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Principles of Marketing. 4 P’s of Marketing. Product Place Promotion Price. The Marketing Mix. (features, quality, service, support, product line etc.). (channel of distribution, exclusive vs. intensive, etc.). (advertising, sales force, brochures, coupons, etc.).

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slide2

Principles of Marketing

4 P’s of Marketing

Product

Place

Promotion

Price

The Marketing Mix

(features, quality, service, support,

product line etc.)

(channel of distribution, exclusive vs. intensive, etc.)

(advertising, sales force, brochures, coupons, etc.)

(list price, discount, deals, both end-user and channel)

Developed by IQ Fall 2007

slide3

Principles of Marketing

4 P’s of Marketing

Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or a need

Product

Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything

Service

Developed by IQ Fall 2007

slide4

Principles of Marketing

4 P’s of Marketing

Augmented Product

Product

Actual Product

Delivery & Credit

After sales service

Brand Name

Features

Core Benefit

Design

Quality Level

Packaging

Warranty

Installation

Developed by IQ Fall 2007

slide5

Principles of Marketing

4 P’s of Marketing

  • CONSUMER PRODUCTS
  • Convenience goods
  • Shopping goods
  • Specialty goods
  • Unsought goods
  • INDUSTRIAL GOODS
  • Marketing Considerations to Consumer Productions table 8.1 pg 235, Principles of Marketing

Product

Types

Developed by IQ Fall 2007

slide6

Principles of Marketing

4 P’s of Marketing

  • Product Attributes
  • Branding
  • Packaging
  • Labeling
  • Product Support Services

Product

Product and Services Decisons

Developed by IQ Fall 2007

slide7

Principles of Marketing

4 P’s of Marketing

  • Product Features
  • Product Quality
  • Product Style and Design

Product

ProductAttributes

e.g Shopping Cart

e.g Pink Santro Club

Developed by IQ Fall 2007

slide8

Principles of Marketing

4 P’s of Marketing

Product

ProductAttributes

Developed by IQ Fall 2007

slide9

Principles of Marketing

4 P’s of Marketing

Product

ProductAttributes

Developed by IQ Fall 2007

slide10

Principles of Marketing

4 P’s of Marketing

Product

BRANDING

A name, term, sign, symbol or design. Or a combination of these intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.

Developed by IQ Fall 2007

slide11

Principles of Marketing

4 P’s of Marketing

Product

PACKAGING

- Labeling

The activities of designing and producing the container or wrapper for a product

Product information given on package

Nutritional Labeling and Educational Act 1990, FDA

Developed by IQ Fall 2007

slide12

Principles of Marketing

4 P’s of Marketing

Product

Product Support Services

  • Customer Support Service
  • Return Policies
  • Replacement Policies
  • Warranty
  • Guarantee

Developed by IQ Fall 2007

slide13

Principles of Marketing

4 P’s of Marketing

PRODUCT LINE

A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets or fall within given price ranges

Product

PRODUCT MIX

The set of all product lines and items that a particular seller offers for sale

Developed by IQ Fall 2007

slide14

Principles of Marketing

4 P’s of Marketing

BRAND EQUITY

The positive differential effect that knowing the brand name has on customer response to the product or service

Product

  • BRAND POSITIONING
  • Product Attributes
  • Benefits
  • Beliefs and Values

Developed by IQ Fall 2007

slide15

Principles of Marketing

4 P’s of Marketing

  • BRAND NAME SELECTION
  • Selection
  • Protection

Product

  • BRAND SPONSORSHIP
  • Manufacturer’s brand
  • Private brand
  • Licensing
  • Co-branding

Developed by IQ Fall 2007

slide16

Principles of Marketing

4 P’s of Marketing

  • BRAND DEVELOPMENT
  • Line Extension
  • Brand Extension
  • Multibrands
  • New brands

Product

Developed by IQ Fall 2007

slide17

Principles of Marketing

4 P’s of Marketing

PRODUCT DEVELOPMENT LIFE CYCLE

Product

PDLC

  • Product Idea
  • Screening
  • Concept Development &Testing
  • Marketing Strategy
  • Business Analysis
  • Product / Prototype Development
  • Test marketing
  • Commercialization

Developed by IQ Fall 2007

slide18

Principles of Marketing

4 P’s of Marketing

PRODUCT LIFE CYCLE

Costs are high, Profits are low

Product

PLC

  • Introduction
  • Growth
  • Maturity
  • Decline

Profits start and keep growing, Market share increases

Sales are maximum then tail-off, Maximum profits

New products replace products, sales become low

Developed by IQ Fall 2007

slide19

Principles of Marketing

4 P’s of Marketing

PRODUCT LIFE CYCLE

A basic and distinctive model of expression

Product

PLC

  • Style
  • Fashion
  • Fad

A currently accepted or popular style in a given field

A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity

Developed by IQ Fall 2007

slide20

Principles of Marketing

4 P’s of Marketing

PRICING

The amount of money charged for a product or service or the sum of the values that consumers exchange for the benefits of having or using the product or service

Price

DYNAMIC PRICING

Changing different prices depending on individual customers and situations

Developed by IQ Fall 2007

slide21

Principles of Marketing

4 P’s of Marketing

FACTORS EFFECTING PRICING DECISIONS

Internal Factors

  • Marketing Objectives - Depends on PLC
    • Survival, Current Profit Maximization, Market Share leadership, Product Quality Leadership
  • Marketing Mix Strategy – Depends on PLC
    • Target Costing
  • Costs
    • Elasticity of Demand, Elasticity of Price
  • Organizational considerations

Price

Developed by IQ Fall 2007

slide22

Principles of Marketing

4 P’s of Marketing

FACTORS EFFECTING PRICING DECISIONS

External Factors

  • Nature of the market and demand
  • Competition
  • Other environmental factors

(economy, resellers and government)

Price

Developed by IQ Fall 2007

slide23

Principles of Marketing

4 P’s of Marketing

PRICING APPROACHES

Price

  • Cost based Pricing
    • Cost Plus pricing – Add standard profit (mark-up) to the cost of the product
  • Break-Even Analysis and Target Profit Pricing
  • Value-based pricing

Setting price based on buyer’s perceptions of value rather than on the seller’s cost

Developed by IQ Fall 2007

slide24

Principles of Marketing

4 P’s of Marketing

NEW-PRODUCT PRICING STRATEGIES

Price

  • Market Skimming Pricing

Selling a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price

- Fewer but more profitable sales

  • Market-Penetration Pricing

Setting a low price for a new product in order to attract large number of buyers and a large market share

Developed by IQ Fall 2007

slide25

Principles of Marketing

4 P’s of Marketing

PRODUCT MIX PRICING STRATEGIES

Price

  • Product Line Pricing

Setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features and competitor’s prices

  • Optional-Product Pricing

The pricing of optional or accessory products along with a main product

Developed by IQ Fall 2007

slide26

Principles of Marketing

4 P’s of Marketing

PRODUCT MIX PRICING STRATEGIES

Price

  • Captive Product Pricing

Setting a price for products that must be used along with a main product e.g blades for razors, cartridges for printers

  • By-Product Pricing

Setting a price for by products in order to make the main product’s price more competitive

Developed by IQ Fall 2007

slide27

Principles of Marketing

4 P’s of Marketing

PRICE ADJUSTMENT STRATEGIES

Price

  • Discount
  • Allowance
  • Segmented Pricing
  • Psychological
  • Geographical
  • Promotional
  • International

Developed by IQ Fall 2007

slide28

Principles of Marketing

4 P’s of Marketing

Place

  • Distribution or Supply Chain Management
  • Retailing and Wholesaling

Developed by IQ Fall 2007

slide29

Principles of Marketing

4 P’s of Marketing

Distribution or Supply Chain Management

Value Delivery Network:

The network made up of the company. Suppliers, distributors and eventually customers who partner with each other to improve the performance of the entire system

Marketing Channel or Distribution Channel:

A set of interdependent organizations in the process of making a product or service available for use or consumption by the consumer or business user

Place

Developed by IQ Fall 2007

slide30

Principles of Marketing

4 P’s of Marketing

Distribution or Supply Chain Management

Marketing Channel or Distribution Channel:

Place

Producer

Producer

Producer

InDirect Marketing Channel

InDirect Marketing Channel

Direct MarketingChannel

Wholesaler

Retailer

Retailer

Consumer

Consumer

Consumer

Developed by IQ Fall 2007

slide31

Principles of Marketing

4 P’s of Marketing

Distribution or Supply Chain Management

Conventional Distribution Channel:

A channel consisting of one or more independent producers, wholesalers and retailers, each a a separate organization seeking to maximize its own profits even at the expense of profits for the system as a whole

Vertical Marketing System (VMS):

A distribution channel structure in which producers, wholesalers and retailers act as a united system. One channel member owns the others, has contracts with them or has so much power that they all cooperate

Place

Developed by IQ Fall 2007

slide32

Principles of Marketing

4 P’s of Marketing

Distribution or Supply Chain Management

Horizontal Marketing System:

A channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity

Multichannel distributin system or hybrid marketing channel:

A distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments

Place

Developed by IQ Fall 2007

slide33

Principles of Marketing

4 P’s of Marketing

Distribution or Supply Chain Management

Marketing Logistics:

A channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity

Supply Chain Management:

A distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments

Place

Developed by IQ Fall 2007