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182 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is a target market?
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A clearly identified segment of the market to which the company wants to appeal.
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Marketing Strategy
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marketing plan vs strategy
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plan is what the business wants to do; strategy is how they will do it.
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Marketing Planning
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In product design, what is the basic product?
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This is the product in its most simplest form. Responds to basic need and easy to use.
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Product Development: Levels of Product Design
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In product design, what is the enhanced product?
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This satisfies additional needs and offeres features/ options. Different enhancements are developed for different target markets; therefore the basic product ia able to satisfy multiple markets.
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Product Development: Levels of Product Design
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In product design, what is the extended product?
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This includes additional services (guarantees) and/or additional products that improve use of the primary product.
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Product Development: Levels of Product Design
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In product development, what are considerations for the product mix?
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Product line, assortments, packaging and brand development.
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Components of the Product Mix
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In the product mix, what is the product line?
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a group of similar products with slight variation in the product mix to satisfy different needs in the market.
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Components of the Product Mix: Product Line
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What is the cost/benefit of an extended product line?
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benefit: increase number of potential number and satisfaction of customers.
cost: added cost of manufacturing, distribution, inventory control and extended display space. |
Components of the Product Mix: Product Line
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What variations are possible to expand the product line?
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Quantity and/or Quality
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Components of the Product Mix: Product Line
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In the product mix, what does product assortment refer to?
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the complete set of all products a business offers to its market
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Components of the Product Mix: Product Assortments
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What considerations are there when it comes to packaging of a product?
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Containing & protecting product, promotion, convenience, safety, attraction, handling and environment.
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Components of the Product Mix: Packaging
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What is a brand? and why is it important?
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A name, symbol, word, or design that identifies a product, service, or company. It provides product identification, repeat sales and new sales.
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Components of the Product Mix: Brand Name
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What is a trademark?
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the legal protection of the words or symbols for use by a company.
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Components of the Product Mix: Brand Name
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What are the five levels of brand recognition?
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Non-recognition, Rejection, Recognition, Preference, Insistence
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Components of the Product Mix: Brand Name
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What is a licensed brand?
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A well-known name or symbol established by one company and sold for use by another company to promote its products.
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Components of the Product Mix: Brand Name
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What elements of the product and marketing mix would you emphasize for the different types of convenience goods and why?
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Marketing mix should focus on place (product location) because consumers want to purchase convenience good as easily as possible. Product mix should emphasize brand, packaging and image. Price is only important for staple goods. Promotion reminds consumer or brand and image of staple goods, the need to be satisifed for impulse goods and location and availability for emergency goods.
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Analyzing Consumer Purchase
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What is the purpose of mission statement?
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It answers "What business are we in and where are we going?"
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Marketing Plan
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What is the focus of the mission statement?
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The focus is on the market not on goods/ services.
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Marketing Plan
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What is a marketing objective?
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Specific, measurable, accountable goals of the marketing strategy that are consistent with the priorities of the organization.
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Marketing Plan
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What is a SWOT analysis?
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Strengths
Weaknesses Opportunities Threats |
Marketing Plan
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What is a "competitive advantage" or "differential advantage"?
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a set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.
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Marketing Plan
SWOT: Competitive Advantage |
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What are the three types of competitive advantage?
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1. cost
2. product/ service differentiation 3. niche strategies |
Marketing Plan
SWOT: Competitive Advantage |
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How can cost be reduced?
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1. Experience
2. Efficient Labor 3. Removing "frills" 4. Government Subsidies 5. Product Design 6. Reengineering 7. Product innovation 8. Method of service/ delivery |
Developing a Marketing Plan
SWOT: Competitive Advantage |
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What is product service differential competitive advantage?
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when a firm provides something unique that is valuable to buyers beyond simply offering a low price.
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Developing a Marketing Plan
SWOT: Competitive Advantage |
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How is differential competitive advantage created?
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1. Value Impressions
2. Augmented Products |
Developing a Marketing Plan
SWOT: Competitive Advantage |
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What are value impressions?
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features of product that signal value to the customer
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Developing a Marketing Plan
SWOT: Competitive Advantage |
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What are augmented products?
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added features to a product that were not expected by the customer.
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Developing a Marketing Plan
SWOT: Competitive Advantage |
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What is a niche competitive advantage?
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seeks to target and effectivelty serve a single segment of the market.
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Developing a Marketing Plan
SWOT: Niche Strategies |
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What is a successful niche competitive advantage?
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a target market with potential growth that is not crucial to the success of competitors.
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Developing a Marketing Plan
SWOT: Niche Strategies |
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Why is differential advantage necessary?
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without differential advantage target customers don't perceive any reason to patronize an organization instead of its competitors.
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Developing a Marketing Plan
SWOT: Niche Strategies |
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What is the strategic window?
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the limited period during which the fit between the key requirements of a market and the particular competencies of a firm are at an optimum -- marketing opportunity.
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Developing a Marketing Plan
SWOT: Strategic Alternatives |
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How do you discover a strategic window?
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Market Penetration & Development
Product Development & Diversification |
Developing a Marketing Plan
SWOT: Strategic Alternatives |
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What is market development?
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attracting new customers to old products.
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Developing a Marketing Plan
SWOT: Strategic Alternatives |
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What is market penetration?
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increase market share among existing customers. (i.e. customer data base)
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Developing a Marketing Plan
SWOT: Strategic Alternatives |
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What is strategy behind product development?
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creation of new products for present markets
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Developing a Marketing Plan
SWOT: Strategic Alternatives |
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What is diversification?
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increasing sales by introducing new products into new markets
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Developing a Marketing Plan
SWOT: Strategic Alternatives |
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What is a portfolio matrix?
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Helps select strategic alternative by assessing profit, potential, and risk in terms of growth rate in dollars and market share relative to competitors.
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Developing a Marketing Plan
SWOT: Strategic Alternatives |
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Sherman Act of 1890
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Makes trusts and conspiracies in restraint of trade illegal; makes monopolies and attempts to monopolize a misdemeanor.
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Legislation
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Clayton Act of 1914
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Outlaws descrimination in prices to different buyers; prohibits tying contracts; makes illegal the combining of two or more competing corporations by pooling ownership of stock.
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Legislation
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Federal Trade Commission Act of 1914
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Creates the Federal Trade Commission to deal with antitrust matters; outlaws unfair methods of competition.
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Legislation
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Robinson-Patman Act of 1936
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Prohibits charging different prices to different buyers of merchandise of like grade and quantity; requires sellers to make any supplementary services or allowances available
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Legislation
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Wheeler-Lea Amendments to the FTC Act of 1938
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Broadens the Federal Trade Commission's Power to prohibit practices that might injure the public without affecting competition; outlaw false and deceptive advertising.
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Legislation
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Lanham Act of 1946
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Establishes protection for trademarks.
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Legislation
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Celler-Kefauver Anti-merger Act of 1950
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Strengthens the Clayton Act to prevent corporate acquisitions that reduce competition.
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Legislation
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Hart-Scott-Rodino Act of 1976
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Requires large companies to notify the government of their intent to merge.
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Legislation
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What does social enviroment refer to?
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Values
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External Environment: Social
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What are the three main categories of value systems?
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1.Cultural Creativity: synthsize the new
2. Traditionalism: seek nostalgia 3. Modernism: Materialistic, consumerism, tech rational |
External Environment: Social
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Poverty of Time
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Less time so we do less of what we don't enjoy (i.e. housework) and more of what we do enjoy (i.e. dining out).
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External Environment: Social
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Component Lifestyle
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Choosing products/ services that meet diverse needs and interests; increased diverse consumer buying habits.
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External Environment: Social
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How does the modern role of Woman/ Family affect the social environment for marketing?
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1. Female workforce = new consumers, new consumer demands
2. Dual Career = new needs, new market |
External Environment: Social
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What does demographics refer to?
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age, race, ethnicity, location
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External Environment: Demographics
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How do we define the three major generations from 1946 to 1994?
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Generation y: 1979-1994
Generation x: 1965-1978 Baby Boomer: 1946-1964 |
External Environment: Demographics
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Generation y
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Demo: 60 million; brand conscious, recent graduates
Strategy: bring ads where kids congregate |
External Environment: Demographics
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Generation x
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Demo: 17 million; 1st gen latch key kids, dual career households, many divorced parents, unemployed/ underemployed/ living at home; cynical consumers; indulgent; diverse interests.
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External Environment: Demographics
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Baby Boomer
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Demo: 78 Million; over 50; active; cherish convenience; value post-war; educational training; competition over teamwork; individuality
Strategy: home delivery; |
External Environment: Demographics
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Personalized Economy
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Product of the baby boomer generation (1946-64); focus on customization, value and immediacy.
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External Environment: Demographics
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Multiculturalism
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when major ethnic groups in an area are equally represented.
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External Environment: Demographics
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Consumer Product Safety Commission
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Health and safety of consumers in and around home.
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External Environment: Legal
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Federal Trade Commission
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Prevents unfair methods of competition in commerce
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External Environment: Legal
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Food and Drug Administration
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Concerned with hazardous food and drug products
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External Environment: Legal
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What are current competive factors in the external marketing environment?
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Domestic due to size of competition, interdependence, decline in population growth, rising costs and shortage of resources. Global competition due to less trading barriers and expanding US market.
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External Environment: Competition
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Importance of global marketing
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Take advantage of a strategic window, develop global networks and engage foreign competition in domestic markets.
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Global Market
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Impact of multinational firms on world economy
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They have the ability to overcome trade problems, save on labor costs, and tap new technology.
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Global Market
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External environment of global markets
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culture, economic, technological development; political structure and actions; demography; and natural resources. Also, social values, attitudes & beliefs, language, and customs.
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Global Marketing
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The Traditional Society
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Demo: agricultural, little upward mobility, stable culture, stagnant economy
Strategy: single units of technology will not work |
Global Marketing: External Factors: Economy/ Tech
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Preindustrial Society
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Demo: economic/ social change; emerging middle class through entrepreneurship; lack distribution and communication
Strategy: marketing is difficult |
Global Marketing: External Factors: Economy/ Tech
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Takeoff Economy
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Demo: transition from developing to developed; healthy social/ political climate
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Global Marketing: External Factors: Economy/ Tech
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Industrializing Society
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Demo: spreading technology; foster economic growth; emerging middle class;
Strategy: demand for luxury goods |
Global Marketing: External Factors: Economy/ Tech
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Industrialized Society
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Demo: exporter of goods based on advanced tech;
Strategy: tremendous market potential; export finished goods to developing countries |
Global Marketing: External Factors: Economy/ Tech
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What should you be aware of in terms of language when marketing in another country?
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Product name, promotional message, slogans
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Global Marketing: External Factors
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What should you be aware of in terms of culture when marketing in another country?
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Image, packaging
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Global Marketing: External Factors
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What should you be aware of in terms of politics when marketing in another country?
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The degree of private property, government ownership and centralized planning
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Global Marketing: External Factors
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What should you be aware of in terms of population when marketing in another country?
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Urban or rural
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Global Marketing: External Factors
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What should you be aware of in terms of income when marketing in another country?
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emerging middle class
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Global Marketing: External Factors
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Why do companies decide to enter the global market?
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Profit; unique product and/or tech advantage; exclusive market info; saturated domestic market.
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Global Marketing
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How do companies enter the global market?
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Direct Investment, joint venture, contract manufacturing, licensing, export
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Global Marketing
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What options for product and promotion are there in the global marketing mix?
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One Product, One Message
Product Invention Product Adaption Message Adaption |
Global Marketing MIx: Product
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Describe the consumer decision making process.
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1. need recognition
2. information search 3. evaluate alternatives 4. purchase 5. post-purchase behavior |
Consumer Decision Making
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When do consumers need something?
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1. current product is performing properly
2. product runs out 3. new product features are superior to current product |
Consumer Decision Making: Need
Recognition |
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What influences the consumer's need to search for external information on a product?
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Perceived Risk
Knowledge Prior Experience Level of Interest |
Consumer Decision Making: Information Search
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How do consumers evaluate and compare alternatives?
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1. Pick a product attribute, and exclude all products without that attribute
2. Create max/min levels of an attribute that alternative must pass to be considered 3. Rank attributes in order of importance and evaluate products on how they perform most important attributes |
Consumer Decision Making: Evaluate Alternatives
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What are the three categories of consumer buying decisions?
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1. routine response behavior
2. limited decision making 3. extensive decision making |
Consumer Decision Making: Buying & Involvement
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What factors influence consumer involvement in the buying decision?
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1. Previous Experience
2. Interest 3. Perceived Risk 4. Situation 5. Social Visibility |
Consumer Decision Making: Buying & Involvement
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Routine Response Behavior
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Low involvement/ info search/ quick decision.
Associated with low-cost goods, brand loyalty, no personal identification with product. |
Consumer Decision Making: Buying & Involvement
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Limited Decision Making
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Moderate info search, few alternatives considered.
Associated with occasional purchase, unfamiliar brands, familiar categories |
Consumer Decision Making: Buying & Involvement
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Extensive Decision Making
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High involvement, complex decision making.
Associated with infrequent purchases, expensive good/ service, unfamiliar. |
Consumer Decision Making: Buying & Involvement
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What market strategy is appropriate for high involvement purchases?
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Promotion should be extensive and informative.
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Consumer Decision Making: Buying & Involvement
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What market strategy is appropriate for low involvement purchases?
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In-store promotion, package design, displays, special offers, link to higher-involvement issue
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Consumer Decision Making: Buying & Involvement
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Describe "market segments".
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a group of individuals or organizations with similar product needs as a result of one or more common characteristics.
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MarketsSegmenting and Targeting Markets: Segmentation
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Why is market segmentation important?
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helps identify consumer needs/ preferences, areas of declining demand and new opportunities.
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Segmenting and Targeting Markets: Segmentation
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What is the criteria for successful market segmentation?
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1. Substantial and potential customers
2. Identifiable and measurable 3. Accessible to marketing efforts 4. Responsive to marketing efforts in a way that is distinguishable from other segments |
Segmenting and Targeting Markets: Segmentation
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What are common characteristics used to segment markets?
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Geographic, demographic, psychographic, benefits sought and usage
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Segmenting and Targeting Markets: Segmentation
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What are the steps involved in segmenting the market?
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1. Select a market or product for study
2. Choose a bases to segment the market 3. Select segmentation descriptors 4. Profile and evaluate segments 5. Select target markets 6. Design, implement and maintain appropriate marketing mix |
Segmenting and Targeting Markets: Segmentation
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What are the descriptors of geographic segmentation?
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region, market size, market density or climate
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Segmenting and Targeting Markets: Segmentation
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What are the descriptors of demographic segmentation?
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Age, gender, income, ethnicity, family life-cycle
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Segmenting and Targeting Markets: Segmentation
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What are the descriptors of psychographic segmentation?
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Personality, motives, lifestyles, geodemographics
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Segmenting and Targeting Markets: Segmentation
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What are the descriptors of benefit segmentation?
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cultivated taste, value & durabilty, US products & established brands, established products, peer reference, wanna be, variety & excitement, practical & functional, urgent needs
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Segmenting and Targeting Markets: Segmentation
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What are the descriptors of usage-rate segmentation?
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formal users, potential users, first-time users, irregular users, medium users & heavy users.
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Segmenting and Targeting Markets: Segmentation
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What does the profile and analysis of market segments include?
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segment size, expected growth, purchase frequency, brand usage, brand loyalty, long-term sales and profit potential.
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Segmenting and Targeting Markets: Segmentation
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What are the three general strategies for selecting target markets?
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undifferentiated, concentrated and multisegment targeting
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Segmenting and Targeting Markets: Selecting Target Markets
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What is "positioning"?
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the place a product, brand or group of products occupies in consumers minds relative to competing offerings.
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Segmenting and Targeting Markets: Selecting Target Markets
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What are the bases of position?
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price & quality, use & application, product user, product class, competitor
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Segmenting and Targeting Markets: Selecting Target Markets
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What are the two main processes in developing a marketing strategy?
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1. select target market
2. develop a marketing mix for that target market |
Marketing Strategy
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What does a pull strategy refer to in the marketing mix?
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stimulating consumer demand to obtain product distribution.
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Marketing Mix: Promotion
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What are the three types of product advertising?
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pioneering, competitive, and comparative.
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Advertising
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What are the three categories of pricing objectives?
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profit oriented, sales oriented, and status quo.
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Marketing Mix: Price
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What are the determinants of price?
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*Demand & Cost
also PLC, competition, distribution strategy |
Marketing Mix: Price
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How do you calculate "return on investment"?
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ROI = Net Profits after taxes/ total assets
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Marketing Mix: Price
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How do you calculate demand elasticity?
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E = percent change in quantity demanded/ percent change in price
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Marketing Mix: Price
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Describe the innovators.
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2.5% obsessed with new ideas. Higher incomes, worldly, outside the box, self-confident, scientific, venturous
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Developing & Managing Products: Spread of new poducts
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Describe the early adapters
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13.5%. rely on group norms, influenced by local community, "opinion leaders"
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Developing & Managing Products: Spread of new poducts
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Describe the early majority
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weigh pros and cons, collect more information, evaluate more brands, rely on "opinion leaders"
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Developing & Managing Products: Spread of new poducts
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Describe late majority
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react to pressure to conform
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Developing & Managing Products: Spread of new poducts
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Describe laggards
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independent, suspicious of new products, value tradition, unmotivated by advertising or personal selling.
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Developing & Managing Products: Spread of new poducts
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What product characteristics predict the rate of acceptance and diffusion of a new product?
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Complexity
Compatibility Relative Advantage Observability Trialibility |
Developing & Managing Products: Spread of new poducts
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Explain complexity with reference to new product diffusion?
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the degree of difficulty involved in understanding and using a new product. The more complex a product the slower the diffusion.
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Developing & Managing Products: Spread of new poducts
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Explain compatibility with reference to new product diffusion?
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the degree to which the new product is consistent with existing value and product knowledge, past experience, and current needs. incompatible products diffuse slower than compatible products.
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Developing & Managing Products: Spread of new poducts
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Explain relative advantage with reference to new product diffusion?
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the degree to which a product is perceived as superior to existing substitutes.
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Developing & Managing Products: Spread of new poducts
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Explain observability with reference to new product diffusion?
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the degree to whcih the benefits of using the product can be observed by others and communicated to target customers.
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Developing & Managing Products: Spread of new poducts
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Explain Trialibility with reference to new product diffusion?
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the degree to which a product can be tried on a trial basis.
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Developing & Managing Products: Spread of new poducts
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What are the stages of a product's life cycle?
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Introductory
Growth Maturity Decline |
Developing & Managing Products: Product Life Cycle
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What strategy is necessary in the introductory stage of the product life cycle?
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Product: limited models
Promotion: developing awareness (rather than specific brand) Price: High |
Developing & Managing Products: Product Life Cycle
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What strategy is necessary in the growth stage of the product life cycle?
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Product: extend product line, functional modifications
Promotion: brand advertising, Place: adequate distribution Price: competitive pricing |
Developing & Managing Products: Product Life Cycle
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What strategy is necessary in the maturity stage of the product life cycle?
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Product: extended product lines,
Promotion: Stylistic modifications Place: retain dealer loyalty, shelf space Price: competitive pricing |
Developing & Managing Products: Product Life Cycle
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What strategy is necessary in the decline stage of the product life cycle?
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phase out all efforts. price will stabilize at low point.
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Developing & Managing Products: Product Life Cycle
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What is promotion?
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Communication by marketiers that INFORMS, PERSUADES and REMINDS potential buyers of a product in order to influence an response.
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Promotion
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What is a promotional strategy?
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The plan for using the elements of promotion to meet the firm's overall objective and marketing goals; convince target market that the goods and services offered provide a differential advantage over the competition.
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Promotion
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What are the elements of promotion?
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advertising, public relations, sales promotion, and personal selling
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Promotion: Promotional mix
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What are the fundamental goals and tasks of promotion?
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To induce, modify or reinforce behavior by informing, persuading and reminding.
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Promotion
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What are the basic stages in the purchase decision-making process?
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1. Attention
2. Interest 3. Desire 4. Action |
Promotion
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What are the factors that affect the promotional mix?
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nature of product
product life cycle target market characteristics type of buying decision involved availability of funds feasibility of push-pull strategies |
Promotion
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Describe advertising and its effective use.
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Any form or paid communication in which the company is identified; ability to communicate to a large number of people at one time; very costly.
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Promotional Mix
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Describe public relations and its effective use.
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Evaluates public attitudes, identifies areas of interest, executes a program of action to earn public acceptance. Used to maintain positive image, educate the public, introduce new products and support sales.
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Promotion Mix
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What does a push strategy refer to in the marketing mix?
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convincing a wholesaler or retailer to carry and sell merchandise.
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Marketing MIx: Promotion
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What are the steps in conducting market research?
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1. Research Objective
2. Research Design 3. Sampling Procedure 4. Data Collection 5. Statistical Analysis 6. Implementation/ Evaluation |
Market Research
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Why is market research important?
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Decision making, problem solving, keeping customers, competitive intelligence and current market overview.
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Market Research
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Why is internet market research successful?
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Rapid access to business intelligence
Responds quickly to consumer needs and market shifts Follow up studies more efficient and fruitful Cuts labor cost |
Market Research: Technology: Internet
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What is the advantage of internet surveys?
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Rapid development
Real time reporting Reduced costs Personalized questions and data Improved participation Contact with hard-to-reach |
Market Research: Technology: Internet
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What is the basic goal of product purchasing decisions?
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To receive the tangible and intangible benefits associated with a product.
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Product Concepts
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What are tangible benefits associated with product purchase decisions?
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packaging, style, color, size, features
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Product Concepts
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What are intangible benefits associated with product purchase decisions?
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service, retailer's image, manufacturer's reputation, social status
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Product Concepts
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What is a product item?
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a specific version of a product
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Product Concepts
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What is a product line?
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a group of closely related products offered by an organization
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Product Concepts
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What is a product mix?
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all the products an organization sells
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Product Concepts
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What does product mix width refer to?
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the number of product lines an organization offers
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Product Concepts
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What does product line depth refer to?
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the number of product items in a product line
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Product Concepts
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How do firms modify existing products?
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by changing quality, functional characteristics, or style
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Product Concepts
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What are the benefits of creating, extending or organizing a product line?
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Advertising economies, package uniformity, standardized components, efficient sales and distribution, equivalent quality
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Product Concepts
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What is the purpose of introducing new products?
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Sustain growth and profits
Replaces obsolete items |
Developing & Managing Products
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When should a new product be introduced?
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Before a previous product reaches maturity level and profits begin to drop.
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Developing & Managing Products
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What types of new products are there?
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New World Products
New Product Lines Additions to existing product lines Improvement/ revisions of existing products Repositioned products lower-cost products |
Developing & Managing Products
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Explain the new product development process.
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Idea Generation
Idea Screening Business Analysis Development Test Marketing Commercialization |
Developing & Managing Products
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How do you generate ideas for a new product?
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Customers, employees, distributors, competitors, R & D, consultants
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Developing & Managing Products
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What is idea screening?
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New product process that eliminates idas hat are inconsistent with organizations new-product strategy or other reasons.
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Developing & Managing Products
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What is the business analysis in new product development?
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preliminary figures for demand, cost, sales, and profitability are calculated.
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Developing & Managing Products
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What is the development stage in new product development?
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R&D develop a prototype
Marketing firm develops product mix. |
Developing & Managing Products
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What is test marketing in the new product development process?
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limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
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Developing & Managing Products
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What does commercialization refer to in tne development of a new product?
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decision to market a product
production, distribution, advertisement, sales |
Developing & Managing Products
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What are the five types of consumers that react to the diffusion of new products?
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Innovator
Early adopter Early majority Late majority Laggards |
Developing & Managing Products: Spread of new poducts
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What are the product elements of the marketing mix?
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1. Basic PRODUCT
2. Product FEATURES 3. OPTIONS 4. Associated SERVICES 5. Brand/ IMAGE 6. Guarantee/ WARRANTY 7. PACKAGING 8. USES |
Marketing Strategy
Marketing Mix |
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What are the four main elements of the marketing mix?
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Product
Place Price Promotion |
Marketing Strategy
Marketing Mix |
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What is the are the 4 phases (or life cycle) of a product?
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Introduction
Growth Maturity Decline |
Marketing Strategy
Marketing Mix |
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What are the 4 classifications of consumer purchases?
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Convenience Goods
Shopping Goods Specialty Goods Unsought Goods |
Product Concepts
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What elements of the marketing mix would you focus on for unsought goods and why?
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Promotion and distribution; consumers must be aware of the product, how it satisfies needs, and where they can purchase it.
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Product Concepts
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What are the three types of convenience goods?
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Staple, impulse and emergency.
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Analyzing Consumer Purchase
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What are consumer purchasing considerations for shopping goods?
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Attribute or Price
Marketing Mix: Quality Product Mix: features, options, services, uses |
Analyzing Consumer Purchase
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What are consumer purchasing conisiderations for speciality goods?
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Product Mix: unique, quality
Marketing Mix: location, price, brand |
Analyzing Consumer Purchase
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What are the five elements of a marketing plan?
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1. Business MISSION
2. OBJECTIVES 3. swot ANALYSIS 4. Marketing STRATEGY 5. IMPLEMENATION, Evaluation & Control |
Developing a Marketing Plan
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What 4 types of information do you need for a marketing plan?
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Performance of the Company
Performance of Competitors Changes outside the Company Customer information |
Marketing Planning
The 4 C's |
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What is a market analysis of company performance?
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Strengths
Weaknesses Opportunities Threats |
Developing a Marketing Plan
SWOT |
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Who are primary competitors and what is a market analysis of primary competitors?
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Competitors offer the same product category and/or serve a similar market.
Identify and apply SWOT analysis |
Developing a Marketing Plan
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Market Analysis:
Internal Analysis |
Current operating and financial performance.
Apply SWOT and compare with competitors. |
Developing a Marketing Plan
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Market Analysis:
Environmental Scanning |
Factors outside the company including: social, demographic, economic, techonological, political, legal and competitive.
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Developing a Marketing Plan
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Define Marketing Strategy
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The way marketing activities are planned and coordinated to achieve an organization's goals.
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Developing a Marketing Plan
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What are the three processes of developing a marketing strategy?
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Determine Goals
Define Market Specify Marketing MIx |
Developing Marketing Strategy
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What are the two steps to plan for action?
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Activity Schedule: coordination & budget
Evaluation Procedures: completion, effectiveness |
Developing Marketing Strategy
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What are the three important roles for marketers in the product development process?
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Gathering Information
Designing Strategies Conducting Market Tests |
Product Development: Marketing
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In product development, what market research needs to be done?
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Consumer needs
Competition |
Product Development: Marketing
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In product development, what are the marketing strategies?
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Develope goals
Define Target Market Determine company s/w Evaluate competitors |
Product Development: Marketing
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In product development, how do you conduct market tests? and why?
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Simulate expected levels of sales and profits to reduce chances of product failure and fiscal loss.
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Product Development: Marketing
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How does marketing overlap with product/ service planning?
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Marketing assists in the design and development of products/ services that will meet the needs of prospective consumers.
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Product Development: Marketing
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What are the three levels of product design?
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1. Basic Product
2. Enhanced Product 3. Extended Product |
Product Development: Levels of Product Design
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