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28 Cards in this Set

  • Front
  • Back
The Marketing Mix
Maintaining the right marketing mix that satisfies the target market and creates long-term relationships with customers.
Product Strategy
• Product development
• Classification
• Mix
• Life cycle
• Identification
Developing New Products
• New Idea Screening
• Business Analysis
• Product Development
• Test Marketing
• Commercialization
Product Line
Closely related products that are treated as a unit because of similar marketing strategy,production, or end-use considerations.
Product Mix
All of the products offered by an organization.
Branding
The process of naming and identifying
products; can use a brand mark or trademark
Packaging
The external container that holds and
describes the product
Labeling
The presentation of important information on
a package
Packaging Functions
• Protection
• Economy
• Convenience
• Promotion
Labeling
• The content of labeling, often required by law, may include:
–Ingredients or content
–Nutrition facts (calories, fat, etc.)
–Care instructions
–Suggestions or use (such as recipes)
–The manufacturer’s address and toll-free number
–Web site
–Other useful information
Product Quality
The degree to which a good, service, or idea meets the demands and
requirements of customers
Pricing Strategy
• Four Common Pricing Objectives:
–Maximize profits and sales
–Boost market share
–Maintain the status quo
–Survival
New Product Pricing
–Price skimming
–Penetration pricing
Psychological Pricing
–Odd/Even
–Prestige pricing
Price Discounting
–Quantity discounts
–Seasonal discount
–Promotional discounts
Objectives of Promotions
• Stimulate demand
• Stabilize sales
• Inform, remind, and reinforce customers
Price Skimming
A pricing strategy in which a marketer sets a relatively high price for a product or service at first, then lowers the price over time.
Penetration Pricing
Pricing technique of setting a relatively low initial entry price, often lower than the eventual market price, to attract new customers.
Distribution Strategy
• Marketing Channels
–Retailers (Wal-Mart, Sears)
–Wholesalers (food brokers to restaurants)
–E-tailers(Amazon.com)
Supply Chain Management
Long-term partnerships among channel
members to reduce costs, waste, and
unnecessary movement through the
channel to satisfy customers
Channels for Consumer Products
Producer
|
Agents(Middlemen)
|
Wholesalers(Middlemen)
|
Retailers(Middlemen)
|
Consumers
Channels for Business Products
• More than half of all business products are sold through direct marketing channels.
• Other business products may be
distributed through channels employing wholesaling intermediaries.
–Industrial distributors
–Manufacturer’s agents
Physical Distribution
• Physical distribution includes all the activities necessary to move products from producers to customers.
–Inventory control
–Transportation
–Warehousing
–Materials handling
The Promotion Mix
• A strong promotion program results from the careful selection and blending of:
–Advertising
–Personal selling
–Publicity
–Sales promotion
• Integrated marketing communications
–The process of coordinating the promotion mix elements and synchronizing promotion as a unified effort
Personal Selling
• Direct, two-way communication with
buyers and potential buyers.
• A six-step process:
–Prospecting
–Approaching
–Presenting
–Handling objections
–Closing –asking for the order
–Following up
Publicity
• Non-personal communication transmitted
through mass media but not paid for
directly by the firm
–Presented in news story form
–Describes what a firm is doing, what products it is launching, or other newsworthy information
Sales Promotion
• Direct inducements offering added value or some other incentive for buyers to enter into an exchange
–Store displays
–Coupons
–Refunds
Objectives of Promotions
• Stimulate demand
• Stabilize sales
• Inform, remind, and reinforce customers