CBS MBA 401 workshop 2 @IBBM
description
Transcript of CBS MBA 401 workshop 2 @IBBM
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PNG Ins(tute of Banking and Business Management
Unit 401
Sweta Sud Chifley Adjunct Faculty
Marketing Management
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In this Unit.. Week 1
• First workshop • 31st Jan, Friday
Week 2 • Read the Study guide • Read the book – Fee Refund
Week 3 • 2nd workshop • 14th Feb, Friday
Week 4 • Do the assignment – 17th Feb • Due on 24th Feb
Week 5 • 3rd workshop • 28 Feb, Friday
Week 6 • Exam on 6th March – return 7th March
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Today’s Agenda
1 • Market Informa(on and Marke(ng Strategy(Chap 4,7) • Morning tea@10:00
2 • Buyer Behaviour (Chap 5,6) • Lunch @ 12:30pm
3 • Products, Services, Brands (Chap8,9) • Evening Tea@ 2:30pm
4 • Pricing Strategies (Chap10,11)
Unit-401, Workshop1, 31st Jan 2014
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Principles of Marke7ng Chapter 4
Managing Marke7ng Informa7on
Market Research
Customer Insights
Marke7ng Informa7on
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PNG Ins(tute of Banking and Business Management Conduc(ng Marke(ng Research
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PNG Ins(tute of Banking and Business Management Copyright © 2012 Pearson Educa(on, Inc. Publishing as Pren(ce Hall Slide 7 of 22
Discussion Ques(ons
1. What cons(tutes good marke(ng research?
2. What are the best metrics for measuring marke(ng produc(vity?
3. How can marketers access their return on investment of marke(ng expenditures?
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Marke(ng Research System
Insight
Market Research
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The systema*c design, collec*on,
analysis, and repor*ng of data and
findings relevant to a specific marke*ng
situa*on facing the company.
Marke(ng Research
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Crea(ve Research Means
Rivals
Marke(ng partners
Student projects
Internet sources Check out rivals
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Marke(ng Research Process
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Step 1: Define the Problem
Focused inquiry
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Step 2: Develop the Research Plan
Sampling plan Contact method
Data Sources • Secondary data • Primary data
Research Approaches • Observa(on • Focus groups • Surveys • Behavioral data • Experiments
Research instrument • Ques(onnaires • Qualita(ve measures • Technological devices
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Step 3: Collect the Informa(on
Online surveys
Telephone surveys
Interviews In-‐home surveys
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Step 4: Analyze the Informa(on
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Step 5: Present the Findings
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Step 6: Make the Decision
Research Decisions
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Characteris7cs of Good Marke7ng Research 1. Scien(fic method 2. Research crea(vity 3. Mul(ple methods 4. Interdependence of models and data 5. Value and cost of informa(on 6. Healthy skep(cism 7. Ethical marke(ng
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Former marke(ng research
execu(ve for General Foods
concluded that Star Wars would
fail at the box office. The film
grossed $4.3 billion in box office
receipts.
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Measuring Marke(ng Produc(vity
Marke(ng-‐mix modeling
Marke(ng metrics
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Marke(ng Metrics
Quan(fy
Interpret
Compare Marke(ng
Performance
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Marke(ng Metrics
External • Awareness • Market share • Rela(ve price • Number of complaints • Consumer sa(sfac(on • Total number of customers • Perceived quality/esteem • Loyalty/reten(on • Rela(ve perceived quality
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Marke(ng-‐Mix Modeling
Awareness
Expenditure
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Marke(ng Dashboards
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Marke(ng Dashboard Example
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{ Commercial Break }
This (me is for real…
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Principles of Marke7ng Chapter 2
OK, We’re back. Again.
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Principles of Marke7ng Chapter 7
Marke7ng Strategy
Posi7oning
Differen7a7on
Targe7ng
Segmenta7on
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Iden(fying Market Segments and Targets
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PNG Ins(tute of Banking and Business Management Copyright © 2012 Pearson Educa(on, Inc. Publishing as Pren(ce Hall Slide 37 of 22
Discussion Ques(ons
1. What are the different levels of market segmenta(on?
2. In what ways can a company divide a market into segments?
3. What are the requirements for effec(ve segmenta(on?
4. How should business markets be segmented?
5. How should a company choose the most aorac(ve target markets?
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Target Marke(ng Requirements
1. Iden(fy and profile dis(nct groups of buyers (market segmenta(on).
2. Select one or more market segments to enter (market targe(ng).
3. For each, establish and communicate benefits of offering (market posi(oning).
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Bases for Segmen(ng Consumers
Geographic
Demographic
Psychographic Behavioral
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Geographic Segmenta(on
Geoclustering
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Demographic Segmenta(on
Age and Life-‐cycle Stage Life Stage Gender Income Genera(on Race and Culture
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Age and Life-‐Cycle Stage
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Life Stage
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Gender Women:
Influence 80% of consumer purchases Make 75% of new home decisions Purchase 60% of cars
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Income
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Genera(on
Gen X (1964-‐1978) Baby Boomers (1946-‐1964) Silent Genera(on (1925-‐1945)
Millennials (Gen Y) – (1979-‐1994) -‐78 Million people -‐$187 annual spending power
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Cohort Size Defining Features
Millennials (1979-‐1994) 78 m Raised in affluence, tech savvy,
perceived immunity from marke(ng
Gen X (1964-‐1978) 50 m Parents relied on day care, accepts diversity, pragma(c and individualis(c
Baby Boomers (1946-‐1964) 76 m
Control 3/4th of the wealth in the U.S, seek fountain of youth (hair color, hair replacement), home exercise equipment
Silent Genera(on (1925-‐1945) 42 m Lead vibrant lives, spend money and
(me on grandchildren.
U.S. Genera(on Cohorts
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Race and Culture
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Mul(cultural Market Profile
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Psychographic Segmenta(on
• Personality traits
• Lifestyle • Values
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VALS Segmenta(on System
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Behavioral Segmenta(on
User and Usage
Needs and Benefits
Decision Roles
Ini(ator
Influencer
Decider Buyer
User
Usage occasions
User status
Usage rate
Buyer-‐readiness
Loyalty status
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Brand Funnel
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Consumer Avtudes
Enthusias(c Posi(ve Indifferent Nega(ve Hos(le
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Behavioral Segmenta(on
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Bases for Segmen(ng B2B Markets
Demographic
Opera(ng Variables
Purchasing Approach
Situa(onal Factors
Personal Characteris(cs
Industry, company size, loca(on
Technology, user status, customer capabili(es
Power structure, nature of exis(ng rela(onship
Urgency, specific applica(on, size of order
Buyer-‐seller similarity, loyalty, risk avtude
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Market Targe(ng
Effec(ve Segmenta(on Criteria Measurable Substan(al Accessible Differen(able Ac(onable
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Market Targe(ng Porter’s Five Force
Rivals
New Entrants
Subs(tute Products
Buyer Power
Supplier Power
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Evalua(ng and Selec(ng Segments
Individual marke(ng
Full market coverage
Mul(ple segment specializa(on
Single-‐segment concentra(on
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Levels of Segmenta(on
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Principles of Marke7ng Chapter 5
Consumer Buyer Behavior
Buyer Decision Process
Buyer Decision
Buying Decision
Consumer Behaviour
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Analyzing Consumer Markets
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PNG Ins(tute of Banking and Business Management Copyright © 2012 Pearson Educa(on, Inc. Publishing as Pren(ce Hall Slide 73 of 22
Discussion Ques(ons 1. How do consumer characteris(cs influence buying
behavior?
2. What major psychological processes influence consumer responses to the marke(ng program?
3. How do consumers make purchasing decisions?
4. In what ways do consumers stray from a delibera(ve, ra(onal decision process?
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The study of how individuals, groups, and organiza(ons select, buy, use, and dispose of goods, services, ideas, or experiences to sa(sfy their needs or wants.
Buyer’s Characteris(cs
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Buyer’s Characteris(cs
Cultural Factors
Social Factors
Personal Factors
Psychological Factors
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Cultural Factors
Culture
Subculture
Social Class
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Average U.S. Outlays IN 2007
38.5% 15.5% 11.4% 8.5% 6.1%
4.8% 4.2% 3.3% 2.1%
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Social Factors Reference Groups
Family
Role and Status
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Personal Factors
Age
Life Cycle Stage
Personality
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Personal Factors Values Occupa(on
Lifestyle
Economic situa(on
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Psychological Factors
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Mo(va(on Freud
Maslow
Herzberg
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Maslow’s Hierarchy of Needs
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Percep(on
Selec(ve Distor(on
Selec(ve Reten(on
Selec(ve Aoen(on
Subliminal Percep(on
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Learning Driver
Cues
Discrimina(on
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Emo(ons
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Memory
Brand Associa(ons
Mental Maps
Memory Processes
Encoding Retreival
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Brand
Associa(on
Associa(on
Associa(on
Associa(on
Associa(on
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The Buying Decision Process
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Buying Decision Process
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Problem Recogni(on
S(mulus • Internal • External
“I’m Hungry”
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Informa(on Search
Personal
Commercial Public
Experien(al
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Successive Sets Involved in Consumer Decision Making
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Evalua(on of Alterna(ves
Avtudes
Beliefs
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Steps between Evalua(on of Alterna(ves and Purchase Decision
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Purchase Decision Noncompensatory Models
A
Brand
Dealer
Quan(ty
Timing
Payment method
Purchase subdecisions
Choice Heuris(cs: • Conjec(ve • Lexicographic • Elimina(on-‐by-‐aspect
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Postpurchase Behavior Postpurchase Sa7sfac7on
Postpurchase Ac(ons Defect
Loyal
Dissa(sfied
Sa(sfied
Delighted
Stay or Go
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Modera(ng Effects
Low-‐involvement
Variety seeking
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Behavioral Decision Theory
Decision Heuris(cs
Decision Framing
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{ Commercial Break }
This (me is for real…
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Principles of Marke7ng Chapter 2
OK, We’re back. Again.
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Principles of Marke7ng Chapter 6
Business Buyer Behavior
Govt. and Ins7tu7onal Buying
E-‐Procurement
Business Buyer Behavior
Business Markets
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Analyzing Business Markets
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Discussion Ques(ons
1. What is the business market, and how does it differ from the consumer market?
2. What buying situa(ons do organiza(onal buyers face?
3. Who par(cipates in the B2B buying process?
4. How do business buyers make their decisions?
5. How can companies build strong rela(onships with business customers?
6. How do ins(tu(onal buyers and government agencies do their buying?
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The decision-‐making process by which formal organiza(ons establish the need for purchased products and services and iden(fy, evaluate, and choose among alterna(ve brands and suppliers.
-‐-‐ F. Webster Jr and Y. Wind
Organiza(onal Buying
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Business Markets
Agriculture
Communica(ons
Banking & Finance
Transporta(on & Distribu(on
Construc(on
Forestry Manufacturing
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Business Markets
• Understanding deep customer needs
• Iden(fy areas for growth • Improving value management techniques
• Calcula(ng beoer marke(ng metrics
• Compe(ng and growing in global markets
• Countering product commodi(za(on
• Gain support for the marke(ng concept
Similari(es to the Consumer Market
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Business Markets
Professional Buyers
Geographically Concentrated
Mul(ple Sales Calls
Differences to the Consumer Market
Personal Rela(onships
Fewer, Larger Buyers
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Business Markets
Demand • Derived • Inelas(c • Fluctua(ng
Derived Demand
Differences to the Consumer Market
Fluctua(ng Demand
Inelas(c Demand
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Buying Situa(ons
Straight Rebuy New Task
Modified Rebuy
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Systems Buying and Selling
Buyer
Prime Contractor
Second-‐(er
Contractors
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Business Buying Par(cipants
Influencer
Buyers Gatekeeper
Decider Ini(ator/Users
Approver
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Buying Center Influences
Par7cipants differ by: • Interest • Authority • Status • Persuasiveness • Decision criteria
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Targe(ng Firms and Buying Centers
Who to target?
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Purchasing/Procurement Process
Diverse supplier base
Benefits vs. Costs
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Stages in the Buying Process
Problem Recogni(on Descrip(on and
Characteris(cs Supplier Search
Proposal Solicita(ons
Supplier Selec(on
Order Specifica(on
Performance Review
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Stages in the Buying Process
Problem Recogni(on Internal s7muli
• New product being developed
• Broken machine
• Low stock level External s7muli
• Trade show visit • Adver(sement
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Stages in the Buying Process
Technical specifica7ons • Reliability • Durability • Price
Descrip(on and Characteris(cs
Product value analysis
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Stages in the Buying Process
Trade directories
Trade adver(sements
Trade shows
Supplier Search
E-‐Procurement Lead genera(on
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Proposal Solicita(ons
Stages in the Buying Process
Formal presenta(on
Wrioen
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Supplier Selec(on
Stages in the Buying Process
Supplier-‐evalua(on model
Number of suppliers
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Order Specifica(on
Stages in the Buying Process
Technical specifica(ons
Quan(ty
Delivery (me
Return policy
Warran(es
Stockless purchase plan
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Stages in the Buying Process
End user evalua(ons
Weighted-‐score
method
Performance Review
7 9 4
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Buyclasses
New Task Modified Rebuy
Straight Rebuy
1. Problem Recogni(on Yes Maybe No 2. General need descrip(on Yes Maybe No 3. Product specifica(on Yes Yes Yes 4. Supplier search Yes Maybe No 5. Proposal solicita(on Yes Maybe No 6. Supplier Selec(on Yes Maybe No 7. Order-‐rou(ne specifica(on Yes Maybe No 8. Performance review Yes Yes Yes
Buygrid Framework Bu
ypha
ses
Table 7.1
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Managing B2B Rela(onships
One-‐to-‐one Marke(ng
Online social media
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Managing B2B Rela(onships
Ver(cal Coordina(on
Rela(onship Factors Availability of alterna(ves Importance of supply Complexity of supply Supply market dynamism
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Buyer-‐Seller Rela(onship Categories
Customer is king
Collabora(ve
Mutually adap(ve Contractual transac(on
Coopera(ve systems
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Ins(tu(onal and Governments Markets
Schools
Hospitals
Prisons
Government agencies
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Principles of Marke7ng Chapter 8
Products, Services, Brands
Branding Strategy
Services Marke7ng
Product
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THREE LEVELS OF PRODUCT DECISION 1. Individual Product Decision
Product Support Services
Product Aoributes Branding
Packaging Labelling
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2. Product Line Decision
Product Support Services
Product Aoributes Branding
Packaging Labelling
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3. Product Mix Decision
Product Support Services
Product Aoributes Branding
Packaging Labelling
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Crea(ng Brand Equity
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“A name, term, sign, symbol, or design, or a combina(on of them, intended to iden(fy the goods or services of one seller or group of sellers and to differen(ate them from those of compe(tors.”
Brand
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Strategic Brand Management
Iden(fy
Plan Measure/ Interpret
Grow
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Role of Brands Consumer Benefits
Brands:
• Iden(fy source/maker
• Simplifies decision making
• Reduces risk
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Role of Brands
Brands: • Simplify product handling
• Protect unique features
• Create loyalty • Establish barriers to entry
Marketer Benefits
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Scope of Branding
Crea(ng difference between products
Brand
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The added value endowed on products and services because of the brand.
Brand Equity
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Customer-‐based Brand Equity
Differences in consumer response
Consumers’ brand knowledge
Percep(ons, preferences, and behaviors
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Brand Promise
What the brand must be and do for consumers.
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Branding Strategy
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Develop new brand elements
Apply exis(ng brand elements
Combine new and exis(ng elements
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Branding Strategy
Line Extension Category Extension
Parent Brand (Master or Family Brand)
Tide -‐ Fruit on the Bottom -‐ Fruit Blends
Honda -‐ Automobiles -‐ Lawn Mowers
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Branding Decisions
Sub-‐brand name
Company Brand GE, Heinz, Campbell Soup
Individual Brand Names
• Bisquick • Gold Medal • Whea(es • Yoplait
Kellogg’s Rice Krispies, Frosted Flakes…
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PNG Ins(tute of Banking and Business Management Copyright © 2012 Pearson Educa(on, Inc. Publishing as Pren(ce Hall Slide 155 of 27
A brand porzolio is the set of all brands and brand lines a par(cular firm offers for sale in a par(cular category or market segment.
Brand Porzolio
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Brand Porzolio -‐ Sony
Computer Cameras Televisions Theatre
Portable Electronics
Sony Pictures Games
VAIO -‐notebook -‐desktop
Digital Home
Disc Burner
Loca(on Free
mylo
So{ware
Cyber-‐shot
Alpha SLR
HandyCam
Printers
Digital picture frames
Photo services
Televisions
Home theatre systems
Blu-‐ray Disc
DVD players
Home audio components
Walkman Video MP3
Rolly
Reader Digital Book
Sony Cell Phone
GPS
Movies -‐Theatre -‐DVD -‐Blue-‐ray
Television -‐Comedy -‐Drama -‐Day(me -‐Cartoons Music
PlaySta7on -‐PS3 -‐PS2 -‐Portable
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Brand Roles
Cash Cows
Flankers Low-‐end Entry Level
High-‐end Pres(ge
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Brand Extensions
Improve the odds of new-‐product success
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Building Strong Brands
Brand Posi(oning • Aoributes • Benefits • Beliefs and Values
Brand Name Selec(on
Brand Sponsorship
Brand Development
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{ Commercial Break }
This (me is for real…
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Principles of Marke7ng Chapter 2
OK, We’re back. Again.
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Principles of Marke7ng Chapter 9
New Product Development
Product Life Cycle Strategies NPD Strategy
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Google.com
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Product Life Cycle Challenges
1. New Product Development 2. Product Life Cycle Strategies
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{ Commercial Break }
This (me is for real…
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Principles of Marke7ng Chapter 2
OK, We’re back. Again.
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Principles of Marke7ng Chapter 9,10
Pricing Strategies
Price Changes
Pricing Strategies
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Developing Pricing Strategies and Programs
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PNG Ins(tute of Banking and Business Management Copyright © 2012 Pearson Educa(on, Inc. Publishing as Pren(ce Hall Slide 186 of 22
Discussion Ques(ons
1. How do consumers process and evaluate prices?
2. How should a company set prices ini(ally for products or services?
3. How should a company adapt prices to meet varying circumstances and opportuni(es?
4. When should a company ini(ate a price change?
5. How should a company respond to a compe(tor’s price change?
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Marke(ng Mix
Product Price
Promo(on Place
Revenue Producer
Cost
Cost
Cost
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Changing Price Environment
Instant Price Comparisons
I’ll pay $235.00
Name Your Own Price
Get Products Free
Buyers
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$29.99 $19.99 $24.99
Changing Price Environment Sellers
Monitor Customers
Selec7ve Pricing
Nego7ate Prices
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How Companies Price
Pricing Department
Small Business Owner
Product-‐line Managers (w/guidance)
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Consumer Psychology and Pricing
Reference Prices
Price-‐Quality Inferences
Price Endings $1.99
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A Black T-‐Shirt
Armani -‐ $275
Gap -‐ $14.90
H&M -‐ $7.90
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Select Final Price
Sevng the Price
1
Price Method
Compe(tor Analysis
2
3
4
5
6
Es(mate Costs
Determine Demand
Pricing Objec(ve
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Selec(ng the Pricing Objec(ve Survival Maximum Current Profit Maximum Market Share Maximum Market Skimming Product-‐Quality Leadership Other Objec(ves
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Determining Demand
Price sensi7vity Es7ma7ng demand curves Price Elas7city of Demand
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Inelas(c and Elas(c Demand
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Es(ma(ng Costs
Demand Price Ceiling
Costs
Profit
Price
Price Floor
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Es(ma(ng Costs
Fixed Costs (overhead) Variable Costs Total Costs
Types of costs
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Costs at Varying Levels of Produc(on
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Es(ma(ng Costs
Accumulated Produc7on
Experience Curve (Learning Curve)
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Es(ma(ng Costs
Target Cos7ng
Market research Design engineers
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The Experience Curve
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Analyzing Compe(tors’ Offers
“A” “B”
Worth to Customer
Costs Reac(on
Price
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Selec(ng a Pricing Method
Pricing Methods • Markup • Target-‐return • Perceived-‐Value • Value • Going-‐rate • Auc(on-‐type
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Three Cs Model for Price Sevng
Ceiling price
Customers’ assessment of unique product features
Orien(ng point
Compe(tors’ prices and prices of subs(tutes
Costs
Floor Price
High Price
(No possible demand at this price)
Low Price
(No possible profit at this price)
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Markup Pricing
Variable cost per toaster $10
Fixed costs $300,000
Expected unit sales 50,000
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Target-‐Return Pricing
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Target-‐Return Pricing
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Perceived-‐Value Pricing Customer’s perceived-‐value
• Performance $$$ • Warranty $ • Customer support $ • Reputa(on $$
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Value Pricing
P1 P2 C1 C2
Level of Quality
THOUSANDS OF
LOW PRICES EVERY DAY throughout the store
EDLP
High
Low Pricing
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Going-‐Rate Pricing
Follow the Leader
Commodi(es
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Auc(on Pricing English auc7on (ascending bids)
Dutch auc7on (descending bids)
Sealed-‐bid auc7on
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Selec(ng the Final Price
Brand Quality
Impact on others
Pricing Policies
Gain-‐and-‐risk-‐sharing
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Adap(ng the Price Geographic Pricing
Price Discounts and Allowances
Promo7onal Pricing
Differen7ated Pricing
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Dealing with Price Changes
Compe7tor Moves
Raising Prices
Cugng Prices
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{ Commercial Break }
This (me is for real…
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Principles of Marke7ng Chapter 2
OK, We’re back. Again.
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PNG Ins(tute of Banking and Business Management
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{ Lets call it a day}
This (me is for real…
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Next week’s Case Study
Team 1: Page A16-‐ 1.1 to 1.5
Team 2: Page A23-‐2.1 to2.3 -‐ Westgate
Team 3: Page A27-‐3.1-‐ Kingsford
Team 4:Page A27-‐3.2 – Pepsi Co
Team 5:Page A27-‐3.3 – Hair Zone