Upload
randall-riley
View
217
Download
0
Embed Size (px)
Citation preview
12-3
The Marketing Mix
Key to developing marketing strategy•Maintain right mix•satisfy target market•Long-term customer relations
Dimension of value surpassing all others:•Wal-Mart – price•Procter & Gamble – top consumer brands•Domino’s Pizza – distribution via home delivery
Competitive Advantage
12-4
Developing New Products – Multi-step process•Idea development•Screening of new ideas•Business analysis•Product development•Test marketing•Commercialization
Product Strategy
12-5
Test marketing –
a trial mini-launch of a new product in limited areas that represent the potential market.
Product Development
Commercialization –
The full introduction of a complete marketing strategy and the launch of the product for commercial success.
12-6
Classifying Products
Consumer Products•Convenience products•Shopping products•Specialty products
Business Products•Raw materials
•Major equipment•Accessory equipment
•Component parts•Processed materials
•Industrial services
12-7
Product line–Group of closely related products that are treated as a unit because of a similar marketing strategy, production, or end-use
Product Mix – All the products offered by the company
Marketing Mix
12-9
Product Life Cycle
45 years of strong sales – Mattel’s Barbie doll’s life cycle is waning. Today, edgier dolls like Bratz dolls give Barbie a run for her money.
12-11
Brands
Manufacturer brands – initiated and owned by the manufacturer to identify products from production to point of purchase.
Private distributor brands – cost less than manufacturer brands; owned and controlled by wholesaler or retailer
Generic brands – no brand name often come in simple packages and carry their generic name.
12-12
Packaging
External container holds & describes the product:•Protection•Economy•Convenience•Promotion
12-13
Product Quality
Product quality --Degree to which a good, service, or idea meets the demands and requirements of customers
12-14
Pricing Strategies
New Product PricingPrice skimming Penetration pricing
Psychological Pricing Odd/EvenPrestige pricing
Price DiscountingQuantity discountsSeasonal discountPromotional discounts
12-15
Distribution Strategies
Marketing Channels•Retailers (Wal-Mart, Sears)•Wholesalers (food brokers to restaurants)•E-tailers (Amazon.com)
Physical distribution -- includes all the activities necessary to move products from producers to customers.
–Inventory control–Transportation–Warehousing–Materials handling
12-17
Promotion Strategy
Promotion mix•Advertising•Personal selling•Publicity•Sales promotion
Integrated marketing communicationsThe process of coordinating the promotion mix elements and synchronizing promotion as a unified effort
12-18
Personal Selling
Direct, two-way communication with sellers & potential buyers •Prospecting•Approaching•Presenting•Handling objections•Closing – asking for the order•Following up