Chapter 7 notes

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jroji
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75659
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Chapter 7 notes
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2011-03-28 13:54:12
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marketing chapter
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marketing chapter 7
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  1. Product mix or portfolio
    Total group of products offered by the company.
  2. depth
    Assortment in one categories
  3. Width
    Variety of categories
  4. Bundle
    • 1. Physical (tangible)
    • 2. Service (intangible)
    • 3. Symbolic (perceptual)
  5. Benefits of offering a large portfolio
    • 1. economies of scale
    • 2. package uniformity
    • 3. standardization
    • 4. scales and distribution efficiency
    • 5. equivalent quality beliefs
  6. Types of consumer products
    • 1. convenience products
    • 2. shopping products
    • 3. specialty products
    • 4. unsought products
  7. Business products
    • 1. raw materials
    • 2. component parts
    • 3. process materials
    • 4. maintenance, repair, and operating products
    • 5. accessory equipment (shampoo conditioner dryers)
    • 6. installations (major purchases: equipment, ERP)
    • 7. business services
  8. Three things when comparing a shopping product
    • 1. feature
    • 2. price
    • 3. service
  9. derived demand:
  10. Unique characterisitics of services and resulting marketing challenges
    • 1. intangibility
    • 2. simulataneous production and consumption
    • 3. perishability
    • 4. heterogeneity
    • 5. client-based relationships
  11. product lines
    closely related products (aqua fresh, coke,)
  12. Six new product strategies
    • 1. new-to-the-world products (discontinuous innovations)
    • 2. new product lines
    • 3. product line extensions
    • 4. improvements or revisions of existing products
    • 5. repositioning
    • 6. cost reductions
  13. Stages of new product development
    • 1. idea generation
    • 2. screening and evaluation
    • 3. development
    • 4. test marketing
    • 5. commercialization
  14. brand
    combination of name, symbol, term, and/or design that identifies a specific product
  15. two parts of the brand:
    • 1. brand name
    • 2. brand mark
  16. Overall advantages of Branding
    • 1. product identification
    • 2. comparison shopping
    • 3. shoppting efficiency
    • 4. risk reduction
    • 5. product acceptance
    • 6. enhanced self-image
    • 7. enhanced product loyalty
  17. Brand loyalty
    Positive attitude toward a brand that causes customers to have a consistent preference for that brand over all other competing brands in product category
  18. Three degrees of brand loyalty
    • 1. brand recognition
    • 2. brand preference
    • 3. brand insistence
  19. Brand Equity
    Value of a brand
  20. Co-branding
    Use of two or more brands on one product
  21. Brand licensing
    Involves a contractual agreement where a company permits an organization to sue its brand on noncompeting products in exchange for licensing fee.
  22. Positioning
    Creating a mental image of the product offering and its differentiating features in the minds of the target market.
  23. Product differentiation
    Creating differences in the firm�s product offering that set it apart from competing offerings
  24. Perceptual map
    Represents customer preceptions and preferences spatially by means of a visual display
  25. Why does lack of competition within the mindspace occur?
    • 1. Unmet needs or preferences
    • 2. Customers have no desire for a product offering with this combination of dimensions
  26. Differentiation Strategies
    • 1. Product descriptors
    • 2. Customer Support Services
    • 3. Image
  27. Benefits
    Positive outcomes or need satisfaction acquired from a purchased product
  28. Advantages
    Performance characteristics that communicate how the features make the product behave, hopefully in a fashion that is distinctive and appealing to customers
  29. Positioning Strategies
    • 1. Strengthen the current position
    • 2. Repositioning
    • 3. Repostion the competition
  30. Strategic considerations during the product life cycle
    • 1. Overall marketing goals
    • 2. Product strategy
    • 3. Pricing strategy
    • 4. Distribution strategy
    • 5. Promotion strategy
  31. Components of a product concept
    • 1. Understanding of the specific uses and benefits that target customers seek in a new product
    • 2. Description of the product including potential uses and benefits
    • 3. Potential for creating a complete product line that can create synergy in sales, distribution and promotion
    • 4. Analysis of the feasibility of the product concept
  32. 4 General options for strategy selection throughout the maturity stage
    • 1. Develop of a new product image
    • 2. Find and attract new users to the product
    • 3. Discover new applications and uses
  33. Two basic options during the decline stage
    • 1. Attempt to postpone the decline
    • 2. Accept its inevitability
  34. Factors to consider before deciding on an appropriate marketing strategy during the decline stage
    • 1. Market segment potential
    • 2. Market Position of the Product
    • 3. Firm�s price and cost structure
    • 4. Rate of market deterioration

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