Marketing 2

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  1. Marketing Concept

    
    • Market -> assess needs and competition -> determine
    • positioning & design strategy



    .
  2. Applied Research in T&T
    • · Consumers: size, satisfaction, motivations,market areas
    • · Marketing mix: products/services, pricing/place/distribution, promotion
    • ·Competition
    • ·Positioning
    • ·Marketing Environments
  3. Formula for effective decision-making
    • 80% information
    • 20% intuition
  4. Management Information System (MIS) – custom system to
    gather relevant info for decision-making
    • · Info critical to the changing market environments
    • · Internal: customer records, financial data, operational data
    • · External: newsletters, suppliers, customers, associations, magazines
  5. Marketing Research
    • ·Problem solving process
    • ·Science & art
    • ·Used on a needs basis to solve specific problems
  6. Maket research essentials: ensure that research info is:
    • ·Valid (relevant)
    • · Reliable (accurate)
    • ·Objective (non biased)
  7. Research Process Stages
    1.Identify and define problem

    • 2.Investigate available resources
    • a.Primary data – data collected for the 1st time
    • b.Secondary data – data that already exists

    • 3.Develop research plan
    • a.Research objectives
    • b.Determine info needed
    • c.Research methods: primary, secondary, qualitative, quantitative

    • 4.Collect data
    • 5. Analyze data
    • 6.Present research results
  8. Primary Data
    • Advantages:
    • ·Specific & detailed

    • Disadvantages
    • ·Expensive & takes longer

    • Research methods:
    • ·Qualitative
    • oFocused on obtaining lots of feedback & info
    • oFocus groups, in depth interviews, observations

    • ·Quantitative
    • o Focused on finding info for specific questions
    • o Surveys (phone or personal), personal interview,
    • mechanical devices
  9. Examples of Secondary Data ----Internal Sources
    • ·Client database
    • · Financial records
    • ·Inventory reports
    • · Promotional records
  10. Examples of Secondary Data---External Sources
    • · Newspapers
    • ·Newswires
    • · Magazines
    • · Associations
    • · Trade journals
    • -databases
  11. Sampling Plan
    • ·Who?
    • ·How many?
    • ·Sample size?
    • ·How to survey them?
    • · Probability or no?
  12. Sample?
    • a segment of the population selected to represent the
    • population as a whole
  13. Questionnaire Design
    • · Question order, format, & wording
    • ·Collect relevant data – wording
    • · Make data comparable – formal & wording must be clear & consistent
    • · Minimize bias – working
    • · Motivate respondent – order & format (length, title, etc)
  14. Research Problem Areas
    • · Lack of valid info
    • · Out dates info
    • · Sample is too small
    • ·Researcher bias
    • ·International issues
  15. Collect Data
    • · Utilize resources
    • ·Implement method
    • ·Timing issues
    • · Data input
  16. Analyze Data
    • ·Qualitative – look for comment themes & trends
    • · Quantitative – analyze numbers for conclusions
  17. Designing Your Marketing Strategy
    • What is your plan?
    • Who is the target market?
    • What are their needs, motivations & purchase criteria?
    • Who are competitors & what’s their position?
    • Determine your position
    • Design your strategy
    • Establish objectives
  18. A Tourism Product
    a bundle or package of tangible and intangible components
  19. A Tourism Product
    • 1.Core products – basic need (excitement/atmosphere)
    • a.experience

    • 2.Tangible product – feature & benefits
    • a. Quality of service
    • b.Brand
    • c.Safety
    • d.Range of on-site attractions
    • e.Sharing park with other people
  20. 1.Augmented Product – extrinsic elements influence
    purchase
    • -Opening time
    • -Weather
    • -Ancillary services (catering & retailing)
    • -Car parking
    • -Services for visitors with special needs
    • -Procedure for handling complaints
  21. Packaging??
    • -the process of combining related offerings into a single
    • price
    • Advantages:
    • · Improve profitability
    • · Allow joint marketing opportunities
    • · Effective tool to tailor tourism products for specific target markets
  22. Life Cycle
    a way to identify the life-cycle stage of a product or service, review int past and current position, and predict its future
  23. Distribution channel intermediaries
    Tour Company -> travel agent -> consumer
  24. Pricing & Positioning --3 strategic approaches
    • · Premium pricing
    • ·Value for money pricing
    • · Undercut pricing
  25. Basic approaches to setting prices
    • ·Cost based methods
    • ·Demand based methods
    • ·Competition oriented pricing
  26. Pricing strategies for new products
    • ·Prestige pricing
    • ·Market skimming
    • ·Penetration pricing
  27. Other techniques for priceing and positioning ?
    • · Promotional pricing
    • ·Product bundling pricing
    • ·Price spear and price points
    • ·Discriminatory pricing
    • ·Volume discounting
  28. Yield Management
    developing strategies to maximize opportunities for the sale of an organization’s perishable products
  29. Tourism characteristics that affect pricing
    • ·Seasonal demand
    • ·Tactical price-cutting and price wars
    • -Low prices
    • · Fixed capacity
    • · Customer’s total purchases
    • · Increased use of internet
    • · Late booking
  30. Functions of the distribution system
    • · Acquiring info
    • ·Promotion
    • ·Contact
    • ·Negotiation
    • ·Physical distribution
    • · Financing
    • · Risk-taking
  31. Direct distribution channel
    a channel where a company delivers its product to the consumer without intermediaries
  32. Indirect distribution channel
    a channel where a company distributes its products via intermediaries
  33. Intermediaries
    • Service providers -> tour operators -> travel agents
    • -> tourism specialties -> consumers
  34. Forms of Channel Conflict
    • Horizontal Conflict
    • · Conflict between organizations at the same level
    • (ex. 2 Tim Horton’s franchises)

    • Vertical Conflict
    • · Occurs at different levels of the same channel
    • (ex. Argument between travel agents & airlines about commission)
  35. Designing the Distribution System-Factors to Consider
    • · Market coverage
    • ·Costs
    • · Positioning & image
    • ·Motivation of intermediaries
    • · Characteristics of tourism organizations
  36. 3 distribution strategies
    • ·Intensive
    • ·Exclusive
    • · Selective
  37. Promotional Objectives
    • · Build awareness
    • ·Create interest
    • ·Provide info
    • · Stimulate demand
    • -Reinforce the brand
  38. Budget
    • ·Objective & task
    • · Affordable
    • · % Sales
    • -Competitive-parity
  39. AIDA
    • -Attention
    • -Interest
    • -Desire
    • -Action
  40. Design the promotional message
    • · Meaningfu
    • · Distinctive
    • · Believable
    • · Slice of life
    • · Fantasy
    • · Mood or image
    • · Lifestyle
    • · Musical
    • · Testimonial evidence
    • · Technical expertise
  41. Design the promotional media
    • · Cost per thousand (CPM)
    • o Cost of message divided by # of ad views
    • multiplied by 1000

    • · Impression
    • o One viewing of an advertising message

    • · Reach
    • o % of medium’s audience that is exposed to an
    • advertiser’s message at least once during a specific time frame

    • ·Frequency
    • o # of times an audience has the opportunity to be
    • exposed in a specific time frame
    • o Takes 10-15 exposures to gain retention
  42. Canadian Code of Advertising Standards
    • ·Accuracy & clarity
    • · Disguised advertising technique
    • · Price claims
    • · Bait & switch
    • · Guarantees
  43. Types of sales promotions
    • · Sampling
    • · Coupons
    • · Gift certificates
    • ·Premiums
  44. Joint Promotions
    • organizations that have similar target markets combine their
    • resources to their mutual advantage
  45. Stage of product life cycle
    • -introduction
    • -growth
    • -maturity
    • -decline
  46. Communication Process
    • sender
    • encoding
    • message
    • decoding
    • reciever

    Noise/clutter
  47. Factors affecting pricing decisions
    • cost
    • compition
    • legal and regulatory issues
    • buyer perception

Card Set Information

Author:
 kpuls1
ID:
 118916
Filename:
 Marketing 2
Updated:
 2011-11-27 21:30:08
Tags:
Marketing
Folders:

Description:
Marketing 2 modules 5-8
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