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Marketing Exam 2 - Coggle Diagram

- - - - Set objectives
      - Identify actions
    - - Specify constraints
      - Identify data
      - Determine how to collect data
  - - - Primary
        
        Pros:
        
        Precise
        
        Current
        
        Known
        
        Secret
        
        Reliable
        
        Cons:
        
        Costly
        
        Time consuming
        
        Limited perspective
        
        Corporate limitations
        
        Methods
        
        Exploratory
        
        Focus groups
        
        Interviews
        
        Observation
        
        Qualitative data
        
        Descriptive
        
        Surveys
        
        Panels
        
        Observation
        
        Quantitative data
        
        Experimental
        
        Lab studies
        
        Field studies
        
        cause and effect
      - Secondary
        
        Cons
        
        May be obsolete
        
        May be unsuitable
        
        Unknown methodology
        
        Undisclosed findings
        
        Conflicting results
        
        Not always reliable or credible
        
        Pros
        
        Inexpensive
        
        Available
        
        Fast
        
        Aids exploratory research
    - - Communication
        
        Surveys
        
        Interviews
        
        Focus groups
      - Observations
        
        Personal
        
        Mechanical
      - Experiments
      - Purchased Data
- - - - Tangible
      - Can be owned
    - - Intangible
      - Can't be owned
- - - - Organizational foundation
        
        Core values
        
        Mission
        
        Culture
      - Direction
        
        Business
  - - - Quality
      - Profitability
      - Employee Welfare
      - Revenue and Sales
      - Customer Satisfaction
      - Quality
      - Social Responsibility
    - - Specific
      - Measurable
      - Attainable
      - Relevant
      - Time Specific
    - - Stars - High Growth, High Market Share, should be funded
      - Question marks - High Growth, Low Market Share - should be resolved by executives whether to foster or sell
      - Cash cows - Low Growth, High market share - milked to supply funds
      - Dogs - Low Growth, Low Market Shore - sold if possible
    - - Marktet Penetration - Existing M, Existing P
      - Product Development - Existing M, New P
      - Market Development - New P, Existing M
      - Diversification - New M, New P
    - - Situation Analysis - SWOT
      - Market product Focus - Segmentation and Goal
      - Developing the Marketing Program - 4 Ps
        
        Product
        
        Goods, services
        
        Physical unit, warranty, brand, image
        
        Place
        
        Availability and usability
        
        Promotion - all communication
        
        Price - what buyer must give up
- - - - Variable
      - Fixed
      - Standard Markup - adding fixed percentage to cost
      - Cost-plus
        
        cost-plus% - fixed% added total unit cost of each product
        
        Cost-plus fixed gee - Reimbursed for all costs, plus paid a fixed fee as profit
    - - Customary - traditional price
      - Relative - set relative to competitor
      - Loss-leader - below customary price to attract customers and hope they will buy additional products
    - - Prestige - price high for status
      - Odd-Even - Odd pricing seems like a deal
      - Target pricing - determine retail price, then work backwards
      - Bundle pricing - market two products togetther
      - Yield management - based on demand and supply for capacity
      - Skimming
        
        Premium price
        
        Does not maximize sales
        
        High profit
      - Pentration
        
        Maximizes sales
        
        Low price
        
        Low margins
    - - Target profit - set annual target of specific dollar volume
      - target RoS - set prices to receive specified profit as % of sales
      - Target ROI - set price to achieve a specified ROI
  - - - think of competition and cost of ownership
    - - Consumers have set price in heads
      - If competition is price similarly, customer will think they e the same product and prefer lower
  - - - Illegal for manufacturers cannot charge a different price to different retailers, discounts must be equitable
      - Okay if
        
        Products are different
        
        Retailers paying different prices are not competitors
        
        Competition is not injured
        
        Differences are due to supplier costs
        
        Market conditions change
- - - - Product
        
        Cannot be patented
        
        Branding very important
      - Place
        
        Location is important
      - Promotion
        
        Use tangible imagery
      - Price
        
        Used to manage capacity
    - - People
        
        Right employees
        
        People are often product
        
        Importance of people
        
        1, Right people
        
        2, Enable People
        
        Motivate people
        
        Employee satisfaction
        
        Has effect on customers
        
        Has effects on recruiting costs
        
        Impacts productivity and quality
      - Process
        
        Number and sequence of actions for customers
        
        Processes impact producitivity
      - Physical Environment
        
        Appearance of the servicescape and other tangibles
        
        Maintain physical appearances
        
        Physical design
        
        Interior design
        
        Vehicles/ equipment
        
        Staff Grooming/clothing
        
        Other tangibles
  - - - Assurance - trust knowledge, skill
      - Empathy - individualzied
      - Responsiveness - promptness
      - Reliability - dependable, 1st time
    - - Knowledge gap: Custoemer expectations not understood
      - Standards gap: service firm does not set service standards
      - Delivery gap: service delivered is different than expectation
      - Communication: Actual service delivered is different than what is promised
  - - - Apologize
      - Resolve the problem
      - Listen to the customer
      - Involve them in service recovery
    - - Outcome fairness: Is restitution fair?
      - Procedural fairness: Is process to complain fair?
      - Interaction fairness: Am I treated with respect during the complaint/resolution process?
- - - - Sales are low, high failure rate
      - Frequent product modification
      - Limited distribution
      - High marketing and product costs
      - Personal selling
      - Focus: Product awareness and primary demand
    - - Competitors enter market
      - Healthy profits
      - Brand advertising emphasis
      - Wider distribution
      - End of growth stage
      - Sales volume creates economies of scale
    - - Increase in sales at decreasing rates
      - Marketplace approaching saturation
      - Product lines extended
      - Marginal competitors drop out
      - Heavy promotions - sales promotion
      - Prices and profits fall
    - - Signaled by a long-run drop in sales
      - Rate of decline is governed by how rapidly consumer tastes change or how rapidly substitute products are adopted
      - Falling demand forces many out of market
      - Few specialty firms left
      - Possible strategies for decline stage
        
        Deletion - drop product
        
        Harvesting - retain product but drop marketing costs
    - - Adoption: how a consumer or business customer begins to buy and use a new good, service, or idea
      - Diffusion: Describes how the use of a product spread throughout a population
    - - Relative advantage
        
        How much better it is than existing alternatives
        
        Better performance, increased comfort, saving in time and effort, or immediacy of reward
      - Comptatibility
        
        How easily it fits into lifestyle
        
        Can be overcome with advertising
        
        How it fits with other products
    - - Innovators
        
        Venturesome and risk-take
        
        Cosmopolites, willing to seek social relationships outside of their local peer group
        
        Rely heavily on impersonal information source
      - Early Adopters
        
        The second to adapt an innovation
        
        Heavy media users
        
        Tend to be concerned with social accpetance
        
        Opinion leaders primarily come from the early adopter group
      - Early majority
        
        Deliberate and cautious
        
        Above in education and social status
        
        Spend time in innovation decision process
      - Late majority
        
        Older, more conservative
        
        Follow peers
        
        Below average in education, income, and social status
      - Laggards
        
        Lower in social class than other categories
        
        Bound by tradition
        
        Product may have already been replaced by another innovation
    - - Brand: The combination of names, terms, and symbols or other unique elements of a product that identifies one firm's products and sets it apart from the competition
      - A brand is a signal or a promise
      - Good brand should
        
        Suggest benefits
        
        Be memorable and distinctive
        
        Have a positive connotation
        
        Fit with desired image
        
        No legal/regulatory restrictions
        
        Simple and/or emotional
        
        Convert well for international use
      - Brand equity
        
        Brand's value to its organization
        
        Provides customer loyalty
        
        Can be leveraged for brand extensions
      - Strategies
        
        Individual brands (multibranding) - each product has own brand
        
        Family/Corporate (mulyiproduct) - Market all products under umbrella
        
        National/Manufacturer brands - by producer
        
        Private label - store brands
        
        Licensing - Firm sells right for another to use brand
        
        Co-branding
        
        Ingredient - one brand makes up another
        
        Cooperative - two brands with equal treatment
        
        Complementary - branded together
      - Packaging functions
        
        Perceptual benefits
        
        Communicate brand personality
        
        Distinguish from other brands
        
        Communication benefits
        
        Instructions
        
        Required information
        
        Functional benefits
        
        Protect product
        
        Make package more user-friendly
        
        Effective Packaging
        
        Cost reduction
        
        Health, safety, security
        
        Environmental package