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What type of Products are Marketed? Physical Goods Cars, Shampoos Services Financial, Repair Persons Movie Stars, Political Leaders Places Switzerland, Nanital Organizations Girl Scouts, Political Parties Ideas Family Planning, Driving in Single Lanes
Product Classification
Products are classified into 3 groups according to their durability and tangibility Non-Durable Few uses soaps, salt Durable Many uses clothing, cooking range Services Intangibles banking, brokerage
Consumer Goods
Convenience Goods Frequently used, purchased with minimum effort bread, cooking oil Shopping Goods Purchased less often, comparison on price, quality, and style TV, Mobile Phone
Specialty Goods Purchased as desired, branded products anti-aging cream, shampoos Unsought Goods Purchased on perceived need, can do without food processor, water filter
FMCG
Fast Moving Consumer Goods (FMCG) Groceries Snacks Detergent Hair Oil
Industrial Goods
Capital Goods Plant Equipment, Computers Materials and Parts Plastics, Auto Parts Supplies Paper, Toner Business Services Market Research, Patent Services
Product-Focused Organization
Head of Company/ Division
Manufacturing
Marketing
Finance
Corporate Communications
Marketing Research
Manager Product A
Product Management
Manager Product B
Support
Manager Product C
Characteristics
Classic brand management structure developed by P&G in 1930s Commonly used where different products use the same channels of distribution
Product Manager has the ultimate responsibility for the brand Associate Product Manager develops brand extensions or manages a small brand Assistant Product Manager is responsible for market and share forecasting, budgeting, coordinating with production, executing promotions, and packaging
Advantages
Center of responsibility is clear Clear who to turn to for information on the product Product has an advocate with training, experience, persuasion, and communication skills Breeding ground for senior executives
Disadvantages
Narrow focus on one product Induces a centralized structure Quest for quarterly or short-term sales and market share goals Several salespeople representing different products calling on the same customer Inefficient use of marketing funds to build brand name
Examples
P&G General Foods Adobe Ford Mitsubishi GM (adopted 1995, dropped 2002)
Market-Focused Organization
Head of Company/ Division
Manufacturing
Marketing
Finance
Corporate Communications
Manager Market A
Manager Market B
Manager Market C
Characteristics
Marketing authority by market segment Useful when there are significant differences in buyer behavior in the market segments Does not give managers full responsibility for the services or products delivered
Advantages
Focus on the customer as an asset Easier to justify product modification or elimination Useful when bundling different products or when consumer purchases many different products form the same company Enhances product manager interactions due to specific knowledge in the particular segment
Disadvantages
Possible conflict with the product management structure that may lie below Mini-CEO training and experience of traditional product managers may be lost
Examples
Levi Bell
Function-Focused Organization
Head of Company/ Division
Manufacturing
Marketing
Finance
Corporate Communications
Product Planning
Advertising
Sales Promotion
Marketing Research
Characteristics
Aligned by marketing functions Product and market-focused organizations have aspect of this structure embedded in their organizations A single manager is not responsible for day-today marketing activities of the product Marketing strategies are designed and implemented through coordinated efforts
Advantages
Administratively simple Useful if company has few products The structure is logical with normal marketing activities Functional training is easier to deliver Managers become functional experts
Disadvantages
Product responsibility is shared so no one down the line can be held accountable Requires substantial time in cross-functional meetings Training is limited to function Marketing VP or head needs to do much of the planning
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Examples
Intel Apple HP
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Media
Promotion Services
Legal
Fiscal
Product Manager
Packaging
Purchasing
Sales
Packaging
Features
Styling
Quality
Installation
Product Analysis
1. 2. 3. 4. Category Competitor Customer Demand
Category Size Measured in units and monetary value Will revenues support investment Large markets are better Large categories offer more opportunities for segmentation Large size tends to draw competitors
Category Growth Current growth are important Growth projections are crucial Fast-growing support high margins and sustain future profits Attract competitors Cause dramatic shift in market share survivability of product
Stage in the PLC The introduction stage is unattractive for new entrants The growth stage is attractive The maturity stage may be attractive for some categories The decline is unattractive to new entrants and low market share holders may exit
Growth Maturity Decline Moderate Large High Low High Low/ High Moderate Negative Low
Years
Sales Cyclicity Due to inter-year variation in demand General Economic conditions introduce peaks and valleys in sales as GDP varies Swing in sales, profits, employment, cash available for new product development
Seasonality Intra-year cycles in sales Clothes, sweets, fire-crackers, and toy sales during festivals Generates price wars Many products are seasonal like cold remedies, skin creams, ice cream
Profits Vary across products or brands in a category, and over time Inter-industry differences also exist Average profit margins for footwear is about 6%, personal care 20%, and biotechnology 50% Chronic low profitability is less attractive Variation used as industry risk
Category Factors
Threat of New Entrants Bargaining Power of Buyers Bargaining Power of Suppliers Amount of Intra-category Rivalry Threat of Substitute Products or Services Category Capacity
Category Factors
Threat of New Entrants If high, attractiveness diminishes In early stages of market development it can help a market to expand Usually it heightens competitiveness and reduces profit margins Offset by setting up barriers to entry
Category Factors
1. Potential Barriers to Entry Economies of Scale Product Differentiation Capital Requirements Switching Costs Distribution
Category Factors
Bargaining Power of Buyers Distributors, original equipment manufacturers (OEMs) or end users High if product bought is a large % of buyers cost, product is undifferentiated, buyers earn low profits, buyer can backward integrate, buyer has full information, when substitutes exist
Category Factors
Bargaining Power of Suppliers Is a mirror image of buyer power High if suppliers are concentrated, no substitutes, differentiated product, built in switching costs, supply is limited
Category Factors
Amount of Intra-category Rivalry Intense category competition is not attractive Escalates marketing expenditures, price, employee switch High if many or balanced competitors, slow growth, high fixed costs, lack of differentiation, personal rivalry Difficult for a product manager to have an impact on category rivalry
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Category Factors
Threat of Substitute Products or Services Large number is less attractive Threat from generics Threat generally in all categories High rates of returns when few
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Category Factors
Category Capacity Chronic overcapacity is not a positive sign for long-term profitability Operating at capacity costs stay low, supplier bargaining power high Indicates health of category Recession may lead to overcapacity
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Category Factors
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Environmental Factors
Technological Political Economic Regulatory Social
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Environmental Factors
Technology If weak vulnerable to new product and global competition If well positioned firm can take advantage of change
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Environmental Factors
Political Affects products with global sales Product manager must assess political risk Free market affected by political party in power
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Environmental Factors
Economic Interest rate fluctuations short-term financing Currency exchange rates global markets Employment conditions availability of skilled labor Recession sales, GDP growth declines Inflation rates consumer buying power diminishes
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Environmental Factors
Regulatory Restrict industry from specific media use Stringent testing requirements Air, water, soil pollution Intervene in global competition - dumping
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Environmental Factors
Social Trends in demographics, lifestyles, attitudes, and personal values Trends affect B2B due to derived demand Young adults Mature consumers Children as consumers Shift of power from seller to consumer
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2. Competitor Analysis
To analyze competitors, a commitment to developing a competitive strategy that includes a willingness to expend resources on collecting data is necessary
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Product Deletion in a group that are substitutes for each other, if one is deleted or not available, which one would the customer select from the choice set or the rest Substitution in Use judged similarities in usage context, use and substitutes are indicated for the target product
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Corporate Intelligence
Rank 1 2 3 4 5 6
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Data Collection
Secondary Data
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Data Collection
Primary Data
Suppliers
Employees
Customers
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Data Collection
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Data Analysis
Key Questions Who are they? What are the competing product features? What do they want? What is their current strategy?
Differential Competitor Advantage Analysis Who has the competitive product advantage? Competitor Marketing Plan What are they going to do? Dr. A. Kaul
Data Analysis
Who are the major competitors? How do the competing products or services stack up against each other? What are the objectives of the major competitor products? What is the current strategy being employed to achieve the objectives? Who has the competitive edge? What are they likely to do in the future?
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Processor
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The following will occur: A cut in price Increase in advertising expenditures Increase in promotions to consumers and distributors Increase in distribution expenses
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Harvest Objective Focus on profitability brand marketed in the opposite way The following will occur: Increase in price Decrease in marketing budgets
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Examples of Objectives
Global Competitor May be interested in establishing market position even with short-term losses Private Firm on Stock Exchange long-term profits Private Family Owned short-term profits Public Firm foreign exchange, employment, providing services
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Mergers, Acquisitions, LBO Retain market share Firms Operating Philosophy Minimize capital investment
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Marketing Strategy
Three Major Components: Target Market Selection Core Strategy Positioning, Differentiating Implementation Supporting Marketing Mix
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Marketing Mix
The mix provides insight into the basic strategy of the competitor and special tactical decisions 4Ps
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Marketing Mix
Product Physical product or service and how it is sold Price Highly visible Promotion Which type and how often Place Which channels are being emphasized?
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Procurement
Primary Inbound Operations Outbound Marketing Activities Logistics Logistics And Sales Service
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Technology Strategy
Framework of Six Criteria Technology Specialization Level of Competence Sources of Capability Internal/External R&D Investment Level Competitive Timing Initiate/Respond R&D Organization and Policies
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Late To Market
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Firm/Product A B C
Own Product
Assess: How crucial is this product to the firm? How visible is the commitment to the market? How aggressive are the managers?
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3. Customer Analysis
What we need to know about current and potential customers: 1. Who buys and uses the product? 2. What customers buy and how they use it? 3. Where customers buy? 4. When customers buy? 5. How customers choose? 6. Why customers prefer a product? 7. How customers respond to marketing programs? 8. Will customers buy it (again)?
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Demographics Age, gender, geographic location Socio-graphics Income, education, occupation, social class Personality traits ambitious, extrovert Psychographics and Value lifestyle activities, interests, opinions
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Lifestyle Topology
Strivers Achievers Pressured Adapters Traditionalists
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Value Topology
Self-respect Security Warm relationship with others Sense of accomplishment Self-fulfillment Sense of belonging Respect for others Fun and enjoyment Excitement
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Benefits
The Firm Produces Features The Customer Purchases Benefits Technology Firms User friendly Drill Manufacturer Sells holes, not drills Product Manager Understand the benefits customers are seeking in the market segment
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Ability to pull away safely Smooth-running engine Stay fit, alert, comfortable Wheels wont lock and skid
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Purchase Pattern
Database Marketers use three criteria for evaluating and segmenting customers in their databases Recency how recently has the customer bought brand? Frequency How many different products does the customer buy, and what are the time intervals? Monetary Value What is the value of the customers purchases in terms of profits?
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Potential Customers
Continuum Relating to the Product Unaware Aware Accepting Willing to use the product Attracted Positive towards the product Active Buy and/or plan to buy Advocates - Encourage others to buy
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Product Assortment
Different Brands Purchased by the Customers for the category in the Segments Create Switching Tables Different Vendors used by Businesses Industrial products
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Use
Sweets Festivals Rainwear Rainy season Sunscreen Summer Customer Suggestions Baking soda to deodorize drains Lime juice to clean cooking range
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Channels of Distribution
Customers Migrate to Other Channels Specialty retailer to Discount Discount to Department Store Neighborhood to Superstore Small Retailer to Large-Volume retailer Brick-and-Mortar to Internet
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Timing Issue
Sales or Price Breaks and Rebates Fast-Food Breakfast, lunch, snack, dinner Woolens Winter Capital Equipment Near fiscal year end Cold Remedies Before and during winter
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Multi-attribute Model
The process of how customers make decisions Attributes used by customer to define the product Perceptions amount of attributes possessed by each brand or product in the category Importance Weights weights given by customer for each attribute
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Attributes
Identifying the relevant set is not easy Managerial judgment alone can cause misestimates Collect information: Focus-Groups Survey/Questionnaire Open-ended or close-ended
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Inconvenient
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Importance Weights
Direct Questioning On a scale of 1-to-7 with 7 being very important and 1 not important, how important is the attribute .. in your purchase decision
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Segment 2
Segment Score
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Compensatory Rule Multivariate Model All attributes are considered and weakness in one can be compensated for by strength in another
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Lexicographic Rule Compares the products on the most important attributes alone and eliminates those which are not at the top
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Conjunctive Rule Assumes the customer sets minimum cutoffs on each dimension and rejects a product if it has any attributes below the cutoff
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Conjoint Analysis
An alternative to weights, conjoint analysis permits the product manager to infer the importance of different product attributes in terms of importance
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Three Attributes Weight 1 kg or 2 kg Battery Life 2 hr or 4 hr Brand HP or LG Task: Rank in order the following combinations from 1 = most preferred to 8 = least preferred
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Difference in the Average Ranks: Weight = 4.0 (6.5 2.5) Battery Life = 1.0 (5 4) Brand = 2.0 = (5.5 3.5) The most important attributes to this customer is weight, followed by brand, and then battery life
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Extensive Problem Solving First-time buyers or high-technology products Limited Problem Solving Customer understands functioning and competitors, evaluates on small number of attributes Routine Response Behavior routine purchases with low or high price tag
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Customer Value
Critical Component of Customer Analysis Benefit Customers perspective Cost price, maintenance Sources of Customer Value Economic Functional Psychological
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Price firms assessment of the products value Price Sensitivity sales change with price Satisfaction Indicated in surveys used as standard practice Complaints and Compliments Number Word-of-Mouth Difficult to track
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Margin/Profit Contribution Higher margins Sales Value assessed by the market Competitive Activity New-product introductions Repeat Purchase Rate High loyalty indicates high brand value
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Determine the uses of the product Estimate the importance of the uses List competing products for the uses Determine the relative effectiveness of the product category in each usage situation
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Assessing the total value of a brand can be done indirectly A high-value brand has: High Market Share High Repeat Purchase Rate Low Elasticity with respect to Price Limited Competitive Brand Shopping
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Using customer responses to estimate the value of a brand directly: Ratings for competing products Constant sum ratings across brands Graded paired comparisons Conjoint analysis
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Customer Response
Sensitivity and Preference Varies by Customer: To Price and to means of payment Distribution and Availability including the effect of direct marketing Advertising Promotion Service
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Assessing Sensitivity
Expert Judgment using knowledge of managers, sales-force Customer Survey including both direct questioning and more subtle approaches as conjoint analysis Experiments both controlled settings and actual market segments Analyses of Past Data across market segments or individual customer records
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Decision to Purchase
Critical Issue whether new or current customer will purchase the product in the future Quality Program satisfy and retain customers Relationship Marketing long-term, lifetime, value of a customer
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Quality - Satisfaction
Quality is ultimately measure in terms of customer satisfaction Satisfaction has a strong relative component to quality Are customers of the product category more or less satisfied than those of a different but potentially substitutable one? Are customers of the companys product more or less satisfied than customers of a competitors?
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Measurement of Satisfaction
Three Key Aspects Expectations of Performance/Quality Perceived Performance/Quality The Gap between Expectations and Performance
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Indirect Measures Word-of-Mouth Comments Complaints Compliments Repeat purchase or lack thereof
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Why Satisfaction?
Leads to Loyalty Customer Retention Intention to Purchase
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Satisfied but No Repurchase Due to Poor Product Supply Variety Seeking or Multiple Sourcing Large Promotional Deals Unsatisfied but Continue to Purchase Monopoly Convenience
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Segmentation
Each Customer is Unique Mass Marketing is Generic Each Customer Strategy Time-Consuming Not Very Profitable Group Customers into Segments A Compromise
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3 Segmentation
Insights into Different Kinds of Customer Behavior Makes Marketing Programs more Efficient With IT one-to-one Marketing is Viable But Segmentation is the Norm
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Cluster Analysis
Examines the values of the variables for each respondent , from a sample of customers, and then groups the respondents with similar values Cluster Cluster A Purchase C Quantity Cluster
B
Age
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Cluster Analysis
Phone company employed Cluster Analysis to understand its regional customers Six segments based on clustering households Low Income/Blue Collar Fledglings Frugal/Retired Thrifties Contended Middle Class Contenteds Aspiring M-C Status Seekers Climbers Technology Driven Strivers Techies Contended Upper Middle-Class - Executives
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Cluster Analysis
Industrial-products company segmented its national accounts based on trade-offs between price and service to form four segments Programmed Buyers small customer, routine purchases Relationship Buyers small buyers, loyal, pay low prices and obtain high service levels Transaction Buyers large buyers, obtain price discounts, expect high service levels, switch suppliers Bargain Hunters large buyers, lowest prices, highest service levels
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Tabular Analysis
This analysis uses categorical variables based on customer responses Descriptor Variables related to attitude, independent variables Convenience Oriented Enthusiastic Disinterested Behavioral Variables dependent variables Small/Light, Medium, Large/Heavy
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Regression Analysis
Is used when the product manager can specify an explicit relationship between behavioral, dependent variable, and one or more descriptor, independent variable However, unlike tabular analysis it assumes a continuously measured dependent variable, quantity rather than category of usage
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Regression Analysis
Usage = f (price, convenience oriented, enthusiastic, disinterested, low, medium, high income) Regression performed using regression coefficients to represent the regression model in an equation form U = aP + bC + cE + eD + fL + gM + hH
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Regression Analysis
Results may suggest: Price sensitivity depends on various service characteristics quality, support Price responsiveness exists across counties and continents segmentation based n responsiveness rather than country boundaries are useful for global marketing
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Judgment-Based Segmentation
Useful because segments are readily identifiable and reachable Heavy, Light, Non-Users Can be used as a basis for comparison with results of computer-based analysis Segments based on intuition may exist only in the mind of a manager and not in the market
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Situational Determinants
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ESTEEM
(recognition, status)
SOCIAL
(Belonging, Acceptance)
SAFETY
(Security, Protection)
PSYCHOLOGICAL
(Food, Shelter)
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Problem Recognition
Information Search
Alternative Evaluation
Purchase Decision
PostPurchase Evaluation
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Motivation
Perception
Attitude Formation
Integration
Learning
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% 61 47 46 44 44 27
Consumer Attitude
Important to Marketers Summarize a Consumers Evaluation of a Brand or Company Represent Positive or Negative Feelings Are Related to Consumers Purchase Behavior
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Demand Analysis
Three Broad Categories of Demand Effective demand backed by purchasing power Potential customer possesses purchasing power but is not currently buying Latent one which the customer is unable to satisfy, usually for lack of purchasing power, or availability
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Quantity
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Decline in Demand
The reduction in promotional support will often lead to contraction in overall demand as the product loses the front-of-mind awareness, stimulated by advertising, so that usage will gradually decline
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Development Stages
1. 2. 3. 4. 5. 6. 7. 8.
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Idea Generation Concept Development Feasibility Screening Concept Testing Product Development Product Testing Market Testing Go-No Go Decision
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Business Analysis
First Major Decision Stage Is venture potentially worthwhile, since expenditures will increase dramatically after this stage? Market Analysis Explicit Statement Explanation
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Business Analysis
Market Analysis Detailing potential total market Estimated market share with specific time horizon Competing products if any Likely price, break-even volume Identification of early adopters, specific market segments
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Business Analysis
Explicit Statement Technical Aspects Costs Production Implications Supplier Management Further R&D
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Business Analysis
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Commercialization
The Second Major Decision Stage is the Commercialization Stage Launch Stage Last Stage in the Development Cycle Decisions to be made: When to launch the product? Where to launch it? How and to whom to launch it?
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Important Considerations
Commercialization
Seasonality of the product Whether the launch should fit any trade or commercialization event Whether the new product is a replacement for the old one Whether it is advantageous to be first to market Launch location Launch strategy
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Line Extension
Line Extension Product variant in the same category using the existing brand name
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Line Extension
Line Extension Allow Full Line of Products Appeal to Multiple Segments Increase Potential Sales customer base Allow Price Discrimination among users with different needs and preferences Can Confuse Customers Can Dilute/Weaken Brand Equity
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Brand Extension
Brand Extension Product in a different category using the existing brand name
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Brand Extension
Brand Extension Riskier than Line Extensions Brand must Fit in the New Category Image Match
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Brand Extension
Brand Risk/Fit/Image Pepsi Tofu artificial drink doesnt go with natural food IBM Pens why would they bother?; what do know about making pens? Minute Maid Cranberry Juice dont they make this already?
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Brand Extension
Tide Facial Cleanser makes me think of sandpaper rubbing on my skin McDonalds Film Processing I see chemicals in my food
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Active Search new products and processes in other areas Category Analysis examining social trends, technologies Brainstorming generating ideas for new products can be difficult
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Brainstorming New Market/Customer Acquisition who else can we sell it to? Customer Expansion what else can we sell them?
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4 Brainstorming
Product Variants/Line extensions what different features can we add or replace Value Chain Changes how else can we get it to the customer?
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Product Testing 1. Product Tests Uncover product shortcomings Evaluate commercial prospects Evaluate alternative formulations Uncover the appeal Gain ideas for marketing-mix
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Product Testing
Types of Product Tests Small Samples employees Limited-Time Horizon forced-trial Placement of Product in Homes - elaborate
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2. Discrimination and Preference Testing Discrimination is the ability to correctly identify differences from the product alone, without cues such as brand name and ingredients
3. Market Testing The purpose of such tests is to predict sales and profits from a major product launch
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Market Testing
Market Testing
Test Design Requirements Action Standards Where to Test What to Do How Long Cost Information Gathering
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4. Quasi-Market Tests Market tests tend to be expensive They take time and tip off competitors Simulated Test Methods ASSESOR BASES LITMUS
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Firm Level 1. Does it add to our customer base through Acquisition? Expansion Loyalty/retention? Enhanced brand equity?
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2. Does it detract from our customer base through Cannibalization? Customer defections? Lowered brand equity?
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3. Do we have the capabilities to Develop it? Produce it? Distribute and sell it? Buy or partner to do the above?
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4. Will it be profitable On a stand-alone basis? Long-run impact on product line? 5. Are there other benefits associated with it Learning/capability enhancement? PR?
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6. Are there other costs associated with it? Legal liability? PR?
7. Can we control the market in the short and long-run Against the new entrants? Against the entire competition?
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Time
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Time
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Management Top Commitment Set Cultural Climate Technology Support Inter-Level Communication
Sony
Has lost its leading-edge in new product development ,and in bringing new products to market What are the reasons?
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Sony
Apples iPod Samsungs flat screen TVs Korean digital cameras Chinese pen drives and multimedia players These companies and sources continue to push Sony out of its core consumer electronics market
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This problem is partly due to Sonys corporate culture, where business units are run separately, discouraging agility, cross fertilization, and anticipation of consumer needs
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What is a Brand?
A brand is a name, terms, sign, symbol, design, or a combination intended to identify goods or services of a firm and differentiate them from the competitors
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What is a Brand?
Name a: Company Product Service Why?
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A Brand Conveys:
A Promise A Warranty
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Brand Meaning
Deep Positioning On: Values Culture Personality Shallow Positioning Just On: Attributes Benefits Users
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CDI
LOW
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Good Sales Potential for both Product Category and the Brand
CDI LOW The Category is not selling well, but Brand is, good market to advertise but Monitor for Sales Decline
Category shows High Potential but Brand is not doing well, the Reasons should be Determined
Both Category and Brand are doing Poorly, not a good area for Advertising
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Personality
Product Benefits
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Brand Equity
Brand Equity is the value of a product beyond that explainable by economic and functional attributes Brand equity represents value to the manufacturer and is represented by the premium a customers would pay for one product over another when economic and functional attributes are identical
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Margin/Profit Contribution Higher margins Sales Value assessed by the market Competitive Activity New-product introductions Repeat Purchase Rate High loyalty indicates high brand value
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Brand Coca-Cola IBM Microsoft GE Nokia Toyota Intel McDonalds Disney Google
Brand Value, $B 67 59 59 53 36 34 31 31 29 26
Top 20 Brands
Rank 11 12 13 14 15 16 17 18 19 20 Brand Mercedes Benz HP BMW Gillette American Express Louis Vuitton Cisco Marlboro Citi Honda Brand Value, $B 26 23 23 23 22 22 21 21 20 19
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Coca-Cola Brands
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BRAND LOYALTY
BRAND ASSETS
Value to Firm BRAND LOYALTY Efficient and Effective Marketing Programs Price/Margins Brand Extensions Trade Leverage Competitive Advantage
VALUE TO CUSTOMER Easier to Interpret Benefits Feel Confident in the Purchase Decision Get more Satisfaction in Use Dr. A. Kaul
Brand Positioning
Is the act of designing the companys offering and image to occupy a distinctive place in the mind of the target market
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Positioning Strategy
Competitive Frame of Reference MOOV, back pain for women PointsofDifference FedEx, overnight delivery nationally PointsofParity Savlon, antiseptic no sting Redefining Category BMW, both luxury and performance
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PRICE
LOW
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Low Performance
B Low Quality
High Performance
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Product Planning
Advertising
Sales Promotion
Marketing Research
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Sales
Product Management Marketing Marketing Services Services Brand Manager Brand Manager Advertising Department Marketing Research
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Brand Manager
Responsible for Ad and Promotions Works closely with Outside Ad Agency and other Marketing Communication Specialists May have own Ad Agency May Compete with other, even in the same Product Category
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Positioning
In the Minds of the Consumer For Companies as well as Brands Distinctive Attribute Price/Quality Usage/Application Product Users/Class Creative Strategy for Multiple Brands in the same Market Segment
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