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Marketing Study Guide, Ex: Discount/ Quality - Coggle Diagram
Marketing Study Guide
Chapter 6- Product Positioning Strategies and Branding Strategies
4 Product Positioning Strategies
Services Differentiation
Image Differentiation
Product Differentiation
Personnnel/ Employee Differentiation
USP- unique Selling proposition
One attribute that is the most important/unique to customers
Product Positioning- Setting the competitive positioning for the product against the competing brands
Know, how they want target customers to think about the firm's product and other marketing firms
Design marketing mixes to create these planned positions
Know the place the product occupies in consumers minds relative to competing products
Major Branding Decisions
Building Brand Equity
Brand Strategy
Line Extension
Brand Extension
Multi Brands
New Brands
Managing Brand Rebranding
Chapter 8- Services Marketing and Pricing Strategies and Approaches
Four unique Characteristics of Services
Intangibility
Inseparability
Perishability
Variability/Heterogeneity
4 Key Issues in Pricing
Cost Based vs. Value Based
Cost-Based= Cost of production + distribution + selling + markup
Value-Based = Buyer's perception of product's value
New Product Pricing Strategies
Market Skimming (higher price and then lower)
Market Penetration (Low initial price)
Major Pricing Strategies
Product line pricing (Separate price per product)
Optional product pricing
Captive product pricing (Must be used w/main product) Ex: Xbox games with Xbox
Product Bundle pricing
Price Adjustment Strategies
Reference Pricing
Odd-even pricing
Geographical Pricing
Loss Leader Pricing
Dynamic pricing
Chapter 7 Product Management and Strategies
6 Key Product Decisions
Product Attribute Analysis
Levels of Product
Core Benefit Level
Basic Product Level
Expected product level
Augmented product Levvel
Potential product level
Product and Service Classifications
Convenience product
Shopping product
Specialty product
Unsought product
Packaging and Labeling
New Product Development- 8 Steps
Idea generation
Idea Screening
Concept development and testing
Marketing strategy Development
Business Analysis
Product Development
Test Marketing
Commercialization
Managing Product Lifecycle
Introduction
Growth
Maturity
Decline
Manage or Extend Product Lifecycle
Modify the product
Modify the market
Modify the marketing mix
Ex: Discount/ Quality