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Chapter 11 Developing Product and Pricing Strategies

Chapter 11 Developing Product and Pricing Strategies

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Chapter 11 Developing Product and Pricing Strategies

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  1. Chapter 11 Developing Product and Pricing Strategies

  2. What Is Marketing? Conception Pricing Promotion Distribution Ideas Services Goods Individual Objectives Organizational Objectives

  3. Types of Marketing Product Marketing Place Marketing Cause-Related Marketing

  4. The Role of Marketing Needs and Wants Exchanges and Transactions

  5. Form Time The Four Utilities Place Possession

  6. Customers • Profitability • Integration The Marketing Concept

  7. The Buyer’s Decision-Making Process Need Recognition Information Search Evaluation of Alternatives Purchase Postpurchase Evaluation

  8. Culture Social Class Reference Groups Self-Image Situational Factors Factors That Influencethe Buyer’s Decision

  9. Analyzing Customer Preferences • Marketing Research • gathering and analyzing information about customers and markets • Research tools include: • Personal observations • Surveys and questionnaires • Experiments • Interviews • Focus groups

  10. Analyzing Customer Preferences • Database Marketing • recording & analyzing customer interactions, preferences, & buying behavior for improved communication. • information is gathered by: • engaging in two-way dialogues with clients, • customer purchase files • e-mails, WebPages, fax machines, & toll-free #’s.

  11. Building Customer Relationships Relationship Marketing One-To-One Marketing

  12. Planning Marketing Strategies Examine Current Marketing Situation 1 Assess Opportunities and Set Objectives 2 Develop Marketing Strategies 3

  13. Review Performance Evaluate the Competition Examine Strengths & Weaknesses Analyze the External Environment Examine the CurrentMarketing Situation

  14. Market Penetration New-Product Development Geographic Expansion Diversification Assess Opportunities and Set Objectives

  15. Segments and Niches Target Markets Market Position Marketing Mix Develop the Marketing Strategy

  16. Segmenting Markets Demographics Geographics Psychographics Geodemographics Behavioural Patterns Usage Patterns

  17. Marketing Mix 1 Segment 1 Marketing Mix 2 Segment 2 Marketing Mix 3 Segment 3 Segment 3 Target Market Strategies Differentiated Undifferentiated (Mass) Concentrated (Niche) Company Marketing Mix Company Marketing Mix Market

  18. Positioning the Product • Features • Services • Image • Category Leadership

  19. Developing the Marketing Mix Social Responsibility Competition Economics Product Price Target Market Society Nature Business Ethics Business Ethics Place Promotion Technology Regulation Politics Social Responsibility

  20. Goods Products Ideas Services Salt Shoes DVD Auto Fast Food Cruise Consulting Insurance Education Tangible Dominant Intangible Dominant The Product Continuum

  21. Characteristics ofService Products Intangible Quality Perishable Nature

  22. Convenience Products Shopping Products Specialty Products Unsought Goods Consumer Products

  23. Raw Materials Components Supplies Installations Equipment Business Services Business Products

  24. The Product Life Cycle Introduction Growth Maturity Decline VCRs Hybrid Gas-Electric Cars I-Pod DVD’s Sales Sales Volume (units) + 0  Profits Time

  25. Product Identities Branding Packaging Labelling

  26. Branding Products Brand Names Co-Branding National Brands Brand Marks Generic Products Private Brands Trade Marks

  27. Selecting Products Product Line Product Mix • Line filling • Line extension • Brand extension • Line stretching • Width • Length • Depth • Risks and rewards

  28. Marketing Objectives Government Regulations Customer Perceptions Consumer Demand Developing Pricing Strategies

  29. Cost-Based Price-Based Skimming Penetration Discounting Pricing Approaches