Marketing Essentials

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Information about Marketing Essentials

Published on January 28, 2008

Author: mailtrinetra

Source: slideshare.net

Professor Julie N. Hennessy A Simplified Guide to Marketing Concepts and Buzz-Words Marketing Essentials

Overview of the Marketing Process Analyze 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

Analyze Marketing Opportunities

Environmental Analysis

Competitive Analysis

Consumer Analysis

Company Analysis

Select Target Markets

Market Segmentation

Targeting

Positioning

Formulate The Marketing Mix

Product Decisions

Pricing Decisions

Promotion Decisions

Distribution Decisions

Company, Consumers, Competitors & Collaborators Consumers Competitors Company & Collaborators Opportunity Analyses: Cross-sectional Longitudinal Analyses: Assets, Core Competencies, Discipline

Overview of the STP Process 1. 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 each segment. 2. Select, develop and communicate the chosen positioning. Segmentation Targeting Positioning

What Is a Positioning? Positioning is the centerpiece of Marketing Strategy The positioning identifies the way a firm wants customers to think about their product/brand to maximize their product interest The positioning defines how the product will be differentiated to compete in an increasingly competitive marketplace

Positioning is the centerpiece of Marketing Strategy

The positioning identifies the way a firm wants customers to think about their product/brand to maximize their product interest

The positioning defines how the product will be differentiated to compete in an increasingly competitive marketplace

A Typical Positioning Has Several Pieces... Actual Product or Service Description Target Benefits Competitive Context and Advantage

Actual Product or Service Description

Target

Benefits

Competitive Context and Advantage

Summarized in this Format To ( target market ), X is the brand of ( frame of reference ) that ( benefit/point of difference ) because of ( product attribute )

To ( target market ), X is the brand of ( frame of reference ) that ( benefit/point of difference ) because of ( product attribute )

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 for one organization’s product or services over those of competitors.

Primary Demand Stimulation

Marketing activity intended to increase demand for the product category.

Selective Demand Stimulation

Marketing activity intended to increase demand for one organization’s product or services over those of competitors.

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 current customers Develop new products for new markets

Secure and solidify your relationships with your existing customers

Attract competitors’ customers

Encourage non-users to use the product category

Develop new products for current customers

Develop new products for new markets

Branding — To Extend Or Not Extend? Evaluation of Extension Strength of Brand Meaning Too weak to be effective Interference

Branding — To Extend Or Not Extend? Core Association New Category Product Relatedness Dominance (Interference?) New associations to be learned depend on : Consumer’s motivation / involvement Manufacturer’s communication effort Source: Adapted from Farquhar, P., J. Han, P. Herr, and Y. Ijiri “Strategies for Leveraging Master Brands” Marketing Research , Sept 1992, 32-43.

New associations to be learned depend on :

Consumer’s motivation / involvement

Manufacturer’s communication effort

Pricing Decisions Marketing Approach Value Based Pricing Value = Physical Quality + Psychic Benefits Cost + Time Customer Value Price Cost Product Core Issues: Value to Customer Relationship to Competitors Relationship to Product/Service cost

Marketing Approach

Value Based Pricing

Value = Physical Quality + Psychic Benefits

Cost + Time

Core Issues:

Value to Customer

Relationship to Competitors

Relationship to Product/Service cost

Pricing Decisions Marketing Math Issues Break-evens Pricing Structures through channels Competing on price

Marketing Math Issues

Break-evens

Pricing Structures through channels

Competing on price

Hierarchy of Promotion Effects Awareness Adoption Interest Evaluation Trial

Push vs. Pull Promotion Strategies Consumers Trade Firm Push Strategy Firm Trade Consumers Pull Strategy

Definition & Objectives Marketing Channels are sets of interdependent organizations involved in the process of making a product or service available for consumption or use to the final consumer. (Stern, El-Ansary & Coughlan 1996) Distribution Channels aim at making available to the consumer: The Right Product (Assortment Utility) At the Right Place (Place Utility) At the Right Time (Time Utility)

Marketing Channels are sets of interdependent organizations involved in the process of making a product or service available for consumption or use to the final consumer. (Stern, El-Ansary & Coughlan 1996)

Distribution Channels aim at making available to the consumer:

The Right Product (Assortment Utility)

At the Right Place (Place Utility)

At the Right Time (Time Utility)

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