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15 Cards in this Set

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  • Back
• The first five steps in the marketing planning process provide
the informational foundation for the market plan; and a strong, solid frame that shapes the direction of the marketing’s tactical decisions.
• Step Six of the marketing plan
specifies these tactical decisions in order to maximize the value created for customers.
• There are four key tactical decisions:
product, price, communication (promotion), and distribution (place),o These are called the four P’s or the marketing mix
• Product decisions provide
the foundation of a successful marketing mix. It is the mechanism through which the firm provides FORM UTILITY, and the justification of VALUE.
• There are five basic product decisions
objectives, design, category management, branding, and packaging and warranty/services.
• Product objectives
specifies the most basic direction or focus for a firm’s product or service enabling it to select ‘skeleton’ or ‘starting’ marketing mix strategies.
o There are four options:
: 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
• Product design
develops the specific collection of core, branded, and augmented dimensions that maximize target customers’ satisfaction and achieve selected product positioning.
• Category management
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
• Branding
distinguishes product with a name and/or symbol; differentiates product from competitors; and most importantly stores product’s brand equity (know definition).
• Finally the purpose of the packaging/warranty/services decisions
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.
• Communication
helps define form. Place, time, or possession utility in customers’ minds.
• Communication takes place through four venues:
advertising, personal selling, sales promotion, and publicity/sponsorships. These are called the communication mix.
• The role of advertising
is to inform, remind, persuade, or reinforce some message.
o Its advantages are:
control, build equity, cost per contact low, versatile, good access, and availability.