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Developing a Marketing Strategy and Marketing Plan

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  1. Developing a Marketing Strategy and Marketing Plan Chapter 9

  2. What memorable impression is Nabisco trying to leave with consumers who view this ad? • How are the words and images in the ad used effectively? • What is the marketing strategy of this ad? • A marketing strategy is the way marketing activities are planned and coordinated to achieve an organization’s goal.

  3. Effective marketers rarely try to serve all potential consumers in a market. • However, many businesses will target more than one segment in a market. • The most important factor used to segment a market are the needs and wants of the consumer. • Other factors used to segment a market include demographics, psychographics, geographics, and consumer buying behavior. Differentiating Market Segments

  4. A target market is a clearly identified segment of the market to which the company wants to appeal. • The people in the target market must have common, important needs that are different from those outside the target market. • Each target market requires a marketing mix that is different in important ways from other target markets. Selecting Target Markets

  5. Businesses will select the market segment that offers the best marketing opportunity to become the target market. • Each target market requires a unique marketing mix that responds to the differences of each market. Selecting Target Markets

  6. The product or service as a marketing mix element includes anything offered to the customer by the business that will be used to satisfy needs. • The basic product offered for sale is the most important factor when customer’s make a decision to buy. • Features can be added to a basic product to make one company’s product different from and better than competitors’ products. • Options give customers choices of the product features they want to purchase. • It is difficult for businesses to compete when their products are nearly identical to those of their competitors. Fine-Tuning the Product

  7. A brand is the unique name, symbol, or design that identifies a product, service, or company. Fine-Tuning the Product Frameworks 6.1

  8. The North Face, Inc. is an outdoor product company specializing in outerwear, fleece, footwear, and equipment such as backpacks, tents, and sleeping bags. • The North Face brand was established in 1968 in San Francisco, California. • This name “North Face“ was chosen because the north face of a mountain is generally the most difficult face to climb. Fine-Tuning the Product

  9. Mt. Everest is the tallest mountain on earth. The north face has been one ofthe most frequently used paths to the top. The number of corpses never recovered and still remaining on Everest is about 120.

  10. Studio Entertainment • Disney Studios • Miramax Pictures • Touchstone Pictures • Pixar Animation • Parks and Resorts • Disney Land • Disney World • Disney Land Paris • Hong Kong Disney • Media Networks • ABC, ESPN, and The Disney Channel • Consumer Products • The Walt Disney Store Walt Disney CompanyA Family of Brands

  11. Private brands, also called store brands, or dealer brands, are owned and sold by wholesalers and retailers. These can create store loyalty. Example: Kenmore, Great Value, Ol’ Roy, Best Choice • Manufacturer brands, also called producer brands or national brands are owned and created by manufacturers. More profitable. Example: LG, Sony, Purina, Motorola Fine-Tuning the Product Frameworks 6.3.1

  12. A trade/brand character is a brand mark with human form or characteristics. Fine-Tuning the Product Frameworks 6.1

  13. Trade/Brand characters continued … Fine-Tuning the Product Frameworks 6.1

  14. Trade/Brand characters continued … Fine-Tuning the Product Frameworks 6.1

  15. A trade/brand character can be used to position your product in the mind of the consumer. In the Apple Computer ads the company has ALSO used a trade character to position their competition! Fine-Tuning the Product

  16. Trade/Brand characters video: Classic advertising icons get modern makeovers Frameworks 6.1

  17. A co-branding strategy combines one or more brands to increase customer loyalty and sales for each individual brand. Fine-Tuning the Product Frameworks 6.3.2

  18. When the new “Call of Duty” series hits stores this week, players will be able to drive across virtual battlefields in a digitally animated Jeep. • If they enjoy the ride, they’ll be able to buy a real-life version of the tough-guy vehicle, thanks to an unusual and ambitious partnership with the car company. • A special-edition Jeep will go on sale late this month branded with the “Call of Duty: Black Ops” name. • This is apparently the first time a vehicle and video game have gotten into such a co-branding relationship. Co-Branding: Jeep and a Video Game

  19. Brand licensing is the legal authorization by a trademarked brand owner to allow another company (the licensee) to use its brand, brand mark, or trade character for a fee. This allows for the sale of more products Fine-Tuning the Product Frameworks 6.3.2

  20. The image is a unique, memorable quality of a brand. Some brands have an image of quality, others of low price, and still others of innovation. Fine-Tuning the Product

  21. A guarantee is a general promise or assurance of quality. Fine-Tuning the Product

  22. A warranty is a specific written statement of a seller’s responsibilities related to the guarantee. Fine-Tuning the Product

  23. Extended warranties are one of the most profitable things sold by a business. Should You Purchase Extended Warranties?

  24. A product life cycle identifies the four stages a product goes through from the time it enters the market until it is no longer sold. • Introduction • Growth • Maturity • Decline The Product Life Cycle Frameworks 6.4.1

  25. The Introduction Stage – The first stage in the product life cycle. There are no direct competitors. The price is usually high, but this is the least profitable stage. A 100% electric car parked at a recharging device in London. Stages of a Product Life Cycle Frameworks 6.4

  26. The Tesla Roadster is an all-electric sports car produced by the electric car firm Tesla Motors. The Roadster is the only highway-capable all-electric vehicle for sale today. A Product in the Introduction Stage

  27. Chapter 9

  28. The Growth Stage – Sales increase and competitors are attracted during this stage. Features, options, and services are added to the product. Stages of a Product Life Cycle Frameworks 6.4

  29. The Maturity Stage – Sales will peak and profits will begin to decline. Many business now offer their own brand of the product. All brands tend have the same options. Stages of a Product Life Cycle Frameworks 6.4

  30. The Decline Stage – This stage occurs when consumers decide that a product is no longer satisfying their needs or they discover a new and better product. Stages of a Product Life Cycle Frameworks 6.4

  31. First used by Marty Cooper on the streets of New York City in 1973. Cellular Telephones

  32. The consumer purchase classification system is based on two factors: • Importance of the purchase to the consumer • Willingness of the consumer to shop and compare products before making the purchase How Consumers Shop

  33. Convenience Goods – Purchased with little thought given to shopping around for the best price. • Staple goods – Products that are regularly, routinely purchased. Examples: bread, milk, toothpaste, snacks • Impulse goods – Products purchased on the spur of the moment without advance planning. Examples: candy, gum, magazines, soft drinks • Emergency goods – Products purchased as a result of an urgent need. Examples: towing services, gas, umbrellas, plumbing and other repair services Classifying Products for the Consumer Market

  34. Shopping Goods – These are more expensive than convenience goods and consumers will spend time shopping around for the right product and/or price. • Attribute-based goods – A variety of differences exist in products and the consumer will consider a number of factors to determine the best value. Examples: computers and cell phones • Price-based goods – Products are very similar but can have significant price differences. Examples: plasma screen TV’s, college textbooks, and pharmaceutical drugs Classifying Products for the Consumer Market

  35. Specialty Goods – Products with strong brand loyalty among customers. Customers will refuse to accept a substitute. These are well-known brands and are often very expensive. Examples: Rolls Royce, Porsche, Rolex Classifying Products for the Consumer Market

  36. Unsought Goods – These are goods that customers do not want to buy because they do not perceive a strong need for the product. Examples: life insurance, legal services, funeral services Classifying Products for the Consumer Market

  37. A marketing plan is a clear written description of the marketing strategies of a business and the way the business will operate to accomplish each strategy. • A marketing plan is a detailed document that provides guidance for the implementation of a marketing strategy. • A market analysis identifies a business’s strengths and weaknesses and the opportunities and threats it faces. This is known as a SWOT analysis. Developing a Marketing Plan

  38. What would be the strengths, weaknesses, opportunities, and threats of starting a patented DNA business?

  39. The mission or purpose of the company identifies the nature of the business or the reasons the business exists. Example: Inspiring life-long learners is our highest priority. With our students, their families and our community, we share an uncompromising commitment to excellence for all. – Mission Statement For ???? • A positioning statement is a specific description of the unique qualities of the marketing mix that make it different from the competition and satisfying to the target market. Developing a Marketing Plan

  40. Developing Successful Products Chapter 10

  41. A product is anything tangible offered to a market by a business to satisfy needs. • Consumer view a product differently than the business that produces it. • The satisfaction provided from a product’s use is more important to consumers than the physical appearance. • The failure rate for new products is very high and very expensive. • To interest a consumer, a product must be useful and meet the consumers’ needs. Starting With a Product

  42. When using a test market, a limited quantity of the new product is developed, and the marketing mix is implemented in a small part of the market to determine if it will be successful. • A test market is a specific city or geographic area in which marketing experiments are conducted. • This is increasingly expensive. • Competitors are tipped off about a company’s new products and marketing strategies. • Competitors will take actions to influence the test market results. Starting With a Product

  43. The most important part of the product is the physical product. • In product design, the basic product is modified and improved with features and options. • Not every product enhancement will add to customer satisfaction. Some consumers do not want a bike with 27 different gear speeds. • An important way of improving customer satisfaction with products is to suggest the purchase of additional products that make the original product more useful. Components of the Product Mix Element

  44. A product line is a group of similar products with slight variations in the product mix to satisfy different needs in a market. Components of the Product Mix Element

  45. A product assortment is the complete set of all products a business offers to its market. Components of the Product Mix Element

  46. The Package • A package is the physical container or wrapping for a product. • The package can aid in identifying and selling the product. • The packaging provides protection and security for the product until the consumer can use it. • Packaging can also make the product more desirable or useful for consumers. Example: A plastic screw on cap for orange juice. Frameworks 6.5