Marketing Chap. 9

Card Set Information

Marketing Chap. 9
2013-12-17 12:35:02
Marketing Final

Prep for final
Show Answers:

  1. Brand Manager
    • Individual assigned to develop and implement effective and efficient marketing programs for a specific product or group of products
    • Eg. Crest as a whole
  2. Category Manager
    • Individual assigned to develop and implement effective and efficient marketing programs for group of related products or product lines 
    • Eg. Whitestrips products
  3. Global Manager
    • Act locally, think globally. 
    • World is one BIG market
    • High use of benchmarking
    • Eye on trends
  4. Idea Generation
    • Brainstorm
    • Screening
    • Concept development
    • Business analysis
    • Product development
    • Test market and market planning
    • Commercialization
  5. Product Mgmt Strategies
    • Product Modification
    • Product mix
    • Packaging 
    • Maintenance or withdrawal
  6. Product Modification
    • Change style or look
    • eg cars always change every year
    • Change colour, function, quality
  7. Product Mix
    Product stretching, addition to product line to increase its width or depth
  8. Packaging
    • First thing consumer sees
    • mkting tool
    • should be changed on occasion
    • helps regenerate image
    • eg. diamond shreddies
  9. Maintenance or Withdrawal
    • Keep product on mkt or cut its lifetime
    • eg. GM and Oldsmobile
  10. Product Stretching
    addition to product line to increase its width or depth
  11. Product Lifecycle
    • Stages a prodcut goes through from intro to withdrawal
    • Intro, growth, mature, decline
  12. Intro Stage
    • Focus on awareness
    • Slow sales growth
    • losses instead of profits often occur
    • high mkting cost
  13. Growth Stage
    • USP, differentiate
    • Sales and profits up drastically
    • competitors begin to appear
    • mkting costs high, AGGRESSIVE mkting
  14. Mature Stage
    • brand loyalty is focus
    • product is well known
    • sales and profits are stable
    • mkting budget cut and relocated (promotions, giveaways...)
  15. Decline Stage
    • Withdrawal strategy
    • Sales drop rapidly
    • price cuts (liquidate everything)
    • allocate profits to other products
  16. How to avoid decline?
    • Go on offensive in MATURE stage
    • Don't sit back
  17. Extend Life Cycle
    • Attract new mkts
    • Alter the product
    • Add new products
    • Change other mkting mix elements
  18. Attract New Markets
    • go for people with different demographic profile
    • extend geographically
    • Eg. Cadbury thins
  19. Alter the Product
    Product modification
  20. Add New Products
    Product Stretching
  21. Change other Marketing Mix Elements
    • price up or down
    • promotion, advertising, direct response, social media
    • Placement, make product more available in more places (internet)
  22. Instant Bust
    • Flops after intro
    • Eg. Pepsi AM
  23. Fad
    • 1-2 years, short term
    • Eg. Atkins diet, rubiks cube
  24. Fashion
    • Recurring
    • in, out, in
    • eg, cycle of clothes
  25. Brainstorm
    Accept ALL ideas, dont shoot any down
  26. Screening
    Take out ideas that don't/won't work
  27. Concept development
    • Product idea presented to potential tgt mkt for evaluation 
    • Focus groups
  28. Business analysis
    • Potential sales, costs, ability to produce
    • Can it make money?
  29. Product development
    Prototype made available to consumer for evaluation
  30. Test market and market planning
    • Product offered for sale on 1 or more mkts
    • observe promotion under proposed mkt strategy
  31. Commercialization
    Full scale production and mkting occurs