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By Saiki Danyi

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The Family life cycle: families go through stages, each stage creates different consumer demands: • • • • • • • • • • Bachelor stage ... most of BUAD301 Newly married, young, no children ... me Full nest I, youngest child under 6 Full nest II, youngest child 6 or over Full nest III, older married couples with dependant children Empty nest I, older married couples with no children living with them, head in labour force Empty nest II, older married couples, no children living at home, head retired Solitary survivor, in labour force Solitary survivor, retired Modernized life cycle includes divorced and no children.

EVALUATING THE MARKETS AND SALES FORECASTING Need to measure the sales potential of the chosen markets. Market Potential-Industry wide, need to specify time frame and level of industry marketing activities. Introduction to Marketing 45 Sales Potential- Maximum %of Mkt. potential that a single firm within an industry expects to obtain - absolute limit. Breakdown approach: economic-mkt. potential-sales potential Buildup approach: # of potential buyers purchases * # buyers in area, same for each area, then add areas to calculate total market potential.

Can see changes in MM. Other companies can manipulate, other companies can see offering. Marketers will generally use more than one method. We are now focusing on the major elements of the marketing mix, the ingredients of the marketing mix. Introduction to Marketing 46 First element. The Product. Product Planning refers to the systematic decision making related to all aspects of the development and management of a firms products including branding and packaging. Each product includes a bundle of attributes capable of exchange and use.

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