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MKTG - 25010 - 003
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This 5 page Class Notes was uploaded by Marissa McKinney on Tuesday October 27, 2015. The Class Notes belongs to MKTG 25010-001 at Kent State University taught by Lawrence Marks in Summer 2015. Since its upload, it has received 24 views. For similar materials see Principles of Marketing in Marketing at Kent State University.
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Date Created: 10/27/15
a f quot r 26 39 a f upda Colicgi agq hi quota If d 3er f use 1M magMir oliow 39 quotquot39Tl TV ad sgma rhjs 395 w K m 1 quot N Vt 53quot brand be heal slitmag Eb 15d 644 iO a V Hub 39 J I i kw rom m3 ah prwi t L f 39 Cc 8 Chapter 11 s Managing Successful Products Servicesi and Brands I Introduction Starbucks e The Early Years I I V V I Mammug N lengd 0 W7 605139 a Bil 5 hi5 9 h i cove m bdrm quotav Gestumc all male 611 heme l Growth 7 53124513 if I 94 wa f ldwl g location la 5 C39au rii f m M enenin the roduct and brand extensions rl 9435 Opse srtd C Qggre wr cmaaed gelling i i39qg 595F551 39bUU l GIHY li39n l i998 AiSiflbu l E d co icc l1 SUFEFm FMi gifaf bucm it he Cleaned up quotaha 1650 a if and 2 Oquot H 1030 e Starbucks Competition Ch 39d 6250 a l l 5 m H in 1008 e sow mw W U If and his jlrfalrcgu l Spartach C Cnm bacld a MCDcx QHJ Airquot Cl C Gn ipelmg w mclcctl c DW C V39Cb Wm mg Q We 95 OUjrlE39b i39q wd ll The POINT ChangingCOM fr AND 7 Con1p C J vl if REQUIRE marketers to actively and successfully mamg their products and brands lll Product Life Cycle Sales and profits i 391 fang 1 in Sales Prefits 39rr tearCf Product I r development lntrcducftin Growth Maturity Decline masses i investment 1m 123 a The PLC shows the fs dlc demand over an extended period of time for all brands comprising a generic product category lb PLC and profit curves varies from product category to another but above is the It 5m that we often see 0 Note the ncgaaliv39c development costs profits Sales are needed to offset product cl As we move through the PILC we must increase advertising and selling efforts and out prices in face of COW P6 l I Orr e Deciding when to enter a market can IMPACT V rr0 l 0bl Jw l PLC Characteristics and Implications 3 Characteristics b Customers 3 Competition d Sales e Profits 3 Marketing Implications b Overall Strategy 0 Costs d Product Strategy e Pricing Strategy f Distribution Strategy 9 Promotional Strategy Introduction Innovators Little Low None Market Development High per unit Undifferentiated High Scattered Awareness Growth To the masses Increasing Rapid Growth Strong amp then peak Penetration Declining Improved features Lower over time Intensive Brand Preference 124 a Characteristics Maturity Decline b Customers Mass market Loyal Customers c Competition lntense Decreasing d Sales Slow Declining e Profits lDeclining Lovvr none a Marketing implications Overall Strategy Defensive Efficient or exit b Costs Stable Low 0 Product Strategy Differentiated Pruned line dl Pricing Strategy Lowest Increasing e Distribution Strategy Intensive Selective f Promotional Strategy Brand Loyalty Reinforcement g WHY do brands decline i Better or ii The need iii Most competitors abandon the market BUT iv Some can develop small successful niche businesses Length of Product LifeCycle a The PLC diagram suggests that stages are of I n length this may not be accurateoertainly ROW W quot Vang Examples iCCmTSl do Manicm V g lil Muc WILWL V r b Extended introduction stage air microwaves c Fad eganghom store d Indefinite Maturity stage 53mm pmduc 5 a half 5 an ingotstilde mg mg torl SM i e The Product Life Cycle is getting shorter for most products due to i quotamt l39uoquot prade metoo ii Technology advances f The Product Life Cycle can be affected by i The Product Category and Mrs 056 1 Example r Jl quot P Il39rfsl WAS inhe xrlo remove fw nlclu pure m wits 0544 ii Differences in mgkmg gg 125 6 Via h Example mic momalas m Arm us DCYH was CUM more here i Vi Product Life Cycle Management Successful marketers need to do well at 8 Brcdio fl fh mmg 01 the PLC for their product and b Recognize what stage they are in and 77 Qd QPaHH t 7 to it i ISSUES When to enter J 0 Entry Strategies i When is there a Pioneering Advantage iii An imitation strategy may be betterl d Managing on the Rise i loll erasaha tram e Managing During Maturity l immv al lm f Surviving the Decline 7 7 I 7 I H 0 W79 be the 3 Fastquot rm slogs emerges as w is 7 s act 1 During the decline stage firms may Cmg r f in I g a Ensure that marketing and production programs are 6 g 9 61 er 7 7 as possible b Prune rm Vogl39iabE 7 sizes and models which decreases sales but increases profits c Run out the product to squeeze out nal profits or d curl JquotHitters noquot 7 best and toughest route Vll Brands a The word brand is comprehensive b Brands are used both to p39 l m inquot W the seller and to d39 e rc ll739 te the product froin39 competition 0 Brand Name Words letters numbers that can be vocalized i Examples FMquot 1 Vi39CJ mai S rd t39 39 d Brand Mark Symbol design color lettering i Examples Nl LagwlTSlw Ernegox J agitate Pg pm wore mart 3539 jagr Coco iota e Trade Mark The Legal Protection of a brand Companies Protect their Brands i Example f Leading Brands 126
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