Marketing test 3

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What are the four P's in marketing?

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Marketing

64 Terms

1

What are the four P's in marketing?

Product Placement Price Promotion

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2

Core benefit definition

Why are you buying this product- Core reason

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3

tangible product definition

YOu can touch it, Physical manifestation

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4

Augmented product definition

The Extra stuff like warranties

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5

product mix consist of these 6 things

Design mix Function Trademark name logo packaging

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6

Design Mix consist of these 5 concepts

color size shape ingredients weight

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7

Function of packaging

protection of product to the consumer protect the consumer keeps product fresh gets attention (Promotion)

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8

function of name

To identify it symbolic communication legally protect

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9

3 naming strategies

Family name extension Separate family names individual brand name

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10

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

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11

Separate family names definition

different names for each product and product line

heinz - heinz products, boston market, weight watchers

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12

individual brand name and the 3 rules

name every product a unique way

rules

  1. name is a logical derivative of the product

  2. concrete word verses and abstract word

  3. easy to pronounce

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13

logo

symbol, represents something about a product

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14

trademark

name and or a symbol

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15

function definition

what does the product do?

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16

synergistic effect on product mix

all elements build off of each other

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17

4 types of consumer products and good

convenience goods shopping goods specialty unsought goods

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18

convenience goods

inexpensive items that you buy all the time

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19

shopping goods

shop for these products and compare features. consumers dont buy all the time like a car

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20

specialty

a product that you have to have. trendy, one of a kind

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21

unsought goods

no buying behavior you cannot look for them like insurance

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22

characteristic of a service

intangible labor intense variability in quality simultaneous production and consumption no. inventory

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23

intangible

not real until you purchase it. restaurant food

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24

labor intense

services are the people - people dependent doctors

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25

variability in quality

quality can change from time to time. restaurant having cooked meat and not cooked meat

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26

simultaneous production and consumption

as you produce it you consume it lawn care, restaurant is cooking your food so you can eat it

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27

no inventory

accounting services, cannot service clients after april 15. no more time frames

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28

4 degress of newness in products

new to this world new product lines product extensions improvement

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29

new to this world

new items like ostrich meat

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30

new product lines

new to the company, bic pens producing razors

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31

product extensions

have a product and modify it, heinze red ketchup to green

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32

improvements

new and improved - tide detergent, new formula

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33

percentage of new products failing

80

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34

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

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35

ESSAY 8 steps of new product development rocss

idea generation idea screening concept development marketing strategy business analysis product development test market commercialization

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36

idea generation and the sources

process where the company generates ideas sources - consumers focus groups, research, competition, employess.

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37

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

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38

preliminary market screening

determines if they could market the idea or not

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39

preliminary consumer testing

focus groups

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40

concept development

stage where a company will conduct multidimensional sclling which compares products and lets a company know where their new product would fit

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41

Market strategy

come up with the 4p's

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42

Business analysis

number crunching profit Estimate sales

Cannibalization, a new product could take over sales

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43

product development and the two types of testing

functional test - is it safe consumer test - consumer tries out

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44

test market pros and cons

optional - mini launch

pros lots of info

cons too expensive, too much time, lets competition know your idea

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45

commercialization and the 2 types

taking product to market

national launch - everyone has acess

roll-out start in one area

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46

4 elements of promotion mix

Advertising sales promotion publicity or public relations personal selling

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47

advertising

a paid for of non personal presentation

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48

sales promotion

activities that simulate purchase

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49

publicity

promotion that is not paid for by the sponsor but not free

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50

personal selling

oral presentation, direct

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51

advertising and its 7 forms

newspaper tv magazine direct mail radio outdoor internet

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52

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

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53

4 types of publicity

press related educational materials sponsored events product placement

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54

press related

press conference

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55

educational materials

current events on tv sponsored by companies (channel 1)

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56

sponsored events

WPIALS mcdonalds

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57

Product placement

Place product into a movie or show

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58

6 types of personal selling

Prospecting Pre approach sales presentation handiling objectives close followup

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59

prospecting

going after customers - cold calls, call everyone

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60

pre approach

find out as much as uou can about a customer

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61

sales presentation and two methods

  1. canned presentation - the same for every customer need satisfaction approach - unique for every customer

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62

handling objectives

people will always say no, give them reasons to buy

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63

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

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64

follow up

ensure there is no cognitive dissonance

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