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Workshop 2

MKT 421. Workshop 2. Agenda. Review Workshop 1 Market Research Presentations Marketing Objectives The First P-The Product Wrap Up and Review Workshop 3. POP QUIZ-Just For Fun. Who is at the center of the marketing mix? What are the four P’s?

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Workshop 2

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  1. MKT 421 Workshop 2

  2. Agenda • Review Workshop 1 • Market Research • Presentations • Marketing Objectives • The First P-The Product • Wrap Up and Review Workshop 3

  3. POP QUIZ-Just For Fun • Who is at the center of the marketing mix? • What are the four P’s? • What is one example of marketing environment variables? • What is the cornerstone of marketing planning? • What does the SWOTT stand for? • Within an organization,what area is responsible for the selling of the entire organization?

  4. Workshop 1 Highlights • 4-P’s and the marketing environment • Marketing planning process • Tools • SWOTT Analysis • Target Marketing • Market Research

  5. Target Market Selection • A market is an aggregate of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to purchase such products.

  6. Two Types of Markets • Consumer Markets • Organizational Markets

  7. Target Market Selection Process • Identify the appropriate targeting strategy • Undifferentiated targeting strategy • Concentrated targeting strategy • Differentiated targeting strategy • Determine which segmentation variables to use • Consumer segmentation variables • Business segmentation variables

  8. Target Market Selection Process • Develop market segment profiles • Profiles describe the similarities among potential customers within a segment and explain the differences among people and organizations in different market segments Determine which segmentation variables to use • Evaluate market segments • Final selection of specific target markets

  9. Questions to Consider • How does your organization segment its audiences? Has this changed over time? Why? • How has the automobile industry segmented the market? Is this advantageous to the automobile industry? To the consumer? How can segmentation result in consumer confusion?

  10. The Marketing Research Process • Defining the Problem • Analyzing the Situation • Getting Problem-Specific Data • Interpreting the Data • Solving the Problem

  11. Focus Groups and Interviews Written Surveys and Questionnaires Phone Surveys and Questionnaires Web Survey Analysis of Data Types of Market Research

  12. Source of Data • Primary Data • Secondary Data

  13. Marketing Research Info • Demographics • Gender, age, education, income • Marital status, kids, age of kids • Country of origin • Psychographics • Attitudes, opinions, thoughts, beliefs • Hobbies, interests • Lifestyle

  14. Questions to Ponder • What is the difference between primary and secondary research? Which is most reliable to a company? Why? • How would market research impact your marketing plan? • Learning Team Exercise

  15. Marketing Plan Objectives • Without an objective, there is no foundation to plan • Objectives are tied to corporate goals

  16. Marketing Objective Guidance • SMART • Specific (increase revenue by 10%, market penetration by 3%, etc) • Measurable • How will you measure them? • Achievable • Realistic • Time Phased

  17. Marketing Objectives • You must decide on an objective before you can continue with planning • You know the external environment (week one) and you know the customer (week two), the objective sets you up to start the planning of the marketing mix components

  18. Product Development and Product Life Cycle • What is a Product? • Would you consider warranties, packaging, cross promotions, customer service, or other soft items as part of the product?

  19. Product • The product is the complete offering the business has for the customer • It includes all relevant components that are important to the customer and the business • It goes beyond what you see or touch

  20. Buyers Purchase Products Differently • Innovators buy because of personality • Early Adopters buy early because of trend and interest • Majority (Early or Late) follow the adopters • Laggards kick and scream

  21. Product Life Cycle Stages • Introduction Stage • Growth Stage • Maturity Stage • Decline Stage

  22. Introduction-Characteristics • Low customers and low sales • Low or negative profits • Few or no competitors

  23. Introduction-Strategies • Concentration • Selective Distribution • Few Models, High Prices • Mainly Informative Ads (Primary Demand) • Personal Selling

  24. Growth-Characteristics • Rapid Sales Growth • Increasing Competition • High Profits (Peak Levels)

  25. Growth-Strategies • Target More Segments • Varied Outlets • Product Variations (More Models) • Increasing Emphasis on Broad Exposure • Fairly High Prices

  26. Maturity-Characteristics • Very High Competition • Similar Products • Sales Level-off • Profits Low

  27. Maturity-Strategies • All Possible Segments • Intensive Distribution • High Levels of Advertising and Sales • Line Extensions and Modifications • Price Competition

  28. Decline-Characteristics • Sales Declining • Few Loyal Consumers • Profits Lowest Levels

  29. Decline-Strategies • Consolidation Strategies • Cut Target Markets, Cut Products, Harvesting, and Divesting

  30. Product Positioning • Companies can position a product to compete head to head with another brand if a product’s performance is at least equal level to that of a competitive brand and if the product is prices lower.

  31. Product Positioning • In developing the positioning for your company, it is important to consider what benefits are most valued by your target market? Least valued? What is the value position of your product?

  32. Product Differentiation • The process of designing and creating products so that customers perceive them as being different from competing products.

  33. Product Differentiation • Three important areas in product differentiation • Product quality • The level of quality • Consistency of quality • Product design • Product features

  34. Questions to Consider • How can you use features to differentiate a product or service? Give examples. • Which of the differentiation variables related to product, service, personnel, channel and image are suited to your company’s products or services? If any one of these were changed, how might the differentiation be improved?

  35. New Product Development • Idea generation/screening • Concept development and testing • Marketing strategy development • Business analysis • Product development • Market testing • Commercialization

  36. Questions To Consider • Which is more important in the development of new products – marketing, sales, production, procurement, R&D, or finance? Why? What happens when/if these disciplines are not aligned when a new product is being developed and launched? • How is the development of a service different than a physical good (product)? What changes might be made to the process? Are there any additional steps that would be added to development phases?

  37. Market Demand • Definition of the market – the set of all actual or potential buyers of a market offer • Measurement of a Market • Market Demand • Market Forecast • Market Potential • Company Potential

  38. Market Demand • Estimating Current Demand • Total Market Potential • Area Market Potential • Estimating Future Demand • Survey of Buyers • Composite of Sales Force Opinion

  39. Questions to Consider • What external sources of information are available – online or through other published reports and data – to assist in forecasting market potential and future demand? Consider statistics, product and service share of the industry, environmental trends, etc • How could marketing research and information systems help a firm accurately predict demand for new and existing products? Do you have any experience with this being applied within your organization?

  40. The Marketing Plan • Executive Summary • Situation Analysis • Marketing Objectives • Market Selections: Target Markets • Marketing Strategy • Marketing Mix • Budgets, Control, and Accountability

  41. Workshop 3 Assignments • Draft Marketing Plan • Include phase I content and add to it

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