Marketing Essentials 20021
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Transcript of Marketing Essentials 20021
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Professor Julie N. Hennessy
Marketing Essentials
A Simplified Guideto Marketing Conceptsand Buzz-Words
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Overview of the Marketing
ProcessAnalyze Marketing Opportunities
Environmental Analysis Competitive Analysis Consumer Analysis Company Analysis
Implementation & Control
Select Target Markets Market Segmentation Targeting Positioning
Formulate The Marketing Mix Product Decisions Pricing Decisions Promotion Decisions Distribution Decisions
Marketing
Research
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Company, Consumers,
Competitors & Collaborators
Consumers
Competitors Company &
Collaborators
OpportunityAnalyses:
Cross-sectional
Longitudinal
Analyses:
Assets, Core Competencies, Discipline
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Overview of the STP Process1. Identify segmentation bases and segment the
market.
2. Develop profiles of the resulting segments.
1. Evaluate the attractiveness of each segment.
2. Select the target segment(s).
1. Identify possible positioning concepts for eachsegment.
2. Select, develop and communicate the chosenpositioning.
Segmentation
Targeting
Positioning
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What Is a Positioning? Positioning is the centerpiece of Marketing
Strategy
The positioning identifies the way a firm wantscustomers to think about their product/brand to
maximize their product interest
The positioning defines how the product will
be differentiated to compete in an increasinglycompetitive marketplace
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A Typical Positioning Has
Several Pieces...
Actual Product or Service Description
Target Benefits
Competitive Context and Advantage
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Summarized in this Format
To (target market), X is the brand of
(frame of reference) that (benefit/pointof difference) because of (product
attribute)
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Primary Demand Vs. Selective
Demand Stimulation
Primary Demand Stimulation
Marketing activity intended to increase demand for
the product category.
Selective Demand Stimulation
Marketing activity intended to increase demand forone organizations product or services over those
of competitors.
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The Path of Least Resistance Secure and solidify your relationships with
your existing customers
Attract competitors customers Encourage non-users to use the product
category
Develop new products for currentcustomers
Develop new products for new markets
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Branding
To Extend Or Not Extend?
Evaluation
ofExtension
Strength of Brand Meaning
Too weakto be
effective Interference
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Branding
To Extend Or Not Extend?
Core Association New Category
Product
Relatedness
Dominance(Interference?)
New associations to be learned depend on : Consumers motivation / involvement
Manufacturers communication effort
Source: Adapted from Farquhar, P., J. Han, P. Herr, and Y. Ijiri Strategies forLeveraging Master Brands Marketing Research, Sept 1992, 32-43.
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Pricing DecisionsMarketing Approach
Value Based PricingValue = Physical Quality + Psychic Benefits
Cost + Time
Customer Value Price Cost Product
Core Issues: Value to Customer
Relationship to Competitors
Relationship to Product/Service cost
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Pricing Decisions Marketing Math Issues
Break-evens
Pricing Structures through channels
Competing on price
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Hierarchy of Promotion Effects
Awareness
Adoption
Interest
Evaluation
Trial
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Push vs. Pull Promotion Strategies
ConsumersTradeFirm
Push Strategy
Firm Trade Consumers
Pull Strategy
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Definition & ObjectivesMarketing Channels are sets of interdependentorganizations involved in the process of making a
product or service available for consumption or useto the final consumer. (Stern, El-Ansary & Coughlan 1996)
Distribution Channels aim at making
available to the consumer: The RightProduct(Assortment Utility)At the Right Place(Place Utility)At the RightTime(Time Utility)