marketing exam 2
TRANSCRIPT
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Role of College
1. To teach You to think--
to understand and solve problems
2. To teach you to communicate better:
to speak effectively and convincingly
to !rite coherently and concisely.
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"roduct#. "roduct defined: a bundle of benefits $needs and !ants%
&. Classes of goods:
1. Convenience goods$time' place' (-11 close very late '!e
pay more for convenience.%
- intensively distributed
- promoted through branding - entail high sales volume
- lo! unit profit ascribable to above
2. )hopping goods
- buyer makes a comparison
*. )pecialty goods
- +defined in the mind of the buyer,
- sold in specialty shops' sites' and catalogs
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"roduct $continued%
C. Branding 1. Brand defined:
2. brand name, trade mark
3. Brand Strategies: (4) on the tet of these 4
a). indi!id"a# brands
b). man"fa$t"rer%s brands
- good&i## or $ons"mer fran$hise
$). midd#eman or rese##er brands (e.g., 'eg%s targets o&n brand)
d). generi$s, non-brands
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Brand defined:Brand defined:
name, term, sign, symbol, slogan
used to identify products of a manufacturer
and differentiate them from competing items.
Just do it
Coke GM Performance Products
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--
Branding and *romotion are "sed to
differentiate homogeno"s goods from those
of $om*etitors.
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"roduct' continued
D. Product Life Cycle
1. Purpose
! means to "ie# and assess
de"elopment of a product or $rand ! a tool for plannin%
&. 'ta%es ()*
! introduction+
! %ro#t,+
! maturity+
! decline
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--
. "roduct ife Cycle. "roduct ife Cycle
Saturated
Revenu
e
S"$$essi!e*eriodsordro*sinre!.X
Introduction Growth Maturity DeclineProfit
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--
ntro /ro&th 0at"rit e$#ine
e&
nform
igh
5imited
one
6rod"$t :
6rmtn. :
6ri$e :
ist. :
Com*. :
Same
B"i#d #oa#t
Stab#e
7*ands
nf#"
Sma## $hange
S&a
ro*s
5e!e#
Shake o"t
Crash
8ind a ne&
"se or a ne&market for the
*rod"$t
6rod"$t 5ife C$#e 9t
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--
)hapes of the "roduct ife Cycle
Brand
6rod"$t item
6rod"$t $#ass
- 8ord 0"stang Con!ertib#e
- Con!ertib#e
- nterna# $omb"st. engine
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/. "roduct #doption "rocess
Innovator
. 3 reasons:
-to satisf a need,
-to $om*ete &ith an eisting *rod"$t,
- to $#ose the *#anning ga*
. =hat is a ne& *rod"$t> ?n the test
@ ne& *rod"$t is a *rod"$t that is ne& in an &a for the $om*an
in!o#!ed.
. =h is it hard for firms to de!e#o* Atr"# ne&% *rod"$ts>
. Before de!e#o*ing ne& *rod"$t: strategi$ dire$tion
a. gro&th *#an dire$tion&here
b. b"dgeting s$hema
$. organiDation str"$t"re
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rganiations#. $ew product department r
new prod. prod. % prod. &
mkt. rsch.
engineering
prodctn.
matri' mmt.
(). $ew product committee *!u+otimi,e-
. Project team or venture team
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&udgeting for 0e! "roducts
#. / $P !pendin 0 X1 Sale! revenue
). Proportionate to what our competitor! !pend
. *2hatever it ta"e!- 3e..4 pharmaceutical indu!try56
D 7 & %
+ rs. rs . 3 rs. 1 r.
1 rs.
;
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&rainstorming Recipe:
ngredients:
ES*e$ifi$ *rob#em to so#!eEShort *eriod 4 - 1 hr.Eo $riti$ismEone of *eo*#e are e*erts
*enerate a! many
idea! a! po!!i+le-
@ttrib"te #isting:
E9ake an eisting *rod"$tFE5ist its attrib"tesFE9hink "* ne& feat"res that ma enhan$e the *rod"$t.
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0e! "roduct evelopment "rocess $3 steps%
Cons"mers 7m*#oees Cons"#tantsin!entors Getai#ers istrib"tors
IDE%S
SCG77/oes idea meet obHe$ti!es I o*tima## "ti#iDe reso"r$es of firm>
Jes
C?C769 775?60791. =ho &i## "se the *rod"$t>
2. =hat &i## *rod"$t be "sed for>
3. o& often &i## it be "sed>
4. =hat benefits &i## it *ro!ide>
#
2
3
o
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-1+-Ges"#ts of $on$e*t de!e#o*ment: Se!era# *rod"$t !ariants:
@ B C
C?C769 97S9/4
=hi$h, if an, of these $on$e*ts is !iab#e>
one
S9G@97/J 775?60791. 9arget market des$ri*tion
2. 6rod"$t *ositioning
3. 6roHe$tions: initia# sa#es, G?, mkt. share
4. S"ggested *ri$e, distrib"tion, *romotion
. 5ong-r"n sa#es *roHe$tion, and mktg, mi strateg
Prod.Life7ycle
none
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BKS7SS @@5JSS+1. sa#es - initia#, re*eat, freL"en$ of
2. $ost, break-e!en
3. s o"r *rod"$t !iab#e at $hosen *ri$e (based on abo!e $ostana#sis)>
es
6G?KC9 775?6079 (*rotot*e)1. *hsi$a# $"es (ho& does $ons"mer *er$ei!e: $o#or, siDe, ...)
2. f"n$tiona# test (&i## it &ork> ho& &e##>)
3. $ons"mer testing of *rotot*e (7dse# !ers"s Camaro)4. oes *rod"$t #i!e "* to initia# $on$e*t>
es
tani+le product
Idea champion
o
o
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0@GM79 97S9/=i## obHe$ti!es be met>
es
C?007GC@5N@9? (im*#ementing)
1. =hen (seasona# *rod"$t or ne& entrant>)
2. =here (*#anned ro##o"t or ne& iss"e>)
3. o& (ne& !ersion or "*grade>)
4. B &hom (distrib"tion strateg)
(et ste* is *oint no ret"rn.)
o
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Go##o"t
SepMar May
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0an"fa$t"rer
Chain b"ing offi$es
Getai# "nit
managers
Cons"mers
Cor*orate sa#es teamCor*orate sa#es team
istri$t sa#es teamsistri$t sa#es teams
ire$t marketing or ad!ertisingire$t marketing or ad!ertising
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"ricing
1). Ge!ie& of 7$onomi$s
2). 6ri$ing Strategies
3). 6ri$ing 0e$hani$s
I. Review of Economic!
%. Demand 7urve! 8t
#. 2hy di!cu!!9
). 2hat determine!9
. *Law of dimini!hin demand-
:. Movin alon the demand curve ;. Shiftin the demand curve
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1 2
O"antit
6ri$e
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Major 7hane
in Pricin Stratey
Product Promotion
Place
(
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-. lasticity (elasticity of dmd.+ price elasticity*
#. Defined68t
!en!itivity of demand to chane! in price 3a ratio5
2. 1=d
1P
. *Ela!tic- E F #
*Inela!tic- E #
>nit ela!tic E 0 # Perfectly inela!tic E 0 @
:. Ideally4 want demand for product
relatively inela!tic
#@
H );10 .:
); #@ 0 ) . ;
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1 =d
1 P