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Attributes of a good business name
- Suggestive of Benefits
- Simple - Easy to Remember
- Distinct
- Extendable
- Translates easily into other languages
- Legally Defensible
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Brand design schematic
visual, verbal, vesceral
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visual elements
- picturing
- symbolizing
- animating
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visceral elements
sound, texture, scent
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elements of services
inseparability, perishability, intangible, varibality
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New product development process
idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, commercialization
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brainstorming techniques
- Defer Judgement (No “Buts”)
- Encourage Wild Ideas
- Build on Ideas (Only “Ands”)
- Be Visual
- Stay Focused on the Topic
- One conversation at a time
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Product life cycle strategies
- market mdoifying
- product modifying
- marketing mix modifying
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Gross margin
net sales - VC/COGS
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Unit gross margin
price/unit-VC/unit
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margin
Gross margin as a percent of net sales
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mark up
gross margin as a percent of VC(COGS)
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pricing process
- Determine your pricing objective
- Estimate Demand
- Estimate Costs
- Analyze Competitors Price and Offering
- Select a Final Price
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Pricing strategies
- Product Line Pricing (Basketball Shoes)
- Optional Product Pricing (Computers)
- Captive Product Pricing (Movie Theaters)
- By-Product Pricing
- Product Bundle Pricing (Value Meals)
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Purpose of channels
right locations, right quantities, when customers want them
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benefits of channels
- Break Bulk
- Provide Assortment
- Hold Inventory
- Offer Services
- Market Efficiency
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Intermediaries
- Intensive Distribution
- Selective Distribution
- Exclusive Distribution
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The feel of the channel
- employee type and density
- merchandise type and density
- fixture type and density
- sound
- odors
- visual factors
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communication tools
- Advertising
- Promotion
- Personal Selling
- Public Relations
- Direct Marketing
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Advertising Objectives
- Cognitive-build awareness
- Affect- gain interest,liking
- behavioral-stimulate action (AIDA)
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AIDA model
- attention
- interest
- desire
- action
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promotion tools
rebats, specialty advertising, samples, price packs, premiums, coupons, event marketing, point of purchase
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CRM Process
form database, select customers, relationship strategies, monitor results
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Customer lifetime value
(m-c)/(1-r+i)-AC
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company wide strategic planning
corporate: define company mission, objectives/goals, busines portfolio
business unit, product and market level: planning marketing and other funtional strategies
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busiess unit, product and market level
how do we compete in that business?
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corporate
what business should we be in?
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market research problem
- Define the Problem
- Design the Research Project
- Collect Data
- Analyze Data
- Prepare Results
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primary
- informal
- qualitative
- observation
- surveys
- panels
- experiments
- models and simulations
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Factors affecting buyer
cultural, social, personal, psychological
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cultural
- culture
- subculture
- social class
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social
- reference group
- family
- roles and status
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personal
- age/life cycle
- economic situation
- lifestyle
- personality and self concept
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psychological
- motivation
- perception
- learning
- beliefs and attitudes
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maslow
- self actualization needs
- esteem needs
- social needs
- physiological needs
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self actualization
self development and realization
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esteem needs
self esteem, recognition, status
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social needs
security, protection
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physiological needs
hunger, thirst
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consumer behavior process
- problem recognition-perceiving a need
- information search-seeking value
- evaluation of alternative-assesing value
- purchase-buying value
- post purchase evaluation-consuming, experiencing, or using value
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competitve analysis
- identifying competitors,
- Assesing
competitors objectives, strategies, strenghts, weaknesses and reaction patterns - selecting which competitors to attack or avoid
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competitors sweet spot
spot that meets customers needs with companys abilities that is outside competitors offerings.
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Customer-drive marketing process
- Basis for Segmentation
- Develop Profiles
- Measure Attractiveness
- Choose Target
- Differentiate Offering
- Choose Position
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ways to segment
- geographic
- demographic
- psychographic
- behavioral
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psychographic
lifestyle, personality, attitudes, values
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segmentation criteria
- differnentiable
- substantial
- identifiable and measurable
- accessible
- responsive
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targeting
- Depends on the 4C’s
- Profitability Potential
- Market Size
- Anticipated Market Growth
- Current and Anticipated Competition
- Consumer Behavior and Expectations
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position
How the product is viewed by consumers on important attributes relative to the competition ... not how it’s viewed by you
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positioning
The actions a marketer takes to influence a product’s position
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positioning tactics
- how you are as good as the competition-most used
- how you beat the competition
- how you are like by popular people
- how you fit consumers lifestyle
- how you deliver what is most valued-most useful
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position 101 marketing cheer
- Stand for something
- Stand for something that’s different
- Stand for something that’s different that’s important
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USP
For target market the name of the product is single most important claim among all competitive frame because reason to believe
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augmented product
- after sale service
- warranty
- delivery and credit
- product support
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actual product
- brand name
- features
- design
- packaging
- quality level
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steps in product decisions
- Product Attributes
- Branding
- Packaging
- Labeling
- Product Support & Services
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Roles of packaging
- Functional
- Protect & Inform
- Strategic
- influence choice
- Reinforce Brand
- Differentiate
- Advertise
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Brand
A brand is not your brand symbols. Your brand is a perception that exists in the minds of your consumers about your relevance and promise of value. Your brand is the sum total impressions formed through exposure to your touchpoints.
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