What are the factors that managers should take into account when considering auctions for various products from type of product, to product life cycle, to closed versus open bidding?
Marketing is a social and managerial process by which individuals or group of people buy or share goods or products and value with others.marketing concept mainly depends upon various factors such as:
Product is a bundle of utilities consisting of various product features and accompanying services.During a product planing manager should think of several components like features of products.but managing product becomes more difficult.Marketers classified products based on three characteristics like durability,targetability and use.
The product life cycle has certain limitational assumptions.The price of products changes throghout life cycle and factors like finances,marketing and time is considered. Buissiness rapidly increases till growth stage and hence sales slows down.Buissiness marketers seeks new projects if product reaches decline stage.Sales style one growth and decline where fad has sharp growth and immediate decline.
| Closed bidding | Open bidding |
| sealed bids are opened in presence of authorised personal.supplier was chosen by closed biding.Not done in open venues. | sealed bids are opened in full view of all wishes to witness bid opening.it is conducted in open venue |
What are the factors that managers should take into account when considering auctions for various products...
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