Msc Final

Front 1

• The first five steps in the marketing planning process provide

Back 1

the informational foundation for the market plan; and a strong, solid frame that shapes the direction of the marketing’s tactical decisions.

Front 2

• Step Six of the marketing plan

Back 2

specifies these tactical decisions in order to maximize the value created for customers.

Front 3

• There are four key tactical decisions:

Back 3

product, price, communication (promotion), and distribution (place),o These are called the four P’s or the marketing mix

Front 4

• Product decisions provide

Back 4

the foundation of a successful marketing mix. It is the mechanism through which the firm provides FORM UTILITY, and the justification of VALUE.

Front 5

• There are five basic product decisions

Back 5

objectives, design, category management, branding, and packaging and warranty/services.

Front 6

• Product objectives

Back 6

specifies the most basic direction or focus for a firm’s product or service enabling it to select ‘skeleton’ or ‘starting’ marketing mix strategies.

Front 7

o There are four options:

Back 7

: introduce new product, maintain existing product, reposition existing product, and dropping a product. An option is selected based on product’s stage in the life cycle

Front 8

• Product design

Back 8

develops the specific collection of core, branded, and augmented dimensions that maximize target customers’ satisfaction and achieve selected product positioning.

Front 9

• Category management

Back 9

focuses on maximizing firm’s profits by appropriately: 1 widening or narrowing its product mix; 2 lengthening (deepening) or shortening its product line; and 3 making brand more consistent with some desired image; and/or extending product life cycle

Front 10

• Branding

Back 10

distinguishes product with a name and/or symbol; differentiates product from competitors; and most importantly stores product’s brand equity (know definition).

Front 11

• Finally the purpose of the packaging/warranty/services decisions

Back 11

are to provide promotion to consumer; protection for product; and promotion to dealer while maximizing competitive advantage & value in supply chain; and maximize quantity at point of use.

Front 12

• Communication

Back 12

helps define form. Place, time, or possession utility in customers’ minds.

Front 13

• Communication takes place through four venues:

Back 13

advertising, personal selling, sales promotion, and publicity/sponsorships. These are called the communication mix.

Front 14

• The role of advertising

Back 14

is to inform, remind, persuade, or reinforce some message.

Front 15

o Its advantages are:

Back 15

control, build equity, cost per contact low, versatile, good access, and availability.