MKTG1001 Lecture Notes - Lecture 6: Marketing Management, Marketing, Brand Equity

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5 Jun 2018
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Understand the concept of a ‘product’ from a marketing perspective.
Be able to differentiate types of ‘products’ that make up an offering.
Understand product-related decisions and strategies.
Understand the importance of branding strategies.
LO:
4P's (all equally important, work together)
They are tools and variables (i.e. are adjustable and are meant to be changed)
Marketing mix:
Build a better product at a market price
Building the same product at a lower price
Create a monopoly through a customer franchise
Key notes = best product (differentiation) or best price (main two strategies)
Three competitive market strategies:
Function of a product is to satisfy a need
Product = can be anything that can satisfy need
A product meets a need:
Lecture 6/CH7 - Product/Services/Branding
Wednesday, 2 May 2018
7:36 PM
Lectures Page 1
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Combines elements of marketing physical products with those of services, particularly the
experiential aspects of sporting, entertainment and other staged events delivered over a
period of time.
These are products in their own right, as well as providing sponsorship opportunities
Example = royal eastern show, Olympics
Event marketing:
Developing and building a high profile of an individual to generate $’s
Branding a person (e.g. celebrity marketing (branding said celebrity to sell concerts/albums
etc)
Personal marketing:
Marketing of the politician or political messages
Political marketing:
Marketing an idea or social cause, such as nuclear-free living or not drinking alcohol and
driving or catching public transport to and from work.
Designed to change social attitudes
Firms may use to support charities
NGO's and government often use this (market cause or idea for societal benefit not product)
Cause related marketing:
Involves activities by organisations not motivated by profit which ultimately lead to a
donation, bequest or some other contribution.
Charities, education, churches
Have to market brand not product to gain donations etc
Non - for profit marketing:
Where the consumer is actively involved
Used for tourist related firms/activities --> market experiences to entice customers
e.g. theme parks, destinations, bridge climb
Experiences marketing:
A total product:
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A product has three levels
Marketing management need to think about their product offerings as a ‘total product’
consisting of 3 levels:
which addresses the question: What is the buyer really buying?
Need being satisfied (general need that the product is meant to satisfy)
The core product
1.
may have as many as five characteristics: a quality level, features, styling, a brand name,
& packaging.
Product you see in the marketplace (the actual product, its packaging, colour etc in the
marketplace)
Actual products
2.
additional consumer services and benefits built around the core and actual products.
Additional/extras that come with the brand
Differentiation level
Augmented product
3.
A total product:
Majority of firms compete through a strategy of product differentiation so as to create a
monopoly over that segment of the market represented by their loyal customers, i.e. they
compete at the individual product level.
Kotler defines differentiation as the process of adding meaningful and valued differences to
distinguish the product from the competition.
There are a number of differentiation dimensions and strategies for their accomplishment.
Product quality, features, attribute, customisation, assortment.
Services anytime delivery, customer service, support and after sales service.
Personnel – charm and uniqueness of the organisation’s ‘face’ and people.
Channel location, availability, accessibility.
A strong brand name/image.
Gaining speed and first mover advantage.
Differentiate by:
Product differentiation
Service organisations ‘Offer their customers something that is essentially intangible: the
interaction does not result in the ownership of anything that endures’.
Services:
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Document Summary

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