Bus 130 - Mktg.

• 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

• · a superior product
• · Well-defined product concept
• · new product development process

• Introduction
• Growth
• Maturity
• Decline

• 5. Self-Actualization
• 4. Esteem
• 3. Love
• 2. Safety
• 1. Psychological

The controllable set of activities that the firm uses to respond to the wants of its target markets.

• -Product
• -Price
• -Place
• -Promotion

• adding customer service to a product.
• ex. warranty

• Basedon physical geographic location of your customers.
• Example: sell heavier jackets in colder locations.

• Based on lifestyle of the consumer.
• Examples: golf, tennis, hiking, etc.

Divides customers into groups based on how they use the product or service.

anything that can be controlled.

• the external environment, can't be controlled.
• culture
• demographics
• social issues
• technological advances
• economic situation
• political/regulatory environment

CDSTEP

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)

• 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?

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

• 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?

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)

• 1. Product Quality
• 2. Product Features
• 3. Product Design
• 4. Branding
• 5. Brand Equity
• 6. Brand Name Selection
• 7. Brand Name Sponsor

• Convenience Products (ex. 7-11)
• Shopping Products (ex. laptop)
• Specialty Products (ex. car)
• Unsought Products (ex. gum, magazines, candy)

• 1. Corporate Image
• 2. Person Marketing – promote celebrity
• 3. Place Marketing – try to change consumer behavior
• 4. Ideas – general and specific idea market

• 1. Raw materials
• 2. Capital equipment
• 3. Supplies & services
• 4. Installation
• 5. Accessories
• 6. Professional Services

a product built around core product (ex. quality level, features, design, brand name, and packaging)

ex. apple laptop

basic level of products (ex. computer)

• 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?)

the proccess of evaluating the attractiveness of various segments and then deciding which to pursue as a market.

I. Market Segmentation

II. Market Targeting

III. Positioning for Competitive Advantage

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?

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