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22 Cards in this Set
- Front
- Back
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Developing New services
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Functional element-does it accomplish what it is suppossed to do
Divergence-amount of customization involved Interactive aspect more important than functional aspect at creating service excellence |
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Person, entertainment, event, place, political, cause, internal, and nonprofit marketing
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Person Marketing-Promoting an individual's character which in turn may be used to promote a product
Entertainment- careful planning from promotion to timing of introduction of some type of promotion Event- promotion of event to increase revenue or enhance reputation Place-Enhances location in order to appeal to consumer Political- promotion of individual or idea in order to influence votes or policy Cause-gaining public support for for a cause to bring about change Internal- One part of organization markets capabilities to rest of firm Nonprofit- organization not motivated by profits and exempt from taxes, raise money from 3rd party, must provide maximum social benefit |
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Product Planning Options
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Core Product Focus-maintain, expand or harvest current products (existing marketing segment and product)
Product Development-improve products, add to product line (existing market, new products) Market Development-add new marketing segments (new segments, old products) Diversification- add new product lines, expand into new businesses (new products and new market) |
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Types of Product Innovation
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Continuous- minor change in exisiting product, can be easily adopted without changes in consumer behavior
Dynamically Continuous- familiar product with additional features and benefits that allow consumers to alter some aspect of their behavior Discontinuous- entirely new product |
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Why innovations succeed
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relative advantage, compatibility, product complexity, trialability, observability
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New Product Development Process
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new product strategy, idea generation, idea screening, business analysis, prototype development, market testing, commercialization
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Idea Generation
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The use of a range of formal and informal methods to stimulate concepts from a number of sources
Most products are developed by a lead user at the site of implementation and use |
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Sources of new product Ideas
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Employees, customers, technology forecasts, distributors, suppliers, competitors, consultants, R&D
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Idea Screening
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identifies those ideas with the highest possibility of success
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Business Analysis
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Assesses attractiveness of product from a sales, cost, profit, and cash flow standpoint
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Market Testing
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Use of prototype for a limited trial of strategy for the product under real or simulated conditions
Small market with characteristics similar to the real market |
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Product Life Cycles
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Introduction, growth, maturity, decline
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Ways of extending product life cycle
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1. Selling to new segments
2. Stimulate more frequent use 3. Encourage more use per occasion 4. Promoting more varied use |
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Adoption and Diffusion
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Adoption- describes how consumers make a product choice...5 steps (knowledge, persuasion, decision, implementation, and confirmation)
Diffusion- describes spread of innovations from one group to another over time |
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Integrated Marketing Communication
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Coordination of advertising, sales promotion, personal selling, public relations, and sponsorships to reach consumers with a powerful unified effect
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Objectives of integrated marketing communication
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1. Provide information
2. create demand 3. communicate value 4. Communicate product uniqueness 5. close sale 6. build relationships/loyalty |
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The Communication Process
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1. Message sender (marketer) characteristics
2. Message characteristics 3. Media 4. Interpretation by consumer 5. Consumer feedback |
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Message Sender
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Must make sure message is recieved my market, understood as intended
Spokespersons judged by: expertise, trustworthiness, attractiveness |
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Encoding
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Translating a message into terms easily understood by audience so that they understand message as intended
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Message Characteristics
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1. One Sided and two sided- One sided only presents information beneficial to source and two sided shows both
2. Recommendations/Conclusions-message with conclusions are easily understood 3. Order of presentation- Placement of key points. More is remembered at beginning and end 4. Humor 5. Fear Appeals 6. Comparative Messages |
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Media
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The means for transmitting information from sender to receiver
Personal media (telemarketing), mass media (billboards, TV), Mixed (internet) |
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Types of communication activities
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Personal Selling-requires face to face interaction between buyer and seller (cars, houses, drugs)
Advertising- Paid communication through non personal channels (newspaper) Sales Promotion- Attempts to influence purchases through a sales message (coupons, contests) PR- non paid forms of communication used to put firm in good light Sponsorship-exchange of money in return for public association with event |
