Marketing Midterm

Front 1

****The marketing mix (4 P's)

Back 1

1. Product – Variety, Quality, Design, Features, Brand Name, Packaging, Sizes, Services, Warranties
2. Price – List Price, Discounts, Allowances, Payment Period, Credit Terms
3. Promotion – Advertising, Sales Force, Sales Promotion, Public Relations, Direct
4. Place – Channels of distribution, Coverage, Locations, Inventory, Transportation
   

Front 2

Marketing Plan

Back 2

1. Executive Summary
   
2. Current Marketing Situation
   
3. Opportunities and Analysis
   
4. Objectives
   
5. Marketing Strategy
   
6. Programs
   
7. Projected Profit and Loss
   
8. Controls
   

Front 3

Porter’s Three Generic Strategies

Back 3

1. Overall Cost Leadership (Get the price down)
   
2. Differentiation (Make your product special)
   
3. Focus (Niche) (Finding a group of companies that are not well served)
   

Front 4

Boston Consulting Group’s Business Matrix

Back 4

A chart that was created by Bruce D. Henderson for the Boston Consulting Group in 1970 to help corporations to analyze their business units, that is, their product lines.

Front 5

Research Methods

Back 5

1. Contact Methods
2. Research
3. Experimental Research
4. Direct Observation
5. Content Analysis
6. In-depth Interview (Good qualitative information)
7. Focus Groups (How much are you paying me?)

Front 6

Testing methods

Back 6

1. Memory Test
2. Persuasion Test (See if a company can persuade you)
3. Direct Response Counts
4. Physiological Testing
5. Frame-by-Frame Tests (you are given a remote control, you watch a commercial and click like or dislike to parts of the commercial or its entirety)
6. Simulated Test (Put in a simulated store, fake store to let people go shop)

Front 7

****Research Areas

Back 7

1. Market
   
2. Product
3. Company
4. Consumer
5. Competition

Front 8

Consumers Buying "Needs"

Back 8

Stated Needs, Real Needs, Unstated Needs, Delight Needs, Secret Needs

Front 9

****Consumer’s Purchasing Process

Back 9

1. Problem Recognition (Realize you have a problem (solve problem by buying a good or service))
   
2. Information Search
   
3. Evaluation of Alternatives
   
4. Purchase Decision
   
5. Post Purchase Evaluation
   

Front 10

Business-Buying Situations

Back 10

1. Straight Re-buy (Companies have an approved list of suppliers)
   
2. Modified Re-buy
   
3. New Task (Buying something you’ve never bought before)
   

Front 11

Business Purchasing Process

Back 11

1. Problem Recognition
   
2. Product Specification
   
3. Supplier Search
   
4. Proposal Solicitation
   
5. Supplier Selection
   
6. Order-Routine Specification
   
7. Performance Review
   

Front 12

Factors In Purchasing

Back 12

1. Environmental Factors (Outlook, Interest rate, Technological changes, Government)
   
2. Organizational Factors (Policies, Procedures, Organizational Structure)
   
3. Interpersonal Factors (Personal motivation for buyers)
   
4. Cultural Factors (Business outside of United States)
   

Front 13

Types of Competition

Back 13

1. Market Share
   
2. Their Features
   
3. New Products (Corporate Espionage)
   
4. Positioning
   
5. Their targeting strategies
   
6. Past Advertising strategies
   
7. Their advertising budget
   

Front 14

Analyzing Positions

Back 14

1. Dominant (Company that is so strong that it can do whatever it feels like doing) (ADP)
2. Strong (So good they can make independent decisions)
   
3. Favorable (Staying in business but at a lower level)
   
4. Tenable (Average company, not doing very much)
   
5. Weak (Below Average, may have something that could move them up the chain)
   
6. Nonviable (About to go out of business)
   

Front 15

Reaction patterns

Back 15

1. Laid-back (Whatever the competition does, you won’t do anything)
   
2. Attack (No matter what you attack back, if they lower price you lower price)
   
3. Selective (Mixture of both)
   
4. Unpredictable (Sometimes you attack, sometimes you don’t)
   

Front 16

Competitive Strategies

Back 16

1. Market Leader Strategies (Companies that are in charge of a particular market, strong or dominant)
   
2. Market-Challenger Strategies
   
3. Market-follower Strategies (Somewhat questionable if not illegal)
   
4. Market-Niche Strategies (A product features aimed at satisfying specific market needs, as well as the price range)
   

Front 17

****Patterns of Segmentation

Back 17

1. Homogeneous Preferences (Everyone likes the same thing)
   
2. Diffused Preferences (Everyone has their own opinion)
   
3. Clustered Preferences (Groups of people pretty much like the same thing)
   

Front 18

Segmenting Consumers

Back 18

1. Behavioral (Based on how we feel)
   
2. Geographically (Based on where we live)
   
3. Demographic (Anything you can categorize) (Age, Income, Level of Education, Gender)
   
4. Psycho-graphic (Your lifestyle, how you live your life)
   

Front 19

Segmenting Businesses

Back 19

1. Type of Customer
   
2. Demographics (How many employees they have, type of products you manufacture, the amount of money you have, how long you’ve been in business)
   
3. Purchasing Situation
   
4. Purchasing Methods
   

Front 20

Differentiation Tools for Products

Back 20

1. Form
   
2. Features
3. Performance Quality
4. Durability
5. Reliability
6. Repair-ability
7. Style

Front 21

Differentiation Tools for Service

Back 21

1. Ordering ease
2. Delivery
3. Installation
4. Customer Training
5. Miscellaneous Services
   

Front 22

Differentiation Tools for Channels

Back 22

1. Distribution Channels – How your product gets from one are to another
   
2. Coverage – Where your business can be best utilized
   
3. Expertise – How much knowledge do the workers have in the products
   
4. Performance – We get things to you quickly and efficiently
   

Front 23

Differentiation Tools for Image

Back 23

1. Symbols – How symbols or logos get your attention to look or buy a product
   
2. Color – Will use colors to attraction attention
   
3. Media – a few notes or a jingle to reference a company
   
4. Atmosphere – Wanting people to feel a form of comfort (Hotels, Cafes)
   
5. Events – How an event can make you think of a company (Thanksgiving Day Parade = Macys)
   

Front 24

Product life cycle

Back 24

1. Products have a limited life. (Certain products aren’t made anymore, Cars, etc…)
2. Product sales pass through distinct stages, each posting different challenges, opportunities, and problems. (Ups and Downs)
3. Profits rise and fall at the different stages of the product life cycle.
4. Products require different marketing, financial, manufacturing, purchasing, and human resource strategies at each stage.

Front 25

****Strategies for Each Stage of the Life Cycle

Back 25

1. Introduction(Slow growth, a lot of expenses from product introduction)
   
2. Growth(Where the company grows the most, beginning stage, product is new and interesting)
   
3. Mature(Flat lining, ups and downs, growth goes away but you’re still making money)
   
4. Decline(Profits start to go down)
   

Front 26

Idea-generation

Back 26

1. Customers (Listen to customer’s opinions)
   
2. Competitors
   
3. Distributor Channel
   
4. R&D (Research and Development)
   
5. Internal Sources (Your own employees) (Suggestion Box)
   
6. External Sources
   

Front 27

Idea Screening

Back 27

1. Strategic Risk
   
2. Market Risk (Is there a need for this product?)
   
3. Internal Risk (Can you make this product on time and on budget?) (Early Stages)
   
4. Business Analysis
   

Front 28

Product Planning

Back 28

1. Concept Testing
   
2. Results from the engineering department (Will this product work?)
   
3. Product Plan Design
   
4. Production Facility Requirements (How much space will be needed)
   
5. Tooling Requirements (How difficult to make these products)
   
6. Marketing Test Plan (How will you make your plan to do your research?)
   
7. Estimated Release date (When will this product be out and about?)
   

Front 29

Branding Strategies

Back 29

1. Family Brand (All the brands under one head)
   
2. Licensed Brand (Take someone else’s brand but use it because you paid a fee for it)
   
3. Individual Brands (Different brand name for each and every product that you have)
   
4. Generic Brands (Brands that are indistinguishable from any other brands)(Identical yet different)
   
5. Manufacturer Brand (Usually a national brand, or worldwide, usually a quality product)
   
6. Dealer Brands (Local brands)
   

Front 30

Packaging Strategies

Back 30

1. Product differentiation
   
2. Packaging the product line using family packaging
   
3. Multiple Packaging (6 pack of beer)
   
4. Changing the package to correct a poor feature (Calling when a product doesn’t work)
   

Front 31

Selecting a Good Brand Name

Back 31

1. Short
   
2. Simple
   
3. Easy to Remember
   
4. Color (There are reasons to use different colors)
   
5. Easy to Pronounce (and in different languages)
   
6. Easy to recognize
   
7. Suggest the products benefits
   
8. Adaptable to packaging and labeling needs
9. Always timely (Never goes out of date
   
10. Adaptable to any advertising medium
    
11. Legally available for use
    

Front 32

****Vertical Positioning

Back 32

1. Product Placement
   
2. Offer Placement (How you word your offer, 4 for 1$ or 2 sets of 2 for .50 apiece)
   
3. Audience Placement (Looking for your specific audience and what they like)
   
4. Media Placement (Selecting an exact time and exact price to meet your market)
   

Front 33

****Horizontal Positioning

Back 33

1. Creating a Need (Telling people they “need” a certain product)
   
2. Fulfilling that Need
   
3. Motivating by Value (Companies sell competitively)
   
4. Overcoming Inertia (Companies start doing sales promotions) (Trying to get someone to get up and do something, go to the phone, go to our store, buy out products not)
   

Front 34

Differences Between Products and Services

Back 34

Goods are tangible in nature, services are mostly intangible

Front 35

Service Quality Importance

Back 35

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