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Unit 4: Marketing - Coggle Diagram
Unit 4: Marketing
4.6 - Creative Marketing
Funny
Word with double meaning
Eco friendly
Intrigues you
Unique
Clever
Makes purpose clear
Message
Print Ad suggestions
Not too wordy
Pick a theme
4.3 Product Life Cycle
Impact Of Marketing
Sales
Consumer reaction to the brand.
Brand Equity
the value of the brand in the marketplace.
The Product Life Cycle
Introduction
Product Launch
Curious/adventurous consumers buy product first – market to them
Growth
Word spreads, sales increase rapidly
Competitors enter market, battle for dominance
Marketers manage products carefully
Maturity
Constant sales, Brand equity highest
Most profitable, paid off early costs
Continued advertising as reminder
Decline
Sales decrease, inevitable
Decision Point
Try to reposition brand (reformulate, re-package, re-introduce)
New promotion and pricing
Or discontinue
Non-traditional Product Life Cycles
Fads
a product that is extremely popular with a select market for a short time
Niches
Very specific market, few competitors
Seasonal
Some products are popular during a specific time or season
Inventory Management important
The changes in popularity or sales of a product over time
Charts the progress of the brand
4.2 Branding
Brand Name
word(s) a business uses to distinguish its products from that of the competition
How the company is identified
Logo
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
symbol that is associated with the company or product
Logo Forms
Monogram
Stylized writing
Visual symbol
Represents something
Abstract symbol
Not representative of actual things
Trademark
A recognizable sign, design or expression that identifies products or services and gives the owner exclusive rights
Slogan
Short or catchy advertising phrase associated with a company or product
Brand Identification
Everything associated with a product
Slogan
Name
Logo
4.5 Marketing Mix
Market Definitions
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.
Functions
Helps a business determine its target market - group of consumers the business wants to reach.
To give consumers what they want - (4Ps - Product, Price, Place and Promotion).
The Marketing Process (Strategy)
Find a need
Conduct research.
Design a product to meet the need based on the research.
Set a price and do product testing
Determine a brand name, design a package and logo.
Select a distribution channel suitable for the product
Design a promotional program
Build a relationship with customers
Marketing Mix- 4Ps and 2Cs
All the marketing activities required to move a particular product or service from producer to the final consumer.
The elements of the marketing mix are the 4Ps - Product/Service, Price, Place, Promotion and 2 Cs – Competition and Consumer
4Ps - Product/Service
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.
Innovation and improvement are the keys to successful marketing.
4Ps - Price
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?
4Ps – Promotion
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.
Promotion Activities
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.
4Ps - Place
Where And How It’s Sold
Direct Channels
Producer to Consumer
Eg. farmer’s market
Indirect Channels
Intermediaries
Eg. wholesalers, retailers, importers
Specialty
Vending machines, telemarketing, e-commerce
Intensive, Selective or Exclusive distribution.
2Cs - Competition
The Competitive Market
All the sellers of a specific product
Market Share
The percentage of the market that a company’s brand has
2Cs - Consumer
Businesses study and target potential users of a product or service to be competitive
Consumers can be identified by:
Demographics
Age, gender, religion, culture, income
Lifestyle
The way people live, values, beliefs and motivations
4.7 Marketing Research
Secondary Data
Information collected by others:
Web sites
Indexes
Primary Data
Current information that is collected and analyzed for a specific purpose
Surveys
Focus groups
Types Of Marketing Research
Consumer
Market
Motivation
Pricing
Competitive
Product
Advertising
4.1 Introduction To Marketing
Marketing Activities
(Does not include the production of goods and services.)
Promotion
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
Advertising
A promotional tool that can influence the buying behavior of customers
TV, newspaper, online, social media, magazines, billboards, etc
Poster ads, videos, PSAs, interviews etc.
Distribution
Development
The stages involved in bringing a product from concept or idea through to market release
Invention or innovation/improvement
Sales
Activities related to selling or the number of goods sold in a given targeted time period.
Consider supply and demand
Research
Types Of Research
Advertising Research
Product Research
Competitive Research
Pricing Research
Motivation Research
Market Research
Consumer Research
The process of determining the viability of a new service or product through research conducted directly with potential customers.
What Is Marketing?
Fundamental Roles
To sell what a business makes
To manage the brand(s)
All activities involved in getting goods and services from the business that produces them to the consumer
4.4 Brand Management
Strategies
Push
manufacturer concentrates on selling product to retailers
offers special pricing
provides display materials
provides specialized racking
"Taking the product to the customer"
examples
Trade show promotions to encourage retailer demand
Packaging design to encourage purchase
Pull
manufacturer concentrates on creating demand at the consumer level
customers will ask for it
lots of advertising and promotion
"Getting the customer to come to you"
examples
Word of mouth referrals
Advertising and mass media promotion