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Unit 4 review - Coggle Diagram
Unit 4 review
4.2 Branding
Brand Name
Word(s) a business uses to distinguish its products from that of the competition .How the company is identified
Trademark
A recognizable sign, design or expression that identifies products or services and gives the owner exclusive rights
Logo
Symbol that is associated with the company or product
Logo types:
Monogram- Stylized writing
Visual Symbol - Represents something
Absract symbol - Not representive of actual things
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4.3 Product Life Cycle
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Product Life Cycle
Product Life Cycle is the changes in popularity or sales of a product over time . It charts the progress of the brand
There are Five phases of the Product life cycle
- Maturity: Constants sales, brand equity is at its highest, this os where they make the most profit, they have paid off the early costs
- Production: The product is newly launched and the people that buy it first are curious and adventerous consumers.
- Decision Point: They are trying to reposition brand, they are putting out new promotion and pricing or they are discontinuing
- Growth: The word spreads and the sales increase rapidly, the competitors enter the market and battle for dominance, the marketers manage products carefully
- Decline This is where the sales decrease and is unavoidable
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4.5 The Marketing Mix
What is a Market
Market has two main meanings:
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 of Marketing
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).
4 P's and 2 C's
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
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.
Place
Place is where and how its sold and there is three ways
Direct Channel - Producer to consumer
Indirect Channels - Intermediaries (wholesalers, retailers, importers)
Specialty- Vending machines, telemarketing, e-commerce
Price
Price is critical to the success or failure of the product.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.
Competition- All the sellers of a specific product . Market share is the percentage of the market that a company's brand has
Product/ Services
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.Innovation and improvement are the keys to successful marketing.
Consumer
Businesses study and target potential users of a product or service to be competitive. Consumers can be identified by demographics and lifestyle
4.7 Marketing Research
Marketing Research
Collection and analysis of information, they use different types of research, Most common types are
Consumer research discovers what type of product consumers want and predicts the overall sales potential for that product. Researches use primary- data collection methods, such as phone survey and personal interviews, to get consumer opinions
Market research Identifies specific groups of consumers who would use a particular product or service.
Motivation research examines both the emotional and the rational motive that influence our bbuying decisions. It treis to find out why we buy
Pricing research helps the marketer determine if the company can sell the product for a competitive price and still make a profit. Pricing research also looks at how different prices affect demand and consequently, sales
Competitive research looks for oppurtunities in areas where competetion is weak or absent and determines what competitors aare doing
Product research examines each detail of a product or service and analyzes the impact these details might have on the market
Advertising research provides information on the most effective ways to get a message aboout a product to potential consumers
Secondary data
Secondary data is information collected by others, so when you get information from websites, data bases periodicals etc. that is secondary data
Primary data
Current information that is collected and analyzed for a specific purpose.
Test marketing, interenal information sources, surveys, etc
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