BU121 Midterm: BU-121 SOS Slides Understanding Customer

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23 Feb 2017
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Major Keys to Successful Marketing
#1 Key: Provide a Unique Benefit
#2 Key: Convince the customer that the product provides the unique benefit
o Achieved through consistent product, price, promotion, and place decisions
o 4 P’s are itegrated/osistet
o All parts of the organization must have a clear idea of the value proposition
The Marketing Mix 4 P’s
Product
o Classifications, Life Cycle, Total Product Concept, Branding
Price
o Objectives, Strategies
Promotion
o Advertising, Sales Promotion, Personal Selling, Public Relations
Place
o Direct vs. Indirect
Product Classification
Understanding the classification of our offering allows us to understand the approach
consumers will take to purchase it
Has implications for how we attempt to reach and convince these customers
Product Types
Convenience Good/Service (buy routinely)
o Staple branding, max exposure, shelf position (ex. Milk)
o Impulse max exposure, shelf position, point of purchase (ex. Gum, candy)
o Emergency near point of purchase, readily accessible (ex. Hotels right off the highway)
Shopping Good/Service (spend time shopping)
o Homogeneous exposure for price comparison
o Heterogeneous exposure near similar products
o Ex. Car dealerships
Specialty Good/Service (make effort to buy)
o Selective distribution for elusiit J’s
Unsought Good/Service (hardly looking)
o Aggressive promo, personal selling (life insurance)
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Product Life Cycle
Product Life Cycle
Introduction
o Frequent product modifications, limited distribution and heavy promotion
o Failure rate is high
Growth
o Sales grow at an increasing rate, profit = healthy
Maturity
o Product has been in market for a long time
Decline
o Change in consumer taste or new products have entered
Product Life Cycle Variations
Companies can slow down or reverse the cycle
To remain competitive, companies can:
o Find new users
o Fid e arkets adaptig the produt to eet the other regio’s eeds
Product Adoption Curve
Whe do the ustoers adopt the produt: The do’t all u it at the sae tie
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Document Summary

Product: classifications, life cycle, total product concept, branding. Promotion: advertising, sales promotion, personal selling, public relations. Understanding the classification of our offering allows us to understand the approach consumers will take to purchase it. Has implications for how we attempt to reach and convince these customers. Convenience good/service (buy routinely: staple branding, max exposure, shelf position (ex. Impulse max exposure, shelf position, point of purchase (ex. Gum, candy: emergency near point of purchase, readily accessible (ex. Shopping good/service (spend time shopping: homogeneous exposure for price comparison, heterogeneous exposure near similar products, ex. Specialty good/service (make effort to buy: selective distribution for e(cid:454)(cid:272)lusi(cid:448)it(cid:455) (cid:894)j"s(cid:895) Unsought good/service (hardly looking: aggressive promo, personal selling (life insurance) Introduction: frequent product modifications, limited distribution and heavy promotion, failure rate is high. Growth: sales grow at an increasing rate, profit = healthy. Maturity: product has been in market for a long time. Decline: change in consumer taste or new products have entered.

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