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Principles of Marketing, Notes, Week4

by: Johanna Glaser

Principles of Marketing, Notes, Week4 MKT 3310-003

Marketplace > University of Nebraska at Omaha > MKT 3310-003 > Principles of Marketing Notes Week4
Johanna Glaser
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These are the notes from Chapter 10 & 11 They include diagrams from class, and all the information is likely to be on the test this Tuesday the 20th.
Principles of Marketing
Amy Rodie
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This 5 page Class Notes was uploaded by Johanna Glaser on Friday September 16, 2016. The Class Notes belongs to MKT 3310-003 at University of Nebraska at Omaha taught by Amy Rodie in Fall 2016. Since its upload, it has received 81 views.


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Date Created: 09/16/16
Week 4 Chapter 10: Products  Products (goods, services, ideas, & experiences)  Most important element in the Marketing Mix Marketing is a process of creating, distributing, promoting, & pricing products to facilitate satisfying exchange relationships with customers and stakeholders in a dynamic environment …. if the Target Market doesn’t want it, nothing else you do matters o Core: basics; must haves o Extras: supplements  Many become basics o Extra, Extras! (Augmentations)  ‘value added’  may provide competitive advantage IF highly-valued by Target Market  To Target Market:  Anything received in a commercial “exchange”  “bundle of benefits”  functional (how it will help you)  Psychological (how it makes you feel)  Social [other people (attention, networking)]  To the Firm:  Attributes & Features(benefits)  Attributes: about the product itself  Features: about what the customer receives Classifying Consumer Products  Convenience Products: buyer will choose a substitute to preferred brand that is not conveniently available  Found in grocery stores, drugstores, etc.  Shopping Products: buyer compares prices, features, qualities, and services before making a purchase  Items that will last a while: bicycle, camera, shoes  Specialty Products: Possess one or more unique characteristics, buyers will NOT accept a substitute  Decision not based on price  Ex. Jewelry  Unsought Products: Customers are unaware of need until they see them in a store or online  Medical emergency, auto repair, etc. Terms: Product Item: is a specific version of a product that can be designated as a distinct offering among a firm’s products  Ex. Reese’s Peanut butter cups Product Line: a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations  Ex. Reese’s Peanut butter cups: all the product that fit in a category Product Mix: the total group of products that an organization makes available to customers  Ex. All lines of Reese’s, including: cups, nuts, brownies, Christmas, Easter, Hulk Depth of Product Line: How many products are stacked in a line  The average number of different product items offered in each product line Width of Product Mix: The number of product lines a company offers “Commercialization” = “Introduction Stage” of the Product Life Cycle (PLC) Purpose of the Product Life Cycle  A management tool  Provides a “chunk” of information to save you from conducting extensive research  Gives guidance regarding what is happening with your brand, your competitor’s, your industry, the competitive environment  Provides some “heuristics” (rule of thumb) for appropriate decisions Brands & Branding Brand: the name, term, design, symbol, or any other feature that identifies ones good/service Brand Name: the part of a brand that can be spoken Brand Mark: the part of a brand not made up of words Trade Mark: a legal designation of exclusive use of a brand Trade Name: full legal name of an organization Choosing a Brand Name:  Not offensive to Target Market  Easy to say, spell, recall  Service Brand= company name o United Airline, Kinkos, Harvard  Distinctive (kisses, kitkat)  Suggest uses, characteristics o Downey, Tide, Band-Aid, Mr. Clean Protecting a Brand……from becoming a generic name…. When the brand name becomes the products category’s name Ex. Band-Aid, Kleenex, Xerox, Kool-Aid 1. Spell name with capital letter 2. Use the name to modify the product category 3. Include the word “Brand” 4. Use ® Brand Equity: the marketing & financial value associated with a bran’s strength in a market  Well managed brand= asset  Can become a huge liability  Ex. Enron Named- wareness Brand Bran Perceived Associati d Brand on Equi Quality ty Brand Loyalty Brand Brand Brand Awarene Preferen Insistenc ss ce e • "accept no substitute " • AKA: Specialty Product Benefits of Branding ……for customers: easily identify product that meets your needs, more efficient in time & effort, price used as indicator of quality, once Target Market has associations then product can be used for self- expression ……for sellers: branding identifies their product so Target Market can find it, brand equity helps a firm launch a new product item, promote one product item, promotes all product items, brand loyalty allows firm to use resources elsewhere ……and a ‘cultural dimension’ Ex. Apple, through widespread association Chapter 11: Developing Product Lines Idea Screening Concept Business Generation Testing Analysis Test Commercializ Marketing Product ing Development • To buyers new producta *Like a funnel New Ideas Screeni ng Testing Comes out a new product (Commercializing) Managing Existing Products  Production Line Extension: add a new item to product line o Relates to current product item(s) o But meets different customer needs  Ex. Reese’s o ADDS to the product line  Product Modification: change one or more attributes in a current product item o Modify item replaces previous version o Original item is removed from product line o REPLACES items in a product line Ways to Modify a Product  Function or Quality o Improve dependability, durability, convenience, safety, effectiveness  Aesthetic o Improve sensory appeal to 5 senses (appearance, sound, taste, texture, smell)


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