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Marketing Infromation Management

You can optimize your marketing strategies when you focus on data and information.

Distribution

the process of transporting your company's products or services to your customers.

Selling

it comprises communicating with potential customers and pursuing sales leads.

Retail

the sale of goods to the public in relatively small quantities for use or consumption rather than for resale.

B2B

the process of selling merchandise or services from one business to another.

Promoting

The act of communicating information about products, services, images, or ideas to customers or clients.

Financing

involves securing funding—either internally or externally—to create marketing campaigns.

What is Marketing?

Marketing is defined as developing, promoting, and distributing goods and services to meet consumers' needs and wants.

"developing"

"promoting"

"distributing"

"to meet consumer's wants and needs"

- we need to design and create the goods and services

- we need to communicate to people about them

- we need to get them to consumers in some way (through stores, online, etc.)

- it has to be something customers will pay for

why do we need marketing?

1. It creates brand awareness- helps businesses retain customers and get new ones

2. It allows companies to understand and engage with their customers

3. Educates many people about a certain product

Utility

Utility is an economic term for "value"; it's how you make your product or service more valuable to consumers to better meet their needs and wants.

A marketer's job is to increase the perceived value of a product. If successful, customers will:

1. BUY MORE of the product

2. PAY MORE for the product

Form Utility

altering or changing the product to a more "finished" form to make it more valuable to the customer.

Time Utility

offering it to customers WHEN they most need or want it.

Place Utility

adding value to a product by offering it to customers WHERE they most need or want it.

Possession Utility

adding value to a product by making it easier or more convenient for the consumer to take possession (i.e purchase) of your product of service.

Information Utility

means adding value to a product by providing information to consumers or about the product that makes it more desirable.

market

A market consists of all the people with a similar need or want that have the ability to purchase a product

consumer market

where consumers purchase products for their own use

industrial market

the industrial market is a business that purchases products for use in its own operations (or to sell)

market share

a company's product sales as a percentage of total sales for that industry

goods

tangible items that can be held and felt

services

things you cant feel but things you experience

competitors

Market share helps companies analyze their position in the market compared to their

subgroups

Potential customers in a particular market can be broken down into smaller groups called

Target Market

Potential customers in a particular market can be broken down into smaller groups called market segments.

geographics

identify the physical location, where they live (customers)

demographics

age, income level, ethnicity, gender, occupation, education

Psychographics

lifestyle choices, buying habits, personal preference

Marketing mix

Also knows as the 4P's of marketing: refers to product, price, place, and production

4 P's of Marketing

Product, Price, Place, Promotion

customer profile

A list of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic residence.

Marketing Plan

A formal, written document that directs a company's activities for a specific period of time.

disposable income

income (after taxes) that is available to you for saving or spending

discretionary income

money income left after necessities have been bought and paid for

SWOT analysis

strengths, weaknesses, opportunities, threats

Bar graph

Best used for comparing several values to each other

Pie graph

Best used for showing how one part of something relates to the whole

line graph

Best used for showing changes in values over time

product planning

Making decisions about the features and services of a product or idea that will help sell the product.

product mix

all the different products a company makes or sells

product line

a group of closely related products (ex: carbonated soft drinks, sports/energy drinks, juices)

product item

specific model, brand, or size of a product (ex: 12 oz. Pepsi, 2 liter bottle of Mt. Dew, 64 oz. Trop OJ)

product width

\# of different product lines produced or sold

product depth

\# of different items offered within each product line

product positioning

the image a product projects that sets it apart in the consumer's mind

brand

name, design, or symbol (or combination of them) that identifies a business and its products

brand name

the word, group of words, letters or numbers representing a

brand that can be spoken

brand mark

the symbol or design of the brand, including distinctive colors

or lettering

trade name

identifies and promotes a company or a division of a particular corporation

Trade Character

a brand mark with human form or characteristics

trademark

a brand name, brand mark, trade name, or trade character (or

combination of them) given legal protection by the government

Seven key steps in the NEW PRODUCT DEVELOPMENT process:

1. generating ideas

2. screening ideas

3. develop a business proposal

4. develop the product

5. test the product with consumers

6. introduce the product (commercialization)

7. evaluate customer acceptance

private brand

a brand name owned by a wholesaler or a retailer

what comes after gathering data?

analyzing data

4 Strategies for Developing Product Mix

Option 1: Develop New Products

Option 2: Expand an Existing Product Line

Option 3: Change/Modify an Existing Product

Option 4: Delete a Product or Product Line

Ways a Company can Position Product in Marketplace

- By Price and Quality: Offer products or product lines at various price points or levels of quality

- By Features and Benefits: Offer products or product lines with various features and benefits that appeal to different target markets

- Relative to the Competition: Emphasize your product's strengths relative to your competitor's weakness

branding

Can be used to achieve your sales and profit goals

National/Name Brand

owned and marketed by the national manufacturer of the product (a.k.a. "name brands") and consumers know who that manufacturer is

Private/Store Brand

a brand name owned by a wholesaler or a retailer

Brand Extension

introducing new or improved products using an existing brand name

Brand Licensing

allowing another company to use your trademarked brand for a fee (licensing fee)

Mixed Branding

manufacturers and retailers offering a combination of national and private brands

co- branding

combining one or more brands to increase customer loyalty and sales for both brands

Product Life Cycle

The stages through which goods and services move from the time they are introduced on the market until they are taken off the market.

stage 1 of the product life cycle

introduction:

the product is launched/released onto the market

- New to the market

- High costs to develop and promote

- Least profitable stage

- Promote create awareness

- Get people to try the product

stage 2 of the product life cycle

growth:

if the launch is successful sales increase sharply and the product may make a profit for the first time

- most crucial stage

- Increase in sales & profit

- Competition pops up (copycats)