 2y ide#tifyi#' "#d develo$i#' #e( !"r3ets for c rre#t co!$"#y $rod cts (iii) PRO(UCT (EVELOPMENT: A str"te'y for co!$"#y 'ro(th 2y offeri#' !odified or #e( $rod cts to c rre#t !"r3ets% (iv) (IVERSIFICATION : A str"te'y for co!$"#y 'ro(th 2y st"rti#' $ or "c> iri#' 2 si#esses o tside the co!$"#y5s c rre#t $rod cts "#d !"r3ets% (CHAPTER-C) MARKETING PROCESS MARKETING PRoCESS: It is the $rocess of "#"ly7i#' !"r3et o$$ort #ities9 selecti#' t"r'et !"r3ets9 develo$i#' the !"r3eti#' !i@9 "#d !"#"'i#' the !"r3eti#' effort =% */-t -re t/e ste%s &' "-r.et&'04

A% (1)% ANALY1ING MARKETING OPPORTUNITIES : M"r3eti#' !"#"'er #it "#"lyses the lo#'-r # o$$ort #ities i# the !"r3et to i!$rove the 2 si#ess #it5s $erfor!"#ce% (8) SELECTING THE TARGET MARKET: (i) M-r.et se0"e't-t&o': It is the $rocess of dividi#' !"r3et i#to disti#ct 'ro $s of 2 yers (ith differe#t #eeds ch"r"cteristic or 2eh"vior% (ii) M-r.et t-r0et&'0: It is the $rocess of ev"l "ti#' e"ch !"r3 se'!e#ts "ttr"ctive#ess "#d selecti#' o#e or !ore se'!e#ts to e"ter% (iii) M-r.et %os&t&o'&'0: It is "rr"#'i#' for " disti#ctive "#d desir"2le $l"ce rel"tive to co!$eti#' $rod cts i# the !i#ds of t"r'et co#s !ers%

(B)

(EVELPING THE MARKETING MI2: (i) M-r.et&'0 M&3: It is the set of co#troll"2le !"r3eti#' v"ri"2les th"t the fir! 2le#ds to $rod ce the res$o#se it ("#ts i# the t"r'et !"r3et%

(F)

MANAGING THE MARKETING EFFORT "% 2% c% d% !"r3eti#' "#"lysis !"r3eti#' $l"##i#' !"r3eti#' i!$le!e#t"tio# !"r3eti#' co#trol i% ii% iii% iv% set s$ecific 'o"ls ((hy do (e ("#t to "chieve) !e"s re $erfor!"#ce ((h"t is h"$$e#i#') ev"l "te $erfor!"#ce ((hy is it h"$$e#i#') t"3e corrective "ctio# ((h"t sho ld (e do "2o t it)

OPERATING CONTROL: It i#volves chec3i#' o#'oi#' $erfor!"#ce "'"i#st the "## "l $l"# "#d t"3e corrective "ctio# (he# #ecess"ry STRATEGIC CONTROL: It i#volves loo3i#' "t (hether the co!$"#y5s 2"sic str"te'ics "re (ell !"tched to its o$$ort #ities MARKETING (EPARTMENT ORGANI1ATION i% ii% F4'!t&o'-$ or0-'&5-t&o': 1here differe#t !"r3eti#' "ctive ities "re he"ded 2y " f #ctio#"l s$eci"list Geo0r-%/&! or0-'&5-t&o': 1here s"les "#d !"r3eti#' $eo$le "re "ssi'#ed to s$ecific9 co #tires9 re'io s or districts Pro#4!t M-'-0e"e't or0-'&5-t&o': 1here " $rod ct !"#"'er develo$s " co!$lete str"te'y for " $rod ct or 2r"#d% MARKET CUSTOMER MANAGEMENT ORGANI1ATION : 1here " s$ecific !"r3et $l"# is develo$ed for e"ch s$ecific !"r3et ; c sto!er% COMINATION PLANE : 1here l"r'e co!$"#ies !"#y ti!es co!2i#e ele!e#ts of "#y of the "2ove%

iii%

iv% v%

(CHAPTER-H) MARKETING ENVIRONMENT A co!$"#y5s !"r3eti#' e#viro#!e#t co#sists of the "ctors "#d forces o tside !"r3eti#' the "ffect !"r3eti#' !"#"'e!e#t5s "2ility to develo$ "#d !"i#t"i# s ccessf l rel"tio# shi$ (ith its t"r'et c sto!ers MICRO ENVIRONMENT MACRO ENVIRONMENT 16 MICRO ENVIRONMENT: i% the co!$"#y itself (i#cl di#' de$"rt!e#ts) ii% s $$liers ii% !"r3eti#' ch"##el fir!s iii% c sto!er !"r3ets iv% co!$etitors v% $ 2lics

THE COMPANYS MICROENVIRONEMNT: I% II% III% The co!$"#y ) $$liers M"r3et i#ter!edi"ries (resellers)

P/7s&!-$ #&str&84t&o' &r"s: It hel$s the co!$"#y to stoc3 "#d !ove 'oods fro! their $oi#ts of ori'i# to their desti#"tio#s M-r.et&'0 Ser9&!e A0e'!&es : It hel$ the co!$"#y t"r'et "#d $ro!ote its $rod cts% FINANCIAL INTERME(IARIES : It hel$ fi#"#ce tr"#s"ctio# "#d e#s re "'"i#st ris3s 26 MACRO ENVIRONMENT THE C&MPAN+5) MACR& EN<IR&NMENT: "% (e"o0r-%/&! e'9&ro'"e't: is the st dy of h !"# $o$ l"tio#s i# ter!s of si7e9 de#sity9 loc"tio#9 "'e9 se@9 r"ce9 occ $"tio# "#d other st"tistics

2% E!o'o"&! E'9&ro'"e't: It i#cl des those f"ctors th"t "ffect co#s !er $ rch"si#' $o(er "#d s$e#di#' $"tter#s% c% N-t4r-$ e'9&ro'"e'ts: It i#volves #"t r"l reso rces th"t "re #eeded "s i#$ ts 2y !"r3eters or th"t "re "ffected 2y !"r3eti#' "ctivities d% Te!/'o$o0&!-$ e'9&ro'"e't : It i#cl des forces th"t cre"te #e( tech#olo'ies cre"ti#' #e( $rod ct "#d !"r3et o$$ort #ities% e% Po$&t&!-$ E'9&ro'"e't: It i#cl des l"(s9 'over#!e#t "'e#cies9 "#d $ress re 'ro $s th"t i#fl e#ce "#d li!it v"rio s or'"#i7"tio#s "#d i#divid "ls i# " 'ive# society% f% C4$t4r-$ E'9&ro'"e't: It is !"de $ of i#stit tio#s "#d other forces th"t "ffect society5s 2"sic v"l es9 $erce$tio#s9 $refere#ces "#d 2eh"viors% (CHAPTER-11) M-r.et&'0 I' or"-t&o' S7ste": M"r3eti#' i#for!"tio# is " critic"l ele!e#t i# effective !"r3eti#' "s " res lt of the tre#d to("rd 'lo2"l !"r3eti#'9 the tr"#sitio# fro! 2 yer #eeds to 2 yer ("#ts9 "#d the tr"#sitio# fro! $rice to #o#-$rice co!$etitio#% All fir!s o$er"te so!e for! of !"r3eti#' i#for!"tio# syste!% MI) (or3s i# the follo(i#' ("y: IJA (ell-desi'#ed !"r3eti#' i#for!"tio# syste! (MI)) 2e'i#s "#d e#ds (ith the ser% IJThe MI) #e@t develo$s i#for!"tio# "#d hel$s !"#"'ers to se it !ore effectively% IJM"r3eti#' i#telli'e#ce s $$lies !"r3eti#' e@ec tives (ith everyd"y i#for!"tio# "2o t develo$!e#ts i# the e@ter#"l !"r3eti#' e#viro#!e#t% IJ-i#"lly9 the !"r3eti#' i#for!"tio# syste! distri2 tes i#for!"tio# '"thered fro! i#ter#"l so rces9 !"r3eti#' i#telli'e#ce9 "#d !"r3eti#' rese"rch to the ri'ht !"#"'ers "t the ri'ht ti!es% M-r.et&'0 I'te$$&0e'!e: Provides the everyd"y i#for!"tio# "2o t e#viro#!e#t"l v"ri"2les th"t !"#"'ers #eed "s the i!$le!e#t "#d "dA st !"r3eti#' $l"#s% M-r.et&'0 Rese-r!/, M"r3eti#' rese"rch li#3s the co#s !er9 c sto!er9 "#d $ 2lic to the !"r3eter thro 'h "# e@ch"#'e of i#for!"tio#% f% 1hy to Co#d ct , si#ess Rese"rch4 M"r3eti#' Rese"rch is " )yste!"tic 6 o2Aective $rocess of desi'#i#'9 '"theri#'9 "#"ly7i#' 6 re$orti#' i#for!"tio# th"t is sed to solve " s$ecific $ro2le!% It Provides i#for!"tio# for "id i# !"3i#' 2 si#ess rel"ted decisio#s9 to Ide#tify o$$ort #ities "#d 'e#er"te 6 refi#e "ctio#s% It is i!$ort"#t for the !"#'ers for !"#y decisio#s li3e: IJHel$s red ce ris3 i#here#t i# decisio#-!"3i#' IJProvides "# i!$ort"#t li#3 to c sto!ers IJAllo(s i!$le!e#t"tio# of the 2 si#ess co#ce$t IJE#"2les !"#"'ers to ide#tify 6 #derst"#d st"3eholders ("#ts 6 #eeds "#d to develo$ "$$ro$ri"te str"te'ies to !eet these #eeds

Ch"$ter -1B 0ses of M"r3eti#' rese"rch:1% 8% B% F% D% G% .% C% Me"s re!e#t of !"r3et $ote#ti"l% A#"lysis of !"r3et sh"re% /eter!i#"tio# of !"r3et ch"r"cteristics% )"les "#"lysis% $rod ct testi#' forec"sti#' st dies of 2 si#ess tre#ds )t dies od co!$etitor5s $rod cts%

M"r3eti#' rese"rch $rocess:1% 8% B% F% Pro2le! defi#itio# "#d the rese"rch o2Aectives /evelo$i#' the rese"rch $l"# I!$le!e#t"tio# I#ter$ret"tio# "#d re$orti#' of fi#di#'s

&2Aectives of rese"rch:1% E@$lor"tory rese"rch:1here the o2Aective is to '"ther $reli!i#"ry i#for!"tio# th"t (ill hel$ to 2etter defi#e $ro2le!s "#d s ''est hy$otheses for their sol tio#% 8% /escri$tive rese"rch:1here the i#te#t is to descri2e thi#'s s ch "s the !"r3et $ote#ti"l for " $rod ct or the de!o'r"$hics "#d "ttit des of c sto!ers (ho 2 y the $rod ct% B% C"s "l rese"rch:is rese"rch to test hy$otheses "2o t c" se-"#d-effect rel"tio#shi$s% /evelo$i#' the rese"rch $l"#:1% /eter!i#i#' s$ecific i#for!"tio# #eeds 8% G"theri#' seco#d"ry i#for!"tio# B% Pl"##i#' $ri!"ry /"t" collectio# Rese"rch A$$roches:1% &2serv"tio#"l rese"rch:1here i#for!"tio# is '"i#ed 2y o2servi#' relev"#t $eo$le9 "ctio#s9 "#d sit "tio#s% 8% ) rvey rese"rch:Is the '"theri#' of $ri!"ry d"t" 2y "s3i#' $eo$le > estio#s "2o t their 3#o(led'e9 "ttit des9 $refere#ces9 "#d 2 yi#' 2eh"vior%

B%

E@$eri!e#t"l rese"rch:I#volves the '"theri#' of $ri!"ry d"t" 2y selecti#' !"tched 'ro $s of s 2Aects9 'ivi#' the# differe#t tre"t!e#ts9 co#trolli#' rel"ted f"ctors9 "#d chec3i#' for differe#ce i#-'ro $ res$o#ses%

Co#t"ct Methods:1% M"il > estio##"ires 8% Tele$ho#e i#tervie(i#' B% Perso#"l i#tervie(i#' F% &#li#e (i#ter#et) D% Co!$ ter i#tervie(i#' Three decisio#s of desi'#i#' " s"!$le:"% 1ho is to 2e s rveyed ((h"t is s"!$li#' #it)4 2% Ho( !"#y $eo$le sho ld 2e s rveyed((h"t s"!$le si7e)4 c% Ho( sho ld the s"!$le 2e chose#((h"t s"!$li#' $roced re)4 Ki#ds of s"!$les:"% Pro2"2ility s"!$lers K s"!$li#' error c"# 2e !e"s red 2% No#$ro2"2ility s"!$les K s"!$li#' error c"##ot 2e !e"s red% Co#s !ers:All i#divid "l "#d ho seholds (ho 2 y or "c> ire 'oods "#d services for $erso#"l co#s !$tio# "re ter!ed "s co#s !er 2eh"vior 1hy to st dy co#s !ers 2eh"vior%:,"sic o2Aective of st dyi#' co#s !er 2eh"vior is th"t the fir! #eeds to 3#o( (ho 2 ys their $rod ct4 Ho( they 2 y4 (he# "#d (here they 2 y4 1hy they 2 y4 Co#s !er 2eh"vior:Its is the $rocess thro 'h (hich the lti!"te 2 yer !"3es $ rch"se decisio#s% Positio#i#':Arr"#'i#' for " $rod ct to occ $y " cle"r9 disti#ctive9 "#d desir"2le $l"ce rel"tive to co!$eti#' $rod cts i# the !i#ds of t"r'et co#s !ers% )e'!e#t"tio#:/ividi#' " !"r3et i#to disti#ct 'ro $s of 2 yers o# the 2"sis of #eeds9 ch"r"cteristics9 or 2eh"vior (hi !i'ht re> ire se$r"te $rod cts or !"r3eti#' !i@es% Prod ct develo$!e#t:A str"te'y for co!$"#y 'ro(th 2y offeri#' !odified or #e( $rod cts to c rre#t !"r3ets se'!e#ts%

M"r3et develo$!e#t:A str"te'y for co!$"#y 'ro(th 2y ide#tifyi#' "#d develo$i#' #e( !"r3ets se'!e#ts for c rre#t co!$"#y $rod cts% Model of co#s !er 2eh"vior:1% M"r3eti#' "#d other sti! li 8% M"r3eti#' 9 Prod ct Price9Pl"ce9 Pro!otio# 9 &ther Eco#o!ic9Tech#olo'y9Politic"l9C lt r"l

, yer5s ,l"c3 2o@ , yer ch"r"cteristics , yer decisio# $rocess

B%

, yer res$o#se $rod ct choice9 ,r"#d choice 9/e"ler choice9P rch"se ti!i#' P rch"se "!o #t

-"ctors i#fl e#ci#' co#s !er 2eh"vior:1% C lt r"l 8% C lt re %) 2c lt re (#"tio#"lities9 reli'io#s9 'eo'r"$hic re'io#s)9)oci"l cl"ss )oci"l B% Refere#ce 'ro $s9-"!ily

Perso#"l A'e "#d life-cycle st"'e9 &cc $"tio#9Eco#o!ic sit "tio#9*ifestyle9Perso#"lity9)elf-co#ce$t $sycholo'ic"l Motiv"tio#9Perce$tio#9*e"r#i#'9,eliefs Attit des , yer

F%

D%

Ty$es of 2 yi#' 2eh"vior:1% Co!$le@ 2 yi#' 2eh"vior:Co#s !ers #dert"3e co!$le@ 2 yi#' 2eh"vior (he# they "re hi'hly i#volved i# " $ rch"se "#d $erceive si'#ific"#t differe#ces "!o#' 2r"#ds% 8% /isso#"#ce-Red ci#' 2 yi#' 2eh"vior:It occ rs (he# co#s !ers "re hi'hly i#volved (ith "# e@$e#sive9 i#fre> e#t or ris3y $ rch"se9 2 t see little differe#ce "!o#' 2r"#ds% B% H"2it "l 2 yi#' 2eh"vior:It occ rs #der co#ditio#s of lo( co#s !er i#volve!e#t "#d little si'#ific"#t 2r"#d differe#ce% "% <"riety-see3i#' 2 yi#' 2eh"vior:Co#s !ers #dert"3e <"riety-see3i#' 2 yi#' 2eh"vior i# sit "tio#s ch"r"cteri7ed 2y lo( co#s !er i#volve!e#t 2 t si'#ific"#t $erceived 2r"#d differe#ces% , yer decisio# $rocess: Need Reco'#itio# I#for!"tio# se"rch Ev"l "tio# of Alter#"tives P rch"se decisio# Post $ rch"se 2eh"vior

)t"'es i# the Ado$tio# Process: A("re#ess:The co#s !er 2eco!es "("re of the #e( $rod ct9 2 t l"c3s i#for!"tio# "2o t it% I#terest:The co#s !er see3s i#for!"tio# "2o t the #e( $rod ct% Ev"l "tio#:The co#s !er co#siders (hether tryi#' the #e( $rod ct !"3es se#se Tri"l:The co#s !er tries the #e( $rod ct o# " s!"ll sc"le to i!$rove his or her esti!"te of its v"l e Ado$tio#:The co#s !er decides to !"3e f ll "#d re' l"r se of the #e( $rod ct%

, si#ess !"r3et:It co!$rises "ll the or'"#i7"tio#s th"t 2 y 'oods "d services for se i# the $rod ctio# of other $rod cts "#d services th"t "re sold9 re#ted9 or s $$lied to other% Ch"r"cteristics of 2 si#ess !"r3ets:1% 8% B% M"r3et str ct re "#d de!"#d N"t re of the 2 yi#' #it Ty$es of decisio#s "#d the decisio# $rocess tt!"//vustudents#nin$#co%/ , si#ess 2 yer 2eh"vior:"% M"Aor ty$es of 2 yi#' sit "tio#s )tr"i'ht re2 yLThe 2 yer recorders so!ethi#' (itho t "#y !odific"tio#s Modified re2 y--- The 2 yer ("#ts to !odify $rod ct s$ecific"tio#s9 $rices9 ter!s9 or s $$liers% P"rtici$"#ts i# the 2 si#ess 2 yi#' $rocess 0sers I#fl e#cers , yers /eciders G"te3ee$ers M"Aor i#fl e#ces o# 2 si#ess 2 yers , si#ess 2 yers "re s 2Aect to !"#y i#fl e#ces (he# they !"3e their 2 yi#' decisio#s% E#viro#!e#t"l -"ctors &r'"#i7"tio#"l -"ctors

2%

c%

I#ter$erso#"l -"ctors:The 2 yi#' ce#ter s "lly i#cl des !"#y $"rtici$"#ts (ho i#fl e#ce e"ch other% I#divid "l -"ctores:E"ch $"rtici$"#t i# the 2 si#ess 2 yi#' decisio# $rocess 2ri#'s i# $erso#"l !otives9 $erce$tio#s9 "#d $refere#ces%

The 2 si#ess 2 yi#' $rocess:"% Pro2le! Reco'#itio# 2% Ge#er"l Need /escri$tio# c% Prod ct s$ecific"tio# d% ) $$lier se"rch e% Pro$os"l solicit"tio# f% ) $$lier selectio# '% &rder-Ro ti#e )$ecific"tio# h% Perfor!"#ce Revie( I#stit tio#"l M"r3ets:The I#stit tio#"l M"r3ets co#sists of schools9 hos$it"ls9 # rsi#'9 ho!ers9 $riso#s9 "#d other i#stit tio#sth"t $rovides 'oods "#d services to $eo$le i#% Gover#!e#t M"r3ets:The Gover#!e#t M"r3ets offers l"r'e o$$ort #ities for !"#y co!$"#ies9 2oth 2i' "#d s!"ll% Ne( t"s3 2 yi#':A co!$"#y 2 yi#' " $rod ct or service% I#fl e#cers:&fte# hel$ defi#e s$ecific"tio#s "#d "lso $rovide i#for!"tio# for ev"l "ti#' "lter#"tives% G"te3ee$ers:Co#trol the flo( of i#for!"tio# to others% M"r3et se'!e#t"tio#:/ividi#' " !"r3et i#to s!"ller 'ro $s% M"r3et T"r'eti#':Ev"l "ti#' e"ch !"r3et se'!e#t5s "ttr"ctive#ess "#d selecti#' o#e or !ore of the !"r3et se'!e#t5s to e#ter% *evels of M"r3et se'!e#t"tio#:1% M"r3et se'!e#t"tio# Ide#tify 2"ses for se'!e#ti#' the !"r3et /evelo$ se'!e#t $rofiles M"r3et T"r'eti#' /evelo$ !e"s re of se'!e#t "ttr"ctive#ess )elect t"r'et se'!e#ts M"r3et Positio#i#' /evelo$ $ositio#i#' for t"r'et se'!e#ts /evelo$ " !"r3eti#' !i@ for e"ch se'!e#t M"ss M"r3eti#':-

8%

B%

"%

2% c% d%

The tr"ditio#"l "r' !e#t for !"ss !"r3eti#' is th"t it cre"tes the l"r'est $ote#ti"l !"r3et9 (hich le"ds to the lo(est costs9 (hich i# t r# c"# tr"#sl"te i#to either lo(er $rices or hi'her !"r'i#s% )e'!e#t M"r3eti#':It offers sever"l 2e#efits over !"ss !"r3eti#'% Niche M"r3eti#':It is " !ore #"rro(ly defi#ed 'ro $9 s "lly ide#tified 2y dividi#' " se'!e#t i#to s 2 se'!e#ts% Micro M"r3eti#':It i#cl des "ll loc"l !"r3eti#'% It is the $r"ctice of t"ilori#' $rod cts "#d !"r3eti#' $ro'r"!s to s it the t"stes of s$ecific i#divid "l "#d loc"tio#s%

)e'!e#ti#' co#s !er M"r3ets:1% 8% Geo'r"$hic se'!e#t"tio# /e!o'r"$hic se'!e#t"tio# A'e "#d *ife-cycle st"'e Ge#der se'!e#t"tio# I#co!e se'!e#t"tio# Psycho'r"$hics se'!e#t"tio# (/ividi#' " !"r3et i#to difere#t 'ro $s 2"sed o# soci"l cl"ss9 lifestyle ) ,eh"vior"l se'!e#t"tio# (dividi#' " !"r3et i#to 'ro $s 2"sed o# co#s !er 3#o(led'e9 "ttit des etc)

B% F%

Re> ire!e#ts for Effective )e'!e#t"tio#:1% Me"s r"2ility:Is the de'ree to (hich the si7e9 $ rch"si#' $o(er9 "#d $rofiles of " !"r3et se'!e#t c"# 2e !e"s red% 8% ) 2st"#ti"lity:It refers to the de'ree to (hich " !"r3et se'!e#t is s fficie#tly l"r'e or $rofit"2le% B% Accessi2ility:It refers to the de'ree to (hich " !"r3et se'!e#t c"# 2e re"ched "#d served% F% /iffere#ti"tio#:It refers to the de'ree to (hich " !"r3et se'!e#t c"# co#ce$t "lly 2e disti#' ished "#d h"s the "2ility to res$o#d differe#tly to differe#t !"r3eti#' !i@ ele!e#ts "#d $ro'r"!s% D% Actio# A2ility:-

Its is the de'ree to (hich effective $ro'r"!s c"# 2e desi'#ed for "ttr"cti#' "#d servi#' " 'ive# !"r3et se'!e#t% M"r3et T"r'eti#' 1% Ev"l "ti#' M"r3et )e'!e#ts:I# this " fir! ! st loo3 "t three f"ctors: )e'!e#t si7e "#d 'ro(th9 se'!e#t str ct r"l "ttr"ctive#ess9 "#d co!$"#y o2Aectives "#d reso rces% "% 0#differe#ti"ted !"r3eti#':0si#' this str"te'y9 " fir! !i'ht decide to i'#ore !"r3et se'!e#t differe#ced "#d 'o to the (hole !"r3et (ith o#e offer% 2% /iffere#ti"ted M"r3eti#':0si#' this str"te'y9 " fir! decides to t"r'et sever"l !"r3et se'!e#ts or #iches "#d desi'#s se$"r"te offers for e"ch% c% Co#ce#tr"ted M"r3eti#':0si#' this str"te'y 9 co#ce#tr"ted !"r3eti#'9 is es$eci"lly "$$e"li#' (he# co!$"#y reso rces "re li!ited%

d%

e%

f%

Choosi#' " M"r3et-Cover"'e str"te'y:This str"te'y is 2est de$e#d i# co!$"#y reso rces% The 2est str"te'y "lso de$e#ds o# the de'ree of $rod ct v"ri"2ility% )oci"lly Res$o#si2le T"r'et M"r3eti#':)!"rt t"r'eti#' hel$s co!$"#ies to 2e !ore efficie#t "#d effective 2y foc si#' o# the se'!e#ts th"t they c"# s"tisfy 2est "#d !ost $rofit"2ly% Positio#i#' for co!$etitive Adv"#t"'e:Positio#i#' i#volves i!$l"#ti#' the 2r"#d5s #i> e 2e#efits "#d differe#ti"tio# i# c sto!ers !i#d%

8% Choosi#' " $ositio#i#' )tr"te'y:)o!e fir!s fi#d it e"sy to choose their $ositio#i#' str"te'y% B% Ide#tifyi#' $ossi2le co!$etitive Adv"#t"'es% F% Choosi#' the ri'ht co!$etitive Adv"#t"'es%

"% 2%

Ho( M"#y differe#ces to $ro!ote4 1hich differe#ces to $ro!ote4

D% )electi#' "# over"ll $ositio#i#' )tr"te'y:C sto!ers ty$ic"lly choose $rod cts "#d services th"t 'ive the! the 're"test v"l e% Th s9 !"r3eters ("#t to $ositio# their 2r"#ds o# the 3ey 2e#efits th"t they offer rel"tive to co!$eti#' 2r"#ds% G% Co!! #ic"ti#' "#d deliveri#' the chose# $ositio#% The co!$"#y ! st t"3e stro#' ste$s to deliver "#d co!! #ic"te the desired $ositio# to t"r'et co#s !ers% PR&/0CT:A $rod ct is "#ythi#' th"t c"# 2e offered to " !"r3et for "tte#tio#9 "c> isitio#9 se9 or co#s !$tio# "#d th"t !i'ht s"tisfy " ("#t or #eed% ") *evels of Prod ct "#d )ervices 1)% The core $rod ct is the core9 $ro2le! solvi#' 2e#efits th"t co#s !ers "re re"lly 2 yi#' (he# they o2t"i# " $rod ct or service 8)% The "ct "l $rod ct !"y h"ve "s !"#y "s five ch"r"cteristics th"t co!2i#e to deliver core $rod ct 2e#efits% They "re: ")% = "lity level% 2)% -e"t res% c)% /esi'#% d)% ,r"#d #"!e% e)% P"c3"'i#'% B)% The " '!e#ted $rod ct i#cl des "#y "dditio#"l co#s !er services "#d 2e#efits 2 ilt "ro #d the core "#d "ct "l $rod cts% Prod ct Cl"ssific"tio# I% Co#s !er Prod cts Co#s !er $rod cts "re those 2o 'ht 2y fi#"l co#s !ers for $erso#"l co#s !$tio#% M"r3eters s "lly cl"ssify these 'oods f rther 2"sed o# ho( co#s !ers 'o "2o t 2 yi#' the!% Co#s !er $rod cts i#cl de co#ve#ie#ce $rod cts9 sho$$i#' $rod cts9 s$eci"lty $rod cts9 "#d #so 'ht $rod cts% IJCo#ve#ie#ce $rod cts "re co#s !er $rod cts "#d services th"t the c sto!er s "lly 2 ys fre> e#tly9 i!!edi"tely9 "#d (ith " !i#i! ! of co!$"riso# "#d 2 yi#' effort% E@"!$les i#cl de so"$9 c"#dy9 #e(s$"$ers9 "#d f"st food%

IJ)ho$$i#' $rod cts "re less fre> e#tly $ rch"sed co#s !er $rod cts "#d services th"t c sto!ers co!$"re c"ref lly o# s it"2ility9 > "lity9 $rice9 "#d style% IJ)$eci"lty $rod cts "re co#s !er $rod cts "#d services (ith #i> e ch"r"cteristics or 2r"#d ide#tific"tio# for (hich " si'#ific"#t 'ro $ of 2 yers is (illi#' to !"3e " s$eci"l $ rch"se effort% E@"!$les i#cl de s$ecific 2r"#ds "#d ty$es of c"rs IJ0#so 'ht $rod cts "re co#s !er $rod cts th"t the co#s !er either does #ot 3#o( "2o t or 3#o(s "2o t 2 t does #ot #or!"lly thi#3 of 2 yi#'% II% I#d stri"l Prod cts I#d stri"l $rod cts "re those $ rch"sed for f rther $rocessi#' or for se i# co#d cti#' " 2 si#ess% C"$it"l ite!s "re i#d stri"l $rod cts th"t "id i# the 2 yerMs $rod ctio# or o$er"tio#s9 i#cl di#' i#st"ll"tio#s "#d "ccessory e> i$!e#t% I#st"ll"tio#s co#sist of !"Aor $ rch"ses s ch "s 2 ildi#'s (f"ctories9 offices) "#d fi@ed e> i$!e#t ('e#er"tors9 drill $resses9 l"r'e co!$ ter syste!s9 elev"tors)% I#divid "l $rod ct decisio#s ") Prod ct Attri2 tes /evelo$i#' " $rod ct or service i#volves defi#i#' the 2e#efits th"t it (ill offer% These 2e#efits "re co!! #ic"ted to "#d delivered 2y $rod ct "ttri2 tes s ch "s > "lity9 fe"t res9 style "#d desi'#% i% Prod ct = "lity = "lity is o#e of the !"r3eterMs !"Aor $ositio#i#' tools% ii% Prod ct -e"t res A $rod ct c"# 2e offered (ith v"ryi#' fe"t res% iii% Prod ct )tyle "#d /esi'# A#other ("y to "dd c sto!er v"l e is thro 'h disti#ctive $rod ct style "#d desi'#% 2) ,r"#di#' Perh"$s the !ost disti#ctive s3ill of $rofessio#"l !"r3eters is their "2ility to cre"te9 !"i#t"i#9 $rotect9 "#d e#h"#ce 2r"#ds of their $rod cts "#d services% i% ,r"#d: A 2r"#d is " #"!e9 si'#9 sy!2ol9 or desi'#9 or " co!2i#"tio# of these th"t ide#tifies the !"3er or seller of " $rod ct or service% ii% ,r"#d e> ity

is the v"l e of " 2r"#d9 2"sed o# the e@te#t to (hich it h"s hi'h 2r"#d loy"lty9 #"!e "("re#ess9 $erceived > "lity9 stro#' 2r"#d "ssoci"tio#s9 "#d other "ssets s ch "s $"te#ts9 tr"de!"r3s9 "#d ch"##el rel"tio#shi$s% iii% )electi#' The ,r"#ds N"!e: )electi#' " 2r"#d #"!e is "# i!$ort"#t ste$% The 2r"#d #"!e sho ld 2e c"ref lly chose# si#ce " 'ood #"!e c"# "dd 're"tly to " $rod ct5s s ccess% /esir"2le > "lities of " 'ood 2r"#d #"!e i#cl de: 1)% It sho ld s ''est so!ethi#' "2o t the $rod ct5s 2e#efits "#d > "lities% 8)% It sho ld 2e e"sy to $ro#o #ce9 reco'#i7e9 "#d re!e!2er% B)% It sho ld 2e disti#ctive% F)% It sho ld tr"#sl"te e"sily i#to forei'# l"#' "'es% D)% It sho ld 2e c"$"2le of re'istr"tio# "#d le'"l $rotectio#% &#ce chose#9 the 2r"#d #"!e ! st 2e $rotected% iv% )$o#sorshi$ o$tio#s for ,r"#di#': A !"# f"ct rer h"s fo r s$o#sorshi$ o$tio#s: 1)% A !"# f"ct rer5s 2r"#d (or #"tio#"l 2r"#d) is " 2r"#d cre"ted "#d o(#ed 2y the $rod cer of " $rod ct or service (E@"!$les i#cl de I,M "#d Kello'')% 8)% A $riv"te 2r"#d (or !iddle!"#9 distri2 tor9 or store 2r"#d) is " 2r"#d cre"ted "#d o(#ed 2y " reseller of " $rod ct or service% B)% A lice#sed 2r"#d (" co!$"#y sells it5s o t$ t #der "#other 2r"#d #"!e)% F)% Co-2r"#di#' occ rs (he# t(o co!$"#ies 'o to'ether "#d !"# f"ct re o#e $rod ct% P"c3"'i#' P"c3"'i#' i#volves desi'#i#' "#d $rod ci#' the co#t"i#er or (r"$$er for " $rod ct% *"2eli#' *"2els !"y r"#'e fro! si!$le t"'s "tt"ched to $rod cts to co!$le@ 'r"$hics th"t "re $"rt of the $"c3"'e% Prod ct ) $$ort )ervices C sto!er service is "#other ele!e#t of $rod ct str"te'y% A co!$"#yMs offer to the !"r3et$l"ce s "lly i#cl des so!e services9 (hich c"# 2e " !i#or or " !"Aor $"rt of the tot"l offer% Ne(-$rod ct develo$!e#t: The develo$!e#t of ori'i#"l $rod cts9 $rod ct i!$rove!e#ts9 $rod ct !odific"tio#s9 "#d #e( 2r"#ds thro 'h the fir!Ms o(# R6/ efforts% Ide" 'e#er"tio#: The syste!"tic se"rch for #e(-$rod ct ide"s% Ide" scree#i#': scree#i#' #e(-$rod ct ide"s i# order to s$ot 'ood ide"s "#d dro$ $oor o#es "s soo# "s $ossi2le% Prod ct co#ce$t: A det"iled versio# of the #e(-$rod ct ide" st"ted i# !e"#i#'f l co#s !er ter!s%

Co#ce$t testi#': Testi#' #e(-$rod ct co#ce$ts (ith " 'ro $ of t"r'et co#s !ers to fi#d o t if the co#ce$ts h"ve stro#' co#s !er "$$e"l% , si#ess "#"lysis: A revie( of the s"les9 costs9 "#d $rofit $roAectio#s for " #e( $rod ct to fi#d o t (hether these f"ctors s"tisfy the co!$"#yMs o2Aectives% Co#s !er Ado$tio# Process ") )t"'es i# the Ado$tio# Process 1% A("re#ess% I# this st"'e the co#s !er is "("re of the #e( $rod ct 2 t l"c3s f rther i#for!"tio# "2o t it% 8% I#terest% The co#s !er is !otiv"ted to see3 i#for!"tio# "2o t the #e( $rod ct% B% Ev"l "tio#% The co#s !er deter!i#es (hether or #ot to try the #e( $rod ct% F% Tri"l% The co#s !er tries the #e( $rod ct o# " s!"ll sc"le to test its effic"cy i# !eeti#' his or her #eeds% Tri"l c"# 2e i!"'i#ed se of the $rod ct i# so!e c"ses% D% Ado$tio#% The co#s !er decides to !"3e se of the $rod ct o# " re' l"r 2"sis% 2) I#divid "l differe#ces i# the "do$tio# of i##ov"tio#s 1% I##ov"tors% I##ov"tors hel$ 'et the $rod ct e@$os re 2 t "re #ot ofte# $erceived 2y the !"Aority of $ote#ti"l 2 yers "s ty$ic"l co#s !ers% 8% E"rly Ado$ters% This 'ro $ serves "s o$i#io# le"ders to the rest of the !"r3et% B% E"rly M"Aority% )o!e BFN of the !"r3et th"t is the Oty$ic"l co#s !erO 2 t li3ely to "do$t i##ov"tio#s " little soo#er% F% *"te M"Aority% This 'ro $ is s3e$tic"l "#d "do$ts i##ov"tio#s o#ly "fter !ost of the !"r3et h"s "cce$ted the $rod ct% D% *"''"rds% This 'ro $ is s s$icio s of ch"#'e "#d "do$ts o#ly "fter the $rod ct is #o lo#'er co#sidered "# i##ov"tio#% C% Prod ct *ife-Cycle )tr"te'ies After l" #chi#' the #e( $rod ct9 !"#"'e!e#t ("#ts the $rod ct to e#Aoy " lo#' "#d h"$$y life% Altho 'h it does #ot e@$ect the $rod ct to sell forever9 the co!$"#y ("#ts to e"r# " dece#t $rofit to cover "ll the effort ") Prod ct develo$!e#t 2e'i#s (he# the co!$"#y fi#ds "#d develo$s " #e($rod ct ide"% 2) I#trod ctio# is " $eriod of slo( s"les 'ro(th "s the $rod ct is i#trod ced i# the !"r3et% c) Gro(th is " $eriod of r"$id !"r3et "cce$t"#ce "#d i#cre"si#' $rofits% d) M"t rity is " $eriod of slo(do(# i# s"les 'ro(th 2ec" se the $rod ct h"s "chieved "cce$t"#ce 2y !ost $ote#ti"l 2 yers%

e) /ecli#e is the $eriod (he# s"les f"ll off "#d $rofits dro$%