Marketing test 3 SG

Product

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

Service

A form of product that consists of An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything

Differentiate products and service

Products are more than just things - services, events, places, organizations, etc.

Marketing Offerings

some combination of good and services

Customer experience from a marketing perspective

To differentiate their offers, marketers are creating and managing customer experiences with their brands or companies. (i.e Disney and buffalo wild wings).

core customer value

the basic problem solving benefits that customers are seeking.

Actual Product

The product and service features, a design, a quality level, a brand name, and packaging. (For example, a Harley-Davidson motorcycle is an actual product. Its name, styling, features, sounds, parts, and other attributes have all been carefully combined to deliver the core customer values of freedom and independence.)

Augmented Product

These are built around the core benefit and actual product by offering additional consumer services and benefits. (Harley-Davidson and its dealers also give buyers a warranty, quick repair services when needed, a showroom full of accessories, and web and mobile sites to use if they have problems or questions.)

Consumer Products

Products and services bought by final consumers for personal consumption.

Convenience products

A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort. (i.e laundry detergent, soft drink, fast food)

Shopping products

A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style. (i.e furniture, clothing, major appliances, and hotel services.)

Specialty products

A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. (i.e cars, high-priced photography equipment, designer clothes, gourmet foods, and the services of medical or legal specialists)

Unsought products

A consumer product that the consumer either does not know about or knows about but does not normally consider buying. (i.elife insurance, preplanned funeral services, and blood donations to the Red Cross.) (By their very nature, unsought products require a lot of promoting, personal selling, and other marketing efforts.)

Industrial Products

Products purchased for further processing or for use in conducting a business.

3 groups of industrial products

1. Materials and Parts... include raw materials and manufactured materials and parts

The main difference between consumer and industrial products

Based on the PURPOSE for which the product is bought. (i.e If a consumer buys a lawn mower for use around home, the lawn mower is a consumer product. If the same consumer buys the same lawn mower for use in a landscaping business, the lawn mower is an industrial product.)

Organization Marketing

Consists of activities undertaken to create, maintain, or change the attitudes and behavior of target consumers toward an organization.

Person Marketing

Consists of activities undertaken to create, maintain, or change attitudes and behavior toward particular people.

Place Marketing

Consists of activities undertaken to create, maintain, or change attitudes and behavior toward particular place

Social Marketing

Is the use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society.

Product and Service Decisions

Companies need to make specific decisions when designing and marketing and products and services

Individual Product Decisions

Important decision must be made on product attributes, branding, packaging, labeling, product support services

Product Attributes (Individual Product Decisions)

Product Quality: The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.

Branding (Individual Product Decisions)

A name, term, sign, symbol, or design or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those competitors.

Packaging (Individual Product Decisions)

The activities of designing and producing the container or wrapper for a product..

Labeling (Individual Product Decisions)

Identifies describes, and/or promotes the product or brand.

Product support services (Individual Product Decisions)

Assess current value of services and obtain ideas for new ones - fix problems and add new services that will delight customers and yield profits to the company.

Product Line (Product Line Decisions)

A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.

Product Line Length (Product Line Decisions)

Number of items in the product line.

Product Line Filling (Product Line Decisions)

Adding more items within the present range of the line.•

Product Line Stretching (Product Line Decisions)

A company lengthens its product line beyond its current range.

Product Mix Decisions

The set of all product lines and items that a particular seller offers for sale.

4 dimensions of product mix

1. Width - # of different product lines the company carries (cleaning, household, lifestyle, professional, international)

Marketing Plan Components

1. Executive Summary

Executive summary (1st in Marketing Plan Components)

It is a summary of the entire marketing strategy. It offers a high-level overview of your overall brand objectives, marketing goals and marketing activities.

Marketing Situation (2nd in Marketing Plan Components)

a. Market description

SWOT Analysis (3rd in Marketing Plan Components)

A situational analysis.

Objectives (4th in Marketing Plan Components)

What are you setting out to accomplish with your marketing plan?

Marketing Strategy (5th in Marketing Plan Components)

a. Marketing Mix

Action Plan (6th in Marketing Plan Components)

The purpose of creating a marketing action plan is to put your goals, strategies and other plans in writing and can help your business stay on track and measure progress as it executes marketing campaigns.

Analysis/Metrics/Control (7th in Marketing Plan Components)

Controls in marketing plans are metrics that allow you to measure how a company is performing with the strategies and goals detailed in the marketing plan. Having controls to observe helps you ensure the company is on track with meeting its goals.

Service can be things like banking, hotel, airline travel, retail, wireless communication, and home-repair services

addresses the question: What is the buyer really buying?.

(For example: People do not just by A Harley to have a motorcycle but from buying a harley it renews their spirits and announces their freedom and independence, power, authenticity.)

•Further classified based on how consumers go about buying them:

• Convenience products

• Shopping products

• Specialty products

• Unsought products

(usually low priced, and marketers place them in many locations to make them readily available when customers need or want them.)

2. Capital Items... are industrial products that aid in the buyers production or operations, including installations and accessory equipment.

3. Supplies and Services.... include operating supplies and maintenance and repair services.

decisions are made on 3 levels:

1. Individual Product Decisions

2. Product Line Decisions

3. Product Mix Decisions

Product Features: A competitive tool for differentiating the company's product from competitors' products.

Product Style and Design: Style simply describes the appearance of a product, but it doesn't make the product perform better. Design goes beyond style and contributes to a product's usefulness as well as to its looks.

it's seller's best and last chance to influence buyers.

Labels and logos support brand's positioning and add personality to the brand.

Label Legality

- Packaging and labeling laws do exists!

- Regulations differ between products.

2.Length - # of items a company carriers within its product lines. (Cleaning Line = Clorox, 409, liquid plumber, sos...)

3.Depth - # of versions offered for each product in the line. (Clorox = regular bleach, scented bleach, Foaming, HE bleach...)

4.Consistency - how closely related the various product lines are in end use, production requirements, distribution channels, or some other aspect. (Clorox Consistencies = consumer products and similar distribution channels) (Clorox Inconsistencies = Perform different functions for buyers)

2. Marketing Situation

3. SWOT Analysis

4. Objectives

a.Primary

b.Secondary

5. Marketing Strategy

a. Marketing Mix

I. Product

Ii. Price

Iii. Place

Iv. Promotion

6. Action Plan

7. Analysis/Metrics/Control

- History and Current Situation

- Whole Market Summary

- Consumer Behavior

- Market Strength

- Competition

b.Product review

-Complete detailing of the product!

- Actual and augmented product

c. Competitive review

Complete detailing of the competition

- Who are the main players in the market?

- The top players (competition) get there own section.

- Fancy comparison charts would be really delightful here.

- How much market share is taken and by how many?

d. Channels and logistics review

- How is it packaged and presented? What do we buy it with? Seasonality?

- Strength and Weakness: are internal, About their company and what they can control. (Not really supply chain management)

Opportunities and Threats: (google these) (also can compare this to other competitors).

1 year and 2 year goals

Also possible issues

I. Product