COMM 296 Study Guide - Final Guide: Sales Management, Unk, Motivation

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Published on 10 Dec 2014
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COMM 296: Final Exam Notes
Chapter 2 (pp 44-46): Developing Marketing Strategies and a
Marketing Plan
Growth Strategies:
Firms consider pursuing various market segments as part of their overall growth
strategies, which may include the four major strategies below
Market Penetration
Marketing Penetration Strategy employs the existing marketing mix and
focuses the firms efforts on existing customers
May be achieved by attracting new customers (eg. MTV moving away from
music)
Market Development
Marketing Development Strategy employs the existing marketing offering to
reach new market segments
Product Development
Product Development Strategy offers a new product or service to a firm’s
current target market
Diversification
A Diversification Strategy introduces a new product or service to a market that
currently is not served
Related Diversification, the current target market or marketing mix shares
something in common with a new opportunity
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Unrelated Diversification: the new business lacks any common elements with
the present business
Chapter 7 (pp 149-155): Global Marketing
Choosing a Global Marketing Strategy
Two components to consider: determining target markets to pursue, and
developing a marketing mix
Target Market: Segmentation, Targeting, and Positioning (STP)
More complicated than domestic STP due to cultural differences, subcultures,
different perceptions, etc.
The Global marketing Mix:
Global Product or Service Strategies:
Sell the same product or service in both the home country and host
country
Sell a product or service similar to that sold in the home country but
include minor adaptations
Sell totally new products o services
Global Pricing Strategies
Global Distribution Strategies: networks form complex value chains that
involve middlemen, exporters, importers, and transportation systems
Global Communication Strategies
Major challenge in developing a GCS is identifying the elements that need
to be adapted to be effective in the global marketplace
Chapter 10: Product, Branding, and Packaging Decisions
A product is anything that is of value to a consumer and can be offered through
a voluntary marketing exchange
Complexity of Products and Types of Products
Complexity of Products
Core Customer Value defines the basic problem-solving benefits that
consumers are seeking (eg. CCV gets converted into the actual product)
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Associated Services/Augmented product: include the nonphysical aspects of
the product (eg. Warranties, financing options, product support, after sale
service)
Type of Products
Two primary categories of products and services: consumers and businesses
Consumer Products are products and services used by people for personal use
Specialty Products/Services are products or services toward which
customers show a strong preference that they will expend considerable
effort to search for the best suppliers (eg. Luxury cars, legal professionals,
designer apparel)
Shopping Products/Services are products or services for which
consumers will spend a fair amount of time comparing alternatives (eg.
Furniture, appliances)
Convenience Products/Services are those products or services for
which the consumer is not willing to spend any effort to evaluate prior to
purchase (eg. soap, beverages, commodities)
Unsought Products/Services are products consumers either do not
normally think of buying or do not know about (eg. new products,
inventions)
Product Mix and Product Line Decisions
A product mix is the complete set of all products offered by a firm
The product mix usually consists of various product lines
Product Lines are groups of associated items that consumers tend to use
together or think of as part of a group of similar products (eg. Kellogg’s ready-to-
eat cereal)
Product mix breadth represents a count of the number of product lines offered
by the firm
Product line depth equals the number of products within a product line
Change Product Mix Breadth
Increase breadth
Firms add new product lines to capture new or evolving markets to
increase sales (eg. Palm going from PDAs to mobile phones in response
to BlackBerry)
Decrease breadth
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