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The plastic used in plastic shopping bags also started as a by-product of oil refining. [1] By-products are sometimes called co-products to indicate that although they are secondary, they are desired products. For example, hides and leather may be called co-products of beef production. There is no strict distinction between by-products and co ...
The marketing plan also helps layout the necessary budget and resources needed to achieve the goals stated in the marketing plan. It is able to show what the company is intended to accomplish within the budget and also makes it possible for company executives to assess potential return on the investment of marketing dollars.
Vertical product differentiation can be measured objectively by a consumer. For example, when comparing two similar products, the quality and price can clearly be identified and ranked by the customer. If both A and B products have the same price to the consumer, then the market share for each one will be positive, according to the Hotelling ...
Product life cycle plays an important role in marketing. The first reason is that the managers will follow the four stages to make product plans for pushing out new products. Secondly, the level and growth of sales will change a lot during the four stages so the managers need to adjust the product plan appropriately and timely.
A main product is a joint output that generates a significant portion of the net realizable value (NRV) within a joint production process. The classification of a product resulting from a joint production process as either a main product or a by-product has relevance in the context of cost management because costs are only allocated to main ...
However, it can also be considered that marketing so many new products leads to economic resources being wasted; the consumer becomes confused and mistakes are made in the purchase of products. Other problems associated with product proliferation include higher production, higher inventory and larger record-keeping costs.