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Review MKT 102

Review MKT 102. HHU Spring 2013. What Is a Product?. Levels of Product and Services. Services Marketing. Nature and Characteristics of a Service. New-Product Development Reasons for new product failure. Branding Strategy: Building Strong Brands. Brand Development Strategies.

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Review MKT 102

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  1. Review MKT 102 HHU Spring 2013

  2. What Is a Product? Levels of Product and Services

  3. Services Marketing Nature and Characteristics of a Service

  4. New-Product DevelopmentReasons for new product failure

  5. Branding Strategy: Building Strong Brands Brand Development Strategies

  6. Online Marketing Online Marketing Domains

  7. Product Life-Cycle Strategies Product Life Cycle

  8. Product Life-Cycle Strategies • Product development • Sales are zero and investment costs mount • Introduction • Slow sales growth and profits are nonexistent • Growth • Rapid market acceptance and increasing profits. • Maturity • Slowdown in sales growth and profits level off or decline • Decline • Sales fall off and profits drop

  9. Product Life-Cycle Strategies Market modifying Product modifying Marketing mix modifying Maturity Stage Modifying Strategies

  10. New-Product Pricing Strategies Market-skimming pricing Market- penetration pricing Pricing Strategies

  11. New-Product Pricing Strategies Market-skimming pricing is a strategy with high initial prices to “skim” revenue layers from the market Product quality and image must support the price Buyers must want the product at the price Costs of producing the product in small volume should not cancel the advantage of higher prices Competitors should not be able to enter the market easily

  12. New-Product Pricing Strategies Market-penetration pricing sets a low initial price in order to penetrate the market quickly and deeply to attract a large number of buyers quickly to gain market share Price sensitive market Inverse relationship of production and distribution cost to sales growth Low prices must keep competition out of the market Pricing Strategies

  13. What Is a Product? Consumer products are products and services for personal consumption Classified by how consumers buy them • Convenience products • Shopping products • Specialty products • Unsought products Product and Service Classifications

  14. New-Product Pricing Strategies Market-penetration pricing sets a low initial price in order to penetrate the market quickly and deeply to attract a large number of buyers quickly to gain market share Price sensitive market Inverse relationship of production and distribution cost to sales growth Low prices must keep competition out of the market Pricing Strategies

  15. Supply Chains and the Value Delivery Network Supply Chain Partners Upstream partners include raw material suppliers, components, parts, information, finances, and expertise to create a product or service Downstream partners include the marketing channels or distribution channels that look toward the customer

  16. Channel Behavior and Organization Conventional Distributions Systems Conventional distribution systems consist of one or more independent producers, wholesalers, and retailers. Each seeks to maximize its own profits, and there is little control over the other members and no formal means for assigning roles and resolving conflict.

  17. Channel Behavior and Organization Vertical Marketing Systems Vertical marketing systems (VMSs) provide channel leadership and consist of producers, wholesalers, and retailers acting as a unified system and consist of: • Corporate marketing systems • Contractual marketing systems • Administered marketing systems

  18. Channel Behavior and Organization Vertical Marketing Systems Corporate vertical marketing system integrates successive stages of production and distribution under single ownership

  19. Channel Behavior and Organization Vertical Marketing Systems Contractual vertical marketing system consists of independent firms at different levels of production and distribution who join together through contracts to obtain more economies or sales impact than each could achieve alone. The most common form is the franchise organization.

  20. Channel Behavior and Organization Vertical Marketing Systems Franchise organization links several stages in the production distribution process • Manufacturer-sponsored retailer franchise system • Manufacturer-sponsored wholesaler franchise system • Service firm-sponsored retailer franchise system

  21. Channel Behavior and Organization Vertical Marketing Systems Administered vertical marketingsystem has a few dominant channel members without common ownership. Leadership comes from size and power.

  22. The Promotion Mix Major Promotion Tools

  23. The Promotion Mix Advertising is any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor Broadcast Print Internet Outdoor Major Promotion Tools

  24. The Promotion Mix Sales promotion is the short-term incentives to encourage the purchase or sale of a product or service Discounts Coupons Displays Demonstrations Major Promotion Tools

  25. The Promotion Mix Public relations involves building good relations with the company’s various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events Press releases Sponsorships Special events Web pages Major Promotion Tools

  26. The Promotion Mix Personal selling is the personal presentation by the firm’s sales force for the purpose of making sales and building customer relationships Sales presentations Trade shows Incentive programs Major Promotion Tools

  27. The Promotion Mix Direct marketing involves making direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships—through the use of direct mail, telephone, direct-response television, e-mail, and the Internet to communicate directly with specific consumers Catalog Telemarketing Kiosks Major Promotion Tools

  28. Promotion Mix Strategies Setting the Total Promotion Budget and Mix

  29. The New Direct Marketing Model Direct marketing is: A marketing channel without intermediaries An element of the promotion mix Fastest-growing form of marketing

  30. Growth and Benefits of Direct Marketing Convenience Ready access to many products Access to comparative information about companies, products, and competitors Interactive and immediate Benefits to Buyers

  31. Growth and Benefits of Direct Marketing Tool to build customer relationships Low-cost, efficient, fast alternative to reach markets Flexible Access to buyers not reachable through other channels Benefits to Sellers

  32. Online Marketing Online marketing will remain an important approach in the marketing mix to: Build customer relationships Improve sales Communicate company and product information Deliver products and services more effectively and efficiently The Promise and Challenges of Online Marketing

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