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28 Cards in this Set
- Front
- Back
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The Marketing Mix
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Maintaining the right marketing mix that satisfies the target market and creates long-term relationships with customers.
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Product Strategy
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• Product development
• Classification • Mix • Life cycle • Identification |
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Developing New Products
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• New Idea Screening
• Business Analysis • Product Development • Test Marketing • Commercialization |
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Product Line
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Closely related products that are treated as a unit because of similar marketing strategy,production, or end-use considerations.
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Product Mix
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All of the products offered by an organization.
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Branding
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The process of naming and identifying
products; can use a brand mark or trademark |
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Packaging
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The external container that holds and
describes the product |
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Labeling
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The presentation of important information on
a package |
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Packaging Functions
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• Protection
• Economy • Convenience • Promotion |
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Labeling
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• The content of labeling, often required by law, may include:
–Ingredients or content –Nutrition facts (calories, fat, etc.) –Care instructions –Suggestions or use (such as recipes) –The manufacturer’s address and toll-free number –Web site –Other useful information |
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Product Quality
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The degree to which a good, service, or idea meets the demands and
requirements of customers |
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Pricing Strategy
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• Four Common Pricing Objectives:
–Maximize profits and sales –Boost market share –Maintain the status quo –Survival |
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New Product Pricing
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–Price skimming
–Penetration pricing |
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Psychological Pricing
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–Odd/Even
–Prestige pricing |
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Price Discounting
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–Quantity discounts
–Seasonal discount –Promotional discounts |
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Objectives of Promotions
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• Stimulate demand
• Stabilize sales • Inform, remind, and reinforce customers |
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Price Skimming
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A pricing strategy in which a marketer sets a relatively high price for a product or service at first, then lowers the price over time.
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Penetration Pricing
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Pricing technique of setting a relatively low initial entry price, often lower than the eventual market price, to attract new customers.
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Distribution Strategy
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• Marketing Channels
–Retailers (Wal-Mart, Sears) –Wholesalers (food brokers to restaurants) –E-tailers(Amazon.com) |
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Supply Chain Management
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Long-term partnerships among channel
members to reduce costs, waste, and unnecessary movement through the channel to satisfy customers |
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Channels for Consumer Products
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Producer
| Agents(Middlemen) | Wholesalers(Middlemen) | Retailers(Middlemen) | Consumers |
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Channels for Business Products
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• More than half of all business products are sold through direct marketing channels.
• Other business products may be distributed through channels employing wholesaling intermediaries. –Industrial distributors –Manufacturer’s agents |
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Physical Distribution
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• Physical distribution includes all the activities necessary to move products from producers to customers.
–Inventory control –Transportation –Warehousing –Materials handling |
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The Promotion Mix
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• A strong promotion program results from the careful selection and blending of:
–Advertising –Personal selling –Publicity –Sales promotion • Integrated marketing communications –The process of coordinating the promotion mix elements and synchronizing promotion as a unified effort |
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Personal Selling
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• Direct, two-way communication with
buyers and potential buyers. • A six-step process: –Prospecting –Approaching –Presenting –Handling objections –Closing –asking for the order –Following up |
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Publicity
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• Non-personal communication transmitted
through mass media but not paid for directly by the firm –Presented in news story form –Describes what a firm is doing, what products it is launching, or other newsworthy information |
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Sales Promotion
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• Direct inducements offering added value or some other incentive for buyers to enter into an exchange
–Store displays –Coupons –Refunds |
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Objectives of Promotions
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• Stimulate demand
• Stabilize sales • Inform, remind, and reinforce customers |
