Marketing exam 2

7/24/2019 Marketing exam 2

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Role of College

1. To teach You to think--

to understand and solve problems

2. To teach you to communicate better:

to speak effectively and convincingly

to !rite coherently and concisely.


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"roduct#. "roduct defined: a bundle of benefits $needs and !ants%

&. Classes of goods:

1. Convenience goods$time' place' (-11 close very late '!e

pay more for convenience.%

- intensively distributed

- promoted through branding - entail high sales volume

- lo! unit profit ascribable to above

2. )hopping goods

- buyer makes a comparison

*. )pecialty goods

- +defined in the mind of the buyer,

- sold in specialty shops' sites' and catalogs


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"roduct $continued%

C. Branding 1. Brand defined:

2. brand name, trade mark

3. Brand Strategies: (4) on the tet of these 4

a). indi!id"a# brands

b). man"fa$t"rer%s brands

- good&i## or $ons"mer fran$hise

$). midd#eman or rese##er brands (e.g., 'eg%s targets o&n brand)

d). generi$s, non-brands


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Brand defined:Brand defined:

name, term, sign, symbol, slogan

used to identify products of a manufacturer

and differentiate them from competing items.

Just do it

Coke GM Performance Products


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--

Branding and *romotion are "sed to

differentiate homogeno"s goods from those

of $om*etitors.


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"roduct' continued

D. Product Life Cycle

1. Purpose

! means to "ie# and assess

de"elopment of a product or $rand ! a tool for plannin%

&. 'ta%es ()*

! introduction+

! %ro#t,+

! maturity+

! decline


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--

. "roduct ife Cycle. "roduct ife Cycle

Saturated

Revenu

e

S"$$essi!e*eriodsordro*sinre!.X

Introduction Growth Maturity DeclineProfit


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--

ntro /ro&th 0at"rit e$#ine

e&

nform

igh

5imited

one

6rod"$t :

6rmtn. :

6ri$e :

ist. :

Com*. :

Same

B"i#d #oa#t

Stab#e

7*ands

nf#"

Sma## $hange

S&a

ro*s

5e!e#

Shake o"t

Crash

8ind a ne&

"se or a ne&market for the

*rod"$t

6rod"$t 5ife C$#e 9t


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--

)hapes of the "roduct ife Cycle

Brand

6rod"$t item

6rod"$t $#ass

- 8ord 0"stang Con!ertib#e

- Con!ertib#e

- nterna# $omb"st. engine


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/. "roduct #doption "rocess

Innovator

. 3 reasons:

-to satisf a need,

-to $om*ete &ith an eisting *rod"$t,

- to $#ose the *#anning ga*

. =hat is a ne& *rod"$t> ?n the test

@ ne& *rod"$t is a *rod"$t that is ne& in an &a for the $om*an

in!o#!ed.

. =h is it hard for firms to de!e#o* Atr"# ne&% *rod"$ts>

. Before de!e#o*ing ne& *rod"$t: strategi$ dire$tion

a. gro&th *#an dire$tion&here

b. b"dgeting s$hema

$. organiDation str"$t"re


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rganiations#. $ew product department r

new prod. prod. % prod. &

mkt. rsch.

engineering

prodctn.

matri' mmt.

(). $ew product committee *!u+otimi,e-

. Project team or venture team


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&udgeting for 0e! "roducts

#. / $P !pendin 0 X1 Sale! revenue

). Proportionate to what our competitor! !pend

. *2hatever it ta"e!- 3e..4 pharmaceutical indu!try56

D 7 & %

+ rs. rs . 3 rs. 1 r.

1 rs.

;


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&rainstorming Recipe:

ngredients:

ES*e$ifi$ *rob#em to so#!eEShort *eriod 4 - 1 hr.Eo $riti$ismEone of *eo*#e are e*erts

*enerate a! many

idea! a! po!!i+le-

@ttrib"te #isting:

E9ake an eisting *rod"$tFE5ist its attrib"tesFE9hink "* ne& feat"res that ma enhan$e the *rod"$t.


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0e! "roduct evelopment "rocess $3 steps%

Cons"mers 7m*#oees Cons"#tantsin!entors Getai#ers istrib"tors

IDE%S

SCG77/oes idea meet obHe$ti!es I o*tima## "ti#iDe reso"r$es of firm>

Jes

C?C769 775?60791. =ho &i## "se the *rod"$t>

2. =hat &i## *rod"$t be "sed for>

3. o& often &i## it be "sed>

4. =hat benefits &i## it *ro!ide>

#

2

3

o


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-1+-Ges"#ts of $on$e*t de!e#o*ment: Se!era# *rod"$t !ariants:

@ B C

C?C769 97S9/4

=hi$h, if an, of these $on$e*ts is !iab#e>

one

S9G@97/J 775?60791. 9arget market des$ri*tion

2. 6rod"$t *ositioning

3. 6roHe$tions: initia# sa#es, G?, mkt. share

4. S"ggested *ri$e, distrib"tion, *romotion

. 5ong-r"n sa#es *roHe$tion, and mktg, mi strateg

Prod.Life7ycle

none


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BKS7SS @@5JSS+1. sa#es - initia#, re*eat, freL"en$ of

2. $ost, break-e!en

3. s o"r *rod"$t !iab#e at $hosen *ri$e (based on abo!e $ostana#sis)>

es

6G?KC9 775?6079 (*rotot*e)1. *hsi$a# $"es (ho& does $ons"mer *er$ei!e: $o#or, siDe, ...)

2. f"n$tiona# test (&i## it &ork> ho& &e##>)

3. $ons"mer testing of *rotot*e (7dse# !ers"s Camaro)4. oes *rod"$t #i!e "* to initia# $on$e*t>

es

tani+le product

Idea champion

o

o


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0@GM79 97S9/=i## obHe$ti!es be met>

es

C?007GC@5N@9? (im*#ementing)

1. =hen (seasona# *rod"$t or ne& entrant>)

2. =here (*#anned ro##o"t or ne& iss"e>)

3. o& (ne& !ersion or "*grade>)

4. B &hom (distrib"tion strateg)

(et ste* is *oint no ret"rn.)

o


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Go##o"t

SepMar May


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0an"fa$t"rer

Chain b"ing offi$es

Getai# "nit

managers

Cons"mers

Cor*orate sa#es teamCor*orate sa#es team

istri$t sa#es teamsistri$t sa#es teams

ire$t marketing or ad!ertisingire$t marketing or ad!ertising


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"ricing

1). Ge!ie& of 7$onomi$s

2). 6ri$ing Strategies

3). 6ri$ing 0e$hani$s

I. Review of Economic!

%. Demand 7urve! 8t

#. 2hy di!cu!!9

). 2hat determine!9

. *Law of dimini!hin demand-

:. Movin alon the demand curve ;. Shiftin the demand curve


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61

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62

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63


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6s

PRI7E

/%$8I8?

#4@@@

#4;@@

)4@@@

8R


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1 2

O"antit

6ri$e

61

62

63

O1 O2 O3 O1;

/< #"

/; "

/) #@"

:P!

Major 7hane

in Pricin Stratey

Product Promotion

Place

(


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-. lasticity (elasticity of dmd.+ price elasticity*

#. Defined68t

!en!itivity of demand to chane! in price 3a ratio5

2. 1=d

1P

. *Ela!tic- E F #

*Inela!tic- E #

>nit ela!tic E 0 # Perfectly inela!tic E 0 @

:. Ideally4 want demand for product

relatively inela!tic

#@

H );10 .:

); #@ 0 ) . ;


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Marketing exam 2

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