Studied by 32 people
What are the four P's in marketing?
Product Placement Price Promotion
Core benefit definition
Why are you buying this product- Core reason
tangible product definition
YOu can touch it, Physical manifestation
Augmented product definition
The Extra stuff like warranties
product mix consist of these 6 things
Design mix Function Trademark name logo packaging
Design Mix consist of these 5 concepts
color size shape ingredients weight
Function of packaging
protection of product to the consumer protect the consumer keeps product fresh gets attention (Promotion)
function of name
To identify it symbolic communication legally protect
3 naming strategies
Family name extension Separate family names individual brand name
family name extension definition and disavantages
name every product the same, create synergy
disavantages names the same, lose identity. if the new product fails, may be a reflection on other products. Unanticipated problem
Separate family names definition
different names for each product and product line
heinz - heinz products, boston market, weight watchers
individual brand name and the 3 rules
name every product a unique way
rules
name is a logical derivative of the product
concrete word verses and abstract word
easy to pronounce
logo
symbol, represents something about a product
trademark
name and or a symbol
function definition
what does the product do?
synergistic effect on product mix
all elements build off of each other
4 types of consumer products and good
convenience goods shopping goods specialty unsought goods
convenience goods
inexpensive items that you buy all the time
shopping goods
shop for these products and compare features. consumers dont buy all the time like a car
specialty
a product that you have to have. trendy, one of a kind
unsought goods
no buying behavior you cannot look for them like insurance
characteristic of a service
intangible labor intense variability in quality simultaneous production and consumption no. inventory
intangible
not real until you purchase it. restaurant food
labor intense
services are the people - people dependent doctors
variability in quality
quality can change from time to time. restaurant having cooked meat and not cooked meat
simultaneous production and consumption
as you produce it you consume it lawn care, restaurant is cooking your food so you can eat it
no inventory
accounting services, cannot service clients after april 15. no more time frames
4 degress of newness in products
new to this world new product lines product extensions improvement
new to this world
new items like ostrich meat
new product lines
new to the company, bic pens producing razors
product extensions
have a product and modify it, heinze red ketchup to green
improvements
new and improved - tide detergent, new formula
percentage of new products failing
80
10 reasons why new products fail
market too small does not match the company little support from retailers poor forecasting competition changes in consumer taste changes in macro environment organizational problems needed commitment non newness in the produc
ESSAY 8 steps of new product development rocss
idea generation idea screening concept development marketing strategy business analysis product development test market commercialization
idea generation and the sources
process where the company generates ideas sources - consumers focus groups, research, competition, employess.
idea screening and the 3 types
where company screens ideas to determine if they are good (cut down)
types of screening Judgement screening Preliminary market screening Preliminary consumer testing
preliminary market screening
determines if they could market the idea or not
preliminary consumer testing
focus groups
concept development
stage where a company will conduct multidimensional sclling which compares products and lets a company know where their new product would fit
Market strategy
come up with the 4p's
Business analysis
number crunching profit Estimate sales
Cannibalization, a new product could take over sales
product development and the two types of testing
functional test - is it safe consumer test - consumer tries out
test market pros and cons
optional - mini launch
pros lots of info
cons too expensive, too much time, lets competition know your idea
commercialization and the 2 types
taking product to market
national launch - everyone has acess
roll-out start in one area
4 elements of promotion mix
Advertising sales promotion publicity or public relations personal selling
advertising
a paid for of non personal presentation
sales promotion
activities that simulate purchase
publicity
promotion that is not paid for by the sponsor but not free
personal selling
oral presentation, direct
advertising and its 7 forms
newspaper tv magazine direct mail radio outdoor internet
9 types of sales promotion
coupons cents off $savings rebates send it receipt for money back samples displays trading stamps- fuel perks contests - skill sweepstakes - lottery premiums - extras
4 types of publicity
press related educational materials sponsored events product placement
press related
press conference
educational materials
current events on tv sponsored by companies (channel 1)
sponsored events
WPIALS mcdonalds
Product placement
Place product into a movie or show
6 types of personal selling
Prospecting Pre approach sales presentation handiling objectives close followup
prospecting
going after customers - cold calls, call everyone
pre approach
find out as much as uou can about a customer
sales presentation and two methods
canned presentation - the same for every customer need satisfaction approach - unique for every customer
handling objectives
people will always say no, give them reasons to buy
close 3 closes
actual sale Trial close- would you like it delievered by monday assumption - assume they are going to buy it, would you like it in blue or green urgency close - this is the last one we have
follow up
ensure there is no cognitive dissonance
Note 
Flashcard (26)