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Unit Four Mind Map - Coggle Diagram
Unit Four Mind Map
Product Life Style (4.3)
Introduction:
- The launch of a Product
- The curious and adventurous consumers buy the product first
Growth:
- Words spreads, sales increase rapidly
- Competitors enter market, battle for dominance
- Marketers manage products carefully
Maturity:
- Sales are constant, brand equity at its highest
- Most profitable, paiding off early costs
Continued advertising as reminder
Decline:
- All the sales decrease
Decision Point:
- New promotions and pricing, or discontinue products
trying to reposition the brand (reform, re-package, re-introduce)
Product Life Cycle
- Changes in popularity and/or sales of a product over a time period
- Charts the progress of the brand
Non-traditional Product Life Cycles
Fads: Products that are very popular in a select market for a short period of time
Niches: A specific market with only a few competitors
Seasonal: Products are popular during a specific time and/or season, inventory management is important
Impact of Marketing:
- sales
- The reaction of the consumer to the brand
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Marketing Mix (4.5)
Functions of Marketing:
- Helps a business determine its target market (groups of consumers the business wants)
- Gives consumers what they want (Product, Place, Price and Promotion)
Definition:
- Places where goods and/or services are exchanged for something that of value
- A group of people with similar wants and needs for a product and/or service
Marketing Process
- Find a need
- conduct research
- Design a product to meet the needs based on the research
- Set prices and perform product testings
- Determine a brand name, design packaging and logos
- Select a distribution channel suitable for products
Marketing Mix
- The marketing actives are required to move a certain product and/or service from producer to the last consumer
- Elements of marketing- 4Ps- product/service, Price, Place and Promotion and 2Cs- Cometeion and consumer
Product/Service
- Successful products or services must satisfy consumers needs and/or wants much better than existing products and/or services.
- brand names, trademarks, packaging and labeling are all parts of product that need to be given attention
- Innovation and improvement are the keys to successful marketing
Price
- Contributes to the success or failure of a product or service
- The consumer must believe that the price is reasonable, they take the quality and prices of the same or similar product/ service into account
- The price should cover the cost of the production, it should allow for profit.
Promotion
- Inform potential customers of the product's or service's benefits and availability. The purpose of promotion is to persuade customers that the product or service is better than alternatives.
Promotion Activities:
- Personal selling- sales person, goes door-to-door and telemarketing
- Sales promotion- gives out free samples, coupons and rebates
- Public relations- a fair reputation in the public
Place:
- How and where the product is sold
- Direct Channels
- Indirect Channels
- Specialty
Competition:
The Competitive Market:
- all sellers of a certain product
Market Shares-
- The share of the market that a company's brand currently controls
Consumer:
- In order to be competitive, businesses research and target potential customers for a product or service.
Demographics- age, gender, culture, income and religion
Lifestyle- a way people live, values, motivations and beliefs
Marketing (4.1)
Marketing Activities:
- Research
- Development
- Sales
- Distribution
- Advertising
- Promotion
Research determining the viability of a new service/ product by research organized with possible customers
Definition of Marketing: Activities that are all involved in getting goods and services of the business to producing them to consumers.
Fundamental Roles: Sell what business make & Manage the brand(s)
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Sales: Related to selling/ the number of goods sold in a certain targeted time frame (supply and demand)
Promotion: Influencing the buying behaviour of customers and clients with a selling message that is persuasive about the product and service.
- -Examples-
- Push and pull strategies
- location, size, types of ads
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Branding (4.2)
What are logos used for?
- Helps everybody to remember the company or business
- Increases the image for that company
- Represents the name of the business
- Makes its easier for people who can't read
- Makes it easier for when travelling
Logo:
- symbols that are related with the company/product
Different kinds of logos:
- Monogram (stylized writing)
- Visual(represents something)
- Abstract (not representative)
(Logo's help the product to compete for consumer awareness)
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Brand Names:
- word(s) businesses use to characterize their products from their competitors
Trademark:
Definition: A familiar sign, design or expression that classifies products and/or services and gives the business owner rights
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Brand Management (4.4)
Push: Manufacturers pay close attention on selling products to retailers
- They offer special pricing
- Provides display materials
- Provides specialized racking, fridges
- pay retailers a shelf allowance
ex. of push tactics
- trades show promotions to encourage retailer demand
- direct selling to customers in showrooms or face to face '
- negotiation with retailers to stock your product
efficient supply chain allowing retailers an efficient supply
- Packging design which encourages purchases
ex. of pull tactics
- advertising and mass media promotions
- customer relationship management
- sales promotions and discoutns
Pull: Manufacturers concentrates on creating demand at the consumer level
- customers will be asking for it
lots of advertising and promotions
Marketing Research (4.7)
Secondary Data:
- Information gathered from others:
- Web sites
- Databases
- Periodicals
- Indexes
- marketing research reports that are professionally prepared
Primary Data
- current data that is gathered and examined for a particular goal
- Test marketing
- Internal information sources
- Surveys
- Observation
- Focus groups
Consumer Research-
- analyzes the product's overall sales potential as well as the types of products that consumers are interested in.
Market Research-
- identifies particular consumer groups who would use a certain commodity or service.
Motivation Research-
- analyses the emotional and logical factors that affect our purchasing decisions.
Pricing Research- assists the marketer in determining whether the business can sell the goods for a profit while maintaining a competitive price.
Competitive Research- assists the marketer in determining whether the business can sell the goods for a profit while maintaining a competitive price.
Product Research- examines every component of a good or service and considers the effect that each one might have on the market.
Advertising Research- gives details on the best methods for informing potential customers about a product.
Definition of Marketing Research:
- gathering and evaluation of data
Different types pf Marketing Research:
- consumer research
- market research
- motivation research
- pricing research
- competitive research
- product research
- advertising research
Creative Marketing (4.6)
Print Ad Suggestions:
- not too wordy
- in order to avoid losing the reader's attention, keep it succinct
- Instead, make an attention-grabbing statement
- Don't squander any words since they all matter! Get to the point quickly
- Having too many stuff around can detract from your product's key selling feature.
- Pay attention to the typeface, picture, and theme you choose, and keep your eye on the prize.
More suggestions:
Call 735-0000 to sign up right away, should be the call-to-action in the advertisement. Call to action
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