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UNIT 4 REVIEW - Coggle Diagram

- - - - Constant sales, Brand equity highest
      - Most profitable, paid off early costs
      - Continued advertising as reminder
    - - Sales decrease, inevitable
    - - Word spreads, sales increase rapidly
      - Competitors enter market, battle for dominance
      - Marketers manage products carefully
    - - Try to reposition brand (reformulate, re-package, re-introduce)
      - New promotion and pricing
      - Or discontinue
    - - Product Launch
      - Curious/adventurous consumers buy product first – market to them
  - - - Very specific market, few competitors
    - - Some products are popular during a specific time or season
      - Inventory Management important
    - - a product that is extremely popular with a select market for a short time
- - - - A place where goods or services are exchanged for something of value
      - A market is a group of people with similar wants and needs for a product or service.
  - - - Price is one of the most critical elements contributing to the success or failure of a product or service.
      - Consumers must feel that the price is reasonable, taking into account the quality and prices of the same or similar product or service.
      - The price must cover the cost of production and allow for a profit. At what price are the consumers willing to buy the product?
    - - This refers to the methods by which businesses or individuals inform potential customers about the availability and benefits of the product/service. The goal of promotion is to convince the consumers that the good/service are superior to others.
      - Personal selling - sales person, door-to-door, telemarketing.
      - Sales promotion - free samples, discount coupons, rebates, etc. Publicity - news, documentary.
      - Public relations - good reputation to the public, charitable activities, customer relations.
      - Advertising (paid use by sponsor) - Newspapers, magazines, Internet, radio, TV, Direct mail, Door-to-door, Outdoor, etc.
    - - Direct Channels
        
        Producer to Consumer
        
        Eg. farmer’s market
      - Specialty
        
        Vending machines, telemarketing, e-commerce
      - Indirect Channels
        
        Intermediaries
        
        Eg. wholesalers, retailers, importers
    - - The Competitive Market
        
        All the sellers of a specific product
      - Market Share
        
        The percentage of the market that a company’s brand has
    - - Businesses study and target potential users of a product or service to be competitive
      - Consumers can be identified by:
        
        age, gender, religion, culture, income
        
        the way people live, values, beliefs and motivations
    - - Innovation and improvement are the keys to successful marketing.
      - A successful product or service must satisfy a consumer’s need or want better than existing product or service.
      - Brand names, trademarks, packaging and labeling are part of the product that need to be given adequate attention.
- - - - activities related to selling or the number of goods sold in a given targeted time period.
        
        consider supply and demands
    - - the stages involved in bringing a product from concept or idea through to market release
        
        invention or innovation/improvement
    - - a promotional tool that can influence the buying behavior of customers
        
        poster ads, videos, PSAs, interviews etc.
        
        tv, newspaper, online, social media, magazines, billboards, etc
    - - the process of determining the viability of a new service or product through research conducted directly with potential customers.
        
        consumer research
        
        marketing reseach
        
        motivation research
        
        pricing research
        
        pricing research
        
        competitive research
        
        product research
        
        advertising research
    - - the process of influencing the buying behavior of customers or clients with a persuasive selling message about products and/or services
        
        push / pull strategies
        
        location, size, types of ads
- - - - Keep it brief because you’ll lose the attention of the person looking at it
      - Instead, use a catchy phrase to grab attention
      - Every word counts so don’t waste any! Get straight to the point
    - - One powerful image can have more of an impact than several small images
      - Several small images can be used to show products and how they will help you/are used
      - Making a top-heavy ad with the image in the top left corner can lead them into the Z pattern if text follows
      - If you turn your ad upside down, does it still look just as good?
- - - - symbol that is associated with the company or product
        
        Logo forms
        
        Visual symbol
        
        Represents something
        
        Abstract symbol
        
        Not representative of real things
        
        Monogram
        
        Stylized writing
        
        Why do companies use them?
        
        Helps people remember the business
        
        Increases the company image
        
        Represents the business’ name
        
        Helps people who can’t read
        
        Helps when travelling abroad
        
        Can show the use of the product
        
        Ties together packaging/advertising/promotions
        
        Trademark
        
        A recognizable sign, design or expression that identifies products or services and gives the owner exclusive rights
    - - Short or catchy advertising phrase associated with a company or product
    - - word(s) a business uses to distinguish its products from that of the competition
      - How the company is identified