Bus 130 - Mktg.

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Author:
tgrldy2026
ID:
111110
Filename:
Bus 130 - Mktg.
Updated:
2011-10-22 17:37:06
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marketing
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Description:
SJSU Bus 130 Intro to Marketing
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  1. New Product Development Process
    • 1. Idea generation
    • 2. Idea screening
    • 3. Concept development
    • 4. Marketing strategy development – how are you going to promote this product
    • 5. Business analysis – reviewing sales, costs, and other projections for fit of the product to your current product lines
    • 6. Product Design
    • 7. Test Marketing
    • 8. Commercialization – selling the product
    • 9. Product life cycle
  2. Keys to successful product development.
    • · a superior product
    • · Well-defined product concept
    • · new product development process
  3. Product Life Cycle Stages
    • Introduction
    • Growth
    • Maturity
    • Decline
  4. Maslow's Hierarchy of Needs
    • 5. Self-Actualization
    • 4. Esteem
    • 3. Love
    • 2. Safety
    • 1. Psychological
  5. Marketing Mix (4 P's)
    The controllable set of activities that the firm uses to respond to the wants of its target markets.

    • -Product
    • -Price
    • -Place
    • -Promotion
  6. Define Augmented Product.
    • adding customer service to a product.
    • ex. warranty
  7. Geographic Segmentation
    • Basedon physical geographic location of your customers.
    • Example: sell heavier jackets in colder locations.
  8. Psychographic Segmentation
    • Based on lifestyle of the consumer.
    • Examples: golf, tennis, hiking, etc.
  9. Behavioral Segmentation
    Divides customers into groups based on how they use the product or service.
  10. microenvironment
    anything that can be controlled.
  11. macro environmental factors
    • the external environment, can't be controlled.
    • culture
    • demographics
    • social issues
    • technological advances
    • economic situation
    • political/regulatory environment

    CDSTEP
  12. Levels of Market Segmentation
    1. Mass marketing – selling one product to everybody (ex. all ages)

    2. Segment marketing – isolating a broad segment of the market and adopting to meet those needs

    3. Niche marketing – focus on sub-segments or niches and distinctive traits and seek attention (ex. females 19-30)

    4. Micro marketing – tailoring products and marketing programs to suite the tastes of specific individuals and locations (ex. wearing clothes made just for you)
  13. Steps in Strategic Planning
    • Step 1 Vision and Mission Statement – Develop a
    • Vision Statement and translate into a Mission Statement.

    • Step 2 Define Company’s Driving Force – know
    • which fits your situation.

    Step 3 Asses Company’s Strengths and Weaknesses – where are you strong and what areas do you wish to avoid?

    Step 4 Scan the Environment Opportunities & Threats – significant opportunities and threats; anticipate threats so you can protect yourself.

    • Step 5 Identify Key Factors for Success – what
    • makes your company successful?

    Step 6 Analyze Competition – know your competition

    • Step 7 Create Organization’s Goals & Objectives
    • (begin planning at this stage)

    • Step 8 Formulate Strategic Options and select
    • appropriate strategy:

    Step 9 Translate Strategic Plans into Action Plans

    • Step 10 Establish Controls – how are you going to
    • control it once you’ve done all these things?
  14. What factors influence consumer behavior?
    A. Cultural Factors – status, family habits

    • B. Social Factors – group of 2 or more people that
    • act to accomplish a goal

    C. Personal Factors

    D. Psychological Factors
  15. Types of Marketing Research and their objective.
    • 1. Exploratory Research – define a problem and
    • suggest a hypothesis (here’s the problem, here’s a possible solution)

    • 2. Descriptive Research – market potential for a
    • product, or attitude of customers who buy the product.

    3. Causal Research – if you change something, will it change your relationship with customers? Will customers buy more or less?
  16. Identify the 4 Steps of Marketing Research
    Step 1 Define the Problem or Research Objective

    Step 2 Develop Research Plan

    Step 3 Implement Research Plan

    Step 4 Interpret Findings & Report (then make suggestions; 2-3 ideas)
  17. Product Attributes
    • 1. Product Quality
    • 2. Product Features
    • 3. Product Design
    • 4. Branding
    • 5. Brand Equity
    • 6. Brand Name Selection
    • 7. Brand Name Sponsor
  18. Consumer Products
    • Convenience Products (ex. 7-11)
    • Shopping Products (ex. laptop)
    • Specialty Products (ex. car)
    • Unsought Products (ex. gum, magazines, candy)
  19. Organizational Products
    • 1. Corporate Image
    • 2. Person Marketing – promote celebrity
    • 3. Place Marketing – try to change consumer behavior
    • 4. Ideas – general and specific idea market
  20. Industrial Products
    • 1. Raw materials
    • 2. Capital equipment
    • 3. Supplies & services
    • 4. Installation
    • 5. Accessories
    • 6. Professional Services
  21. Define actual product.
    a product built around core product (ex. quality level, features, design, brand name, and packaging)

    ex. apple laptop
  22. Define core product.
    basic level of products (ex. computer)
  23. Product Positioning Strategies
    • 1. Product Attributes – price (lowest, ex. Costco), technology (best, ex. apple)
    • 2. Usage – looking at foot traffic
    • 3. Users – position where users are located
    • 4. Against Competition – next to competition (ex. generic next to brand name)
    • 5. Away from Competition – ex. car brands a block or two away from each other with non-competitors in between.
    • 6. Combination – serve multiple purposes (which benefit you the most?)
  24. Target Market
    the proccess of evaluating the attractiveness of various segments and then deciding which to pursue as a market.
  25. Types of Segmentation
    I. Market Segmentation

    II. Market Targeting

    III. Positioning for Competitive Advantage
  26. Product Mix Decisions
    1.Width - # of different product lines a company offers (ex. GM – Chevy, Cadillac, Buick, GMC, etc.

    2. Length - # of items carried within a product line (ex. Chevy – Caprice, Bel Aire, Corvette, trucks, Impala)

    3. Depth - # of versions offered of each product (ex. Corvette – roadster/convertible, or coupe)

    • 4. Consistency – how close are each product to the
    • others?
  27. What are internal factors that influence pricing?
    definition – things within the organization that guide your pricing

    • 1. marketing objectives – what are you trying to accomplish (*most important factor*)
    • 2. marketing mix – different products a company offers, want pricing continuity
    • 3. cost – how much does it cost
  28. Pricing Objectives

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