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Principles of Marketing

Principles of Marketing

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Principles of Marketing

Welcome to Principles of Marketing, a recommended prerequisite for many business majors. Marketing as defined by www.dictionary.reference.com is "the total of activities involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing, and selling." An alternate definition paraphrased from memory of an introductory business text is: Marketing is all activities conducted to prepare for sales. Sales is all activities required to close the deal. Shipping and customer satisfaction would be included in sales to avoid the customer from reversing or unclosing the deal. Thus Marketing can be categorized as a branch of business as well as a social science. We buy goods (thus becoming the buyer/consumer) from a vendor (or producer/seller), creating a transaction. In the past, marketing involved travelling salesmen, while in modern times, marketing is more likely to involve television, the internet, and other forms of media bombardment. As we progress in this age of technology it is vital for us to understand marketing and its place in the world. Understanding and applying the principles will be beneficial to the businessperson and the layperson. Contents 1 What is marketing? 1.1 Creating utility 1.2 The exchange process 2 Marketing Management Process 3 Product Management 4 The Product Life Cycle 5 New Product Development 5.1 New Product Development Process 5.2 Product and Product Mix 5.3 Product Classifications 5.4 Managing the Product Mix 6 Branding 7 Packaging and Labeling

The Marketing Mix or the "4 P's" are: Product Price Promotion Place These are employed to satisfy a target market' or target demographic (the pool of potential customers). and discounted by means of coupons Promotion: television and radio commercials. discount stores such as Wal-Mart Target demographic: Mothers with kids who make toothpaste buying decisions for the family (advertising could be shown on children's programming. and a website.00. prompting kids to ask parents to buy the toothpaste) Creating utility . perhaps an animated cartoon character for a fun and family-friendly attitude Place (or distribution): Supermarkets.2 Labeling 8 Free Audio Learning Resources 9 Resources 10 See also What is marketing? Marketing seeks to satisfy the needs of people (customers or the market) (creating a sense of usefulness or utility) through the exchange process. these use bright colors and happy music.7. Logo and packaging designed in bright colors to appeal to kids of elementary school age to encourage more tooth brushing. Price: $2. Example: Product: Procter and Gamble introduces a new toothpaste designed to taste good and fight cavities.1 Packaging 7. drugstores. magazine and newspaper ads.

The U. Both ends receive something of value in the exchange process. the market (the customer) gives back something of value to the marketer. drugstore chain Walgreens has many locations open 24 hours a day. or ideas that satisfy their needs. services. generally money. Place utility: making the product available where customers will buy the product. The marketer makes money and the customer receives goods. Utility is further defined as any quality and/or status that provides a product with the capability to satisfy the consumer's wants and needs. Procter and Gamble turns raw ingredients and chemicals into toothpaste. Procter and Gamble secures shelf space for the toothpaste at a wide variety of retailers including supermarkets and drugstores. For example. the customer must have the money to buy it. or (in theory) for any use you would like. For an exchange to occur: Both parties must have something of value to exchange Both parties need to be able to communicate (Procter and Gamble (P&G) must have money to buy advertising on TV/radio/Internet) Both parties must be able to exchange (the toothpaste (in some cases) must be approved by the FDA. you have rights to use the product as intended.The American Heritage Dictionary defines utility as "the quality or condition of being useful".S. The exchange process creates utility. driven by the marketing function. Some people pay more for a toothpaste perceived to be more effective at fighting cavities and whitening teeth. There are four basic types of utility: Form utility: production of the good or service. and since the 1990's has placed most of their newer stores at major intersections. and have access to a retail store where the product is sold) Both parties must want to exchange . A fifth type of utility is often defined along with the above four types: Image utility: the satisfaction acquired from the emotional or psychological meaning attached to products. The exchange process is the origin of marketing. In return. The marketer (a company like Procter and Gamble) offers goods and services desired by the market (the pool of potential customers). The exchange process The exchange process is the process by which two or more parties give something of value to each other to satisfy the perceived needs. Possession utility: once you have purchased the product. Time utility: making the product available when customers want to buy the product. Marketing is responsible for creating most of a product's inherent utility.

planning marketing programs. concentrating on market segments within which they expect to achieve the best overall economic return from their product or service.At least 2 people are needed for an exchange to occur Marketing Management Process This consists of: analyzing market opportunities. designing marketing strategies. Analyzing marketing opportunities Defining the market Consumer assessment Environmental assessment Company resource assessment Demand analysis and sales forecast Identifying Market Segments and Selecting Target Markets Marketers set priorities for business opportunities. implementing and controlling the marketing effort. organizing. Market segmentation is the process of grouping customers based on their similarities Market segmentation allows a company to: Understand the different behavioral patterns and decision-making processes of different group of consumers Select the most attractive segments or customers the company should target Develop a strategy to target the selected segments based on their behavior Developing marketing strategies Positioning . selecting target markets. Market segmentation and target marketing are the processes used to isolate these opportunities.

create several quality levels. Now this idea can either be a market / customer . Wholesaling. "Product" does not refer to tangible goods only. and Physical-Distribution Systems Designing Communication and Promotion Mix Strategies Designing Effective Advertising Programs Designing Direct-Marketing.Annual control. It all begins with an idea of a product. By knowing what the present markets needs. Product Management deals with bringing together all the strings that transform an idea to a product. Strategic control Product Management Product development: means offering new or improved products for present market. Sales-Promotion. test and launch Modification in the stages of product life cycle Strategy choice depends on the strategy pursued by the firm Consider changing global opportunities and challenges Planning marketing programs Transforming strategy into programs Managing Product Lines. a firm may see ways to add or modify product features. Brands. or add more types or sizes to better satisfy customers while seeking.Develop new product. intangible products like software also come under the category. and Packaging Managing Service Businesses and Ancillary Services Designing Pricing Strategies and Programs Selecting and Managing Marketing Channels Managing Retailing. to expand. A Product Manager (PdM) usually work with a number of teams and co-ordinates with various channels throughout the product development lifecycle. and Public-Relations Programs Managing the Sales force Managing marketing efforts Organizing resources Implementation Control . Profitability control. also.

maturity. Once an idea is decided to be taken up for development. Mac ads. the product is ready to be released. The PdM works very closely with the development and quality assurance teams and ensures that the teams are completely aware of what is to be developed and how users would interact with the product. The question then is. growth. They crave new products. they use the PC vs. The problem in the early adopter is the most difficult consumer to convince. Functional Specification Document (FSD). the enhanced / new product is release to market. but sexiness. The target market is the early adopter. introduction. The priority of features keep on changing and it is the sole responsibility of a PdM to make the decision which features should be taken up for development. etc. The early adopter seeks status. 2. not because of usefulness. provide demonstrations to the customers. a long slow initial acceptance. These ads are entertaining and grab your attention. the lifecycle moves to the development stage. The Product Life Cycle Understanding the product life cycle is key to understanding how to market a product. it goes to the sales teams who. but focus . a period of rapid growth. a long length of time where the product has fully saturated the market. Ads should focus less on the feature-benefits and more on the emotional aspect of the product. Product Roadmap . and decline. One company that makes this distinction very clear in their advertisements is Apple Computers. The product life cycle is divided into four parts. in turn. Many marketing campaigns are won and lost because of knowledge of the product life cycle.Sales teams talk to the customers and try to get their requirements. the PdM then elaborates on the feature requirements and develops documents like Product Requirements Document (PRD). After development is complete and quality checked. Usually this release does not go to the customers directly. the product life cycle will tell you how to market a product and how much money to spend. Product experts envision requirements that might be required in the future or that give the product a competitive edge. 3. When advertising for their personal computing products.Product Roadmap is a prioritized list of features that need to be built for a specific product. Market / Customer . but the most resource and cost intensive. These parts of the cycle follow a the curve you would normally expect. and its eventual decline in obsolescence. The introduction phase of the product life cycle is the easiest to market. They want to feel this product they are buying into will bring them some amount of prestige among their constituents. If understood. Once that is done. There are usually three channels from where an idea can come from: 1. how do you market to them? Ad and event intensive sales are probably the most useful.requirement or something completely new.Innovation cells in firms deal with coming up with new ideas to make their product more exciting and competitive. After sufficient validations and demonstrations of the features in "Sandbox". Innovation . These documents are shared with all the stakeholders who are required to sign-off the requirements / specifications.

New products development shapes the company’s future. If a company continues in the status quo. Decline requires a lot of soul searching. the product will decline and the company will continue to spend money on it. and start focusing on the features and benefits of a product. The acquisition route can take three forms:the company can buy other companies it can acquire patents from other companies it can buy a license or franchise from another company The development route can take two forms: the company can develop new products in its own laboratories. If they don't see a real benefit. Your advertisements can focus on what you can do for them while they keep using your product. At this point. or you must discontinue the product. new packaging. You remind the consumer about the product and that it was always there.mainly on the feature-benefit aspects of a product. the early adopters have shown the world how cool the product is and how cool they are for having one. the company shouldn't just discontinue the product and leave the customer hanging. but they aren't sure if they want to use it or not. A company can add new products through acquisition or development. Growth is the period when everyone knows your product. is to refresh the product. A company has one of two paths it can take. you can rebuild the product. A well designed marketing plan should inform customers of the end of the products life cycle. This is the recipe for disaster. it has reached this point. The rest of your market wants to know why it is they should get one. then they will move on to the next product. The first is nostalgia marketing. The iPhone ads are very low on featurebenefits and high on the coolness factor. New Product Development Every company must develop new products. new advertising or new features. Either. and move them onto another of the companies replacement products. The second. If the company wishes to revitalize a product. Your marketing techniques should focus on maintaining customers and customer satisfaction. Maturity is the least expensive segment of a product's life cycle. Here it is important to stop focusing on the coolness of a product. You can create new promotional material. Decline is the most difficult segment for most companies. The process of rebuilding a product's market is often not feasible because of obsolescence. it usually does so in one of two ways. and the market has reached its final penetration. When a product has generally been accepted. or . If this is the case.

not advertised effectively or over-priced.is the idea worth considering? Ideas might come from Internal sources: R & D. suppliers. • Development costs are higher than expected. 5. flavor and so on. 3. • The idea is good but the market size is over-estimated. Competition is strong and dynamic in most markets. Concept development and testing-Can we find a good concept for the product that consumers say they would try? Concept: who will use the product? What primary benefit should the product provide? When will people consume? Concept testing is the way of testing . New-product lines. Errors: A GOError A DROP-Error 3. New-to-the world products 2. New products that allow a company to enter an establishment market for the first time. research institutes 2. companies fail to offer a unique benefit or underestimate the competition. External sources: Customers. • Costliness of the development process. Rough ROI (Return on Investment) estimate Ideas are evaluated against criteria. Most often. 6.1. Market trends. Allen and Hamilton have identified six categories of new products:.) 4. Fit with objectives. • Fragmented markets • Social and governmental constraints.it can contract with independent researchers or new-product development firms to develop specific new products. • The product is incorrectly positioned in the market. top mgt’ employees. Cost reduction: new products that provide similar performance at lower cost An Organized New-Product Development Process is Critical Identifying and developing new-product ideas and effective strategies to go with them is often the key to a firm’s success and survival. So it essential for a firm to keep developing new products-as well as modifying its current products-to meet changing customer needs and competitors’ actions. • The product is not well designed. Additional to existing product lines: New products that supplement a company’s established product lines (package sizes. A new product may fail for many reasons. • Capital shortages • Faster required development time • Shorter product life cycle New Product Development Process 1.Is the product idea compatible with company objectives. strategies? Strength and weaknesses. Specific reasons are: • A high-level executive pushes a favorite idea thru’ in spite of negative market research findings. • Competitors fight back harder than expected. Booz. Repositioning existing products that are targeted to new markets or market segmentation. Idea Generation. most are eliminated. distributors. time and talent-and still the risks and costs of failure are high. competitors. Improvements and revisions of existing products: New products that provide improved performance or greater perceived value and replace existing products. New-product development demands effort. Idea Screening. Several other factors hinder new-product development • Shortage of important ideas in certain areas.

• Long-run sales and profit goals and the marketing mix strategy. The company launching a new product must first decide on introduction timing. geographic strategy. affordable marketing strategy? Preliminary market strategy plan describe: • The target market. When? (introduction timing) – First entry – Parallel entry – Late entry ( due to the many problem) . Marketing strategy development-can we find a cost-effective. • Product price. sales and profits 4. Business Analysis Evaluating proposal’s business attractiveness .Where? (geographic strategy) – single location. target market prospects and introductory market strategy. the analysis will undergo revision and expansion 6. and what kind(s)? How many test cities? Which cities? Length of test? What information? What action to take? 8. high risk. Nowadays are designed and developed in a computer Obtain: Reactions from customers. and profit projections. distribution. To Whom? (target market prospects) – Determining initial distribution and promotion – Early adopters. 5.new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal. Questions: have product sales met expectations? Or should we send the idea back for product development (stage 6)? how much market testing should be done. heavy users and opinion leaders How? (introductory market strategy) – Developing action plan for introducing the product – Critical path scheduling (CPS) can be used MANAGING PRODUCT LIFE CYCLE Stages in Product Life Cycle • Introduction • Growth • Maturity • Decline Introduction • Price: High • Quality: Low • Number of versions: Few • Number of competitors: Few • Intensity of Competition: Little • Advertising: High to introduce • Distribution: Little Growth • Price: High and dropping • Quality: Low and growing • Number of versions: Few and increasing • Number of competitors: Few and growing • Intensity of Competition: Growing • Advertising: Still high to expand • Distribution: Growing . As new information comes in. cost. Market testing Not all companies undertake market testing. Product development R&D or reengineering – developing physical product Prototype development and testing 7. and marketing budget for the first year. – the national market or – the international market. product positioning. and sales. New-to the market products. It can be presented symbolically or physically.Will this product meet our profit goal? Management prepares sales. and profit goals for the first few years. Commercialization-Are product sales meeting expectations? Contracting for manufacture or build or rent a full-scale manufacturing facility. – a region. share. high investment cost influence market testing. Rough estimates of cost.

e. Differences between Goods and Services o Goods are tangible. The marketing manager needs to understand how markets develop overtime. A product is anything that can be offered to a market to satisfy a want or need.the essential service or benefit that the buyer is buying. getting clean. E. etc • Augmented products . E. smell. i.Maturity • Price: Dropping and stabilizing • Quality: High • Number of versions: Many • Number of competitors: Many/dropping • Intensity of Competition: High • Advertising: Stable • Distribution: Maximum Decline • Price: Dropping • Quality: High • Number of versions: Dropping • Number of competitors: Dropping • Intensity of Competition: Depends • Advertising: Dropping • Distribution: Losing Product and Product Mix Product Planning refers to the systematic decision making related to all aspects of the development and management of a firms products including branding and packaging.g.g. clean bed. o Services are intangible. organizations. antibacterial. rapid services. candy on the pillow. and ideas. Product Classifications 1) Durability and Tangibility a) Non-durable goods b) Durable goods c) Services 2) Consumer goods Classification: Classified according to shopping habits a) Convenience goods b) Shopping goods c) Specialty goods d) Unsought goods 3 Industrial Goods Classification 1) Material and parts i-raw material ii-manufactured materials and parts 2) Capital items a) installations and b) equipment 3) Supplies and business services . The result of human or mechanical efforts to people or objects o Sales of goods and services are frequently connected. shape.g. Products that are marketed include physical goods. quietness. their life-cycles and their marketing strategies. feel them. moisturizing. etc • Potential product. persons. a product will usually incorporate a tangible component (good) and an intangible component. rest and sleep.additional services and benefits that the seller adds to distinguish the offer from competitors. E.the basic product recognized as such. touch them etc.the set of attributes and conditions that the buyer normally expects in buying the product. places.g. room components – bed.the set of possible new features and service that might eventually be added to the offer. that exceeds customer expectations. towel. services. Each product includes a bundle of attributes capable of exchange and use. • Core benefits. fresh flowers. experiences. events. properties. Product Levels A product has five levels. E. in order better to plan and manage products. bathroom. • Basic (generic) products . soap. You can see them. E. Vitamins. information. • Expected products .g.

Product decisions Marketers make product decisions at three levels: o individual product decisions o product line decisions o product mix decisions 1. This opens up a number of management problems. requiring planned procedures and strategies in order to: o retain and maintain existing products so that they continue to meet their objectives o modify and adapt existing products to take advantage of new technology. At the other extreme. o delete old products that are close to the end of their working lives and no longer serve their purpose o introduce a flow of new products to maintain or improve sales and profit levels and to form a firm foundation for tomorrow’s market. Individual product decisions are focused around the development and marketing of: o Product attributes o Branding o Packaging o Labelling o Product support services. Width measures the # of product lines a company offers. Toyota with the Lexus. the product mix is not static. 2. too many declining products could threaten the future of the business as sales and profits start to fall. Launch of C-Class by Mercedes-Benz. Two-way stretch: Extending product lines upwards and downwards to address different segments of the market. Upward stretch: Companies stretching upwards to add prestige to their existing range of products. as product launch is resource intensive with no guarantee of success. Product line growth needs to be planned carefully and is extended in two ways: ‘stretching’ and ‘filling’. Product line stretching Downward stretch: Company initially located at the top end of the market and then ‘stretches’ downwards to pre-empt a competitor or respond to an attack.Managing the Product Mix If an organization is marketing more than one product it has a product mix. emerging opportunities or changing market conditions. The effects of changing technology. Can be risky due to customer perception and inability of sales people to trade up and negotiate to the new level. Product line filling: Increasing the product line by adding more items within the present range - . Elements of a Product Mix Depth measures the # of products that are offered within each product line. The product line is comprised of a group of products that are closely related because: o they function in a similar manner o are sold to the same groups o are marketed through the same types of outlet o fall within given price ranges The product line length involves the number of items in the product line. o Product item--a single product o Product line--all items of the same type o Product mix--total group of products that an organization markets In a dynamic marketing environment. Too many products could put an organization at risk. evolving competition and changes in customer needs mean that is most important for an organization to find ways of keeping its product ranges fresh and interesting. It is greatly influenced by the company objectives and the resources.

Branding can also help in the development of a new product by facilitating the extension of a product line or mix. style. . distribution channels etc Product mix strategies • Company can add new product lines. A brand is a complex symbol that can convey up to 6 levels of meaning Attributes eg. accepted by most marketers is that it consists of any name. or less. well-engineered.Total number of products in the product lines Depth .Care needs to be taken that the line filling does not lead to cannibalisation and customer confusion. Length . highprestige automobiles. trough building on the consumer’s perceptions of the values and character represented by the brand name. • The company can pursue more product line consistency. Branding is a task that requires a significant contribution from marketing communications and is a long term exercise. Mercedes suggests expensive. 3. An organization’s approach to branding depends on its overall product mix and individual line strategy.Different versions. such as size of packaging and different formulations. trade characters and trademarks. The common definition of brand. positive and lasting impression in the mind of a buyer. Consistency . well-built. and services of one seller from those of other sellers or that distinguish one product from another in the eyes of the customer. thus widening the product mix. particularly in consumer markets. It is a means of linking items within a product line or emphasizing the new individuality of product items. Dimensions of the product mix Breadth or width . developing and implementing brand names. design. • Company can lengthen the existing product lines to become a more full line company. depending upon whether it wants to have a strong reputation in a single field or in several fields. Branding involves researching. The attribute "durable" could translate into the functional benefit.How closely related the various product lines are in end use. production requirements. • It can add more product versions of each product and deepen its product mix. symbols or any other feature that identifies the goods. durable. A successful brand is one which creates and sustains a strong. Product mix decisions Product mix or product assortment consists of all the product lines and items that a particular seller offers for sale to buyers.g Unilever producing cooking oil. Branding Branding is an important element of the tangible product and.Wide product mix containing many different product lines. E. words. term. brand marks. Branding is the art and cornerstone of marketing. cosmetics etc. toilet soap. Benefits attributes must be translated into functional and emotional benefits.

safety and prestige Culture certain culture e.Values producer’s values eg Mercedes stands for high performance. Trademarks are valuable properties. which may or may not relate directly to the branding of its products e. organized. as organizations invest much time and money in creating them and educating consumers about what they stand for e. high quality Personality project a certain personality User the brand suggests the kind of consumer who buys a uses the product Brand name: is any word or illustration that clearly distinguishes one seller’s goods from another. Brand mark: is specifically the element of the visual brand identity that does not consist of words.g. but of design and symbols eg. It can take the form of words or initials.g. symbol or logo.g. Trade name: is the legal name of an organization. Procter and Gamble-do not display the company name. although it is shown on the back or side of the pack-Persil. Mercedes represents German culture. Trade mark: is a brand. name. McDonalds symbol (M) The benefits of branding The consumer Easier product identification Communicates features and benefits Helps products evaluation Establishes product’s position in the market Reduces risk in purchasing The manufacturer Helps creates loyalty Defends against competition Creates differential advantage Allows premium pricing Helps targeting/positioning Increases power over retailer The retailer Benefits from brand marketing support . Surf. coca-cola. efficient. which is registered and protected for the owners role use.

Due to the growth of mass merchants and self-service. Today it is a vital part of a firm’s productdevelopment strategy.primary package Cardboard box . c) is a measure of a number of different components. Old spice aftershave Bottle .Attracts customer Helps differentiate the product from competitors Types of brands: There are many forms of branding but primarily there are manufacturer. strong mental and emotional associations. Packaging is an important part of the product that not only serves a functional purpose.a) is an asset b) a degree of brand-name recognition perceived brand quality. and other assets such as patents. text and brand mix. a package may even be an integral part of the product itself. color. including the beliefs. paper. trademarks and channel relationship.secondary package Corrugated box . Packaging and Labeling Packaging Packaging includes the activities of designing and producing the container for a product. Decisions must include the following elements: size. manufacturers have come to realize the value of packaging as a marketing tool. Well-designed packages can create convenience and promotional value. The first task is to establish the packaging concept: defining what the package should basically be or do for the particular product. price and generic brands Brand Equity: . metal or plastic depending on what is to be contained.shipping package Packaging is any container or wrapping in which the product is offered for sale and can consist of a variety of materials such as glass. distributor. shape. Developing an effective package for a new product requires several decisions. The packaging is often the consumer’s first point of contact with the actual product and so it is essential to make it attractive and appropriate for both the products and the customers need. .Brand equity is the positive differential effect that knowing the brand by the buyer has on the seller. The package may include up to three levels of materials. but also acts as a means of communicating product information and brand character.g. images and core associations consumer have about particular brand. Packaging has become a potent marketing tool. E. materials.

shapes and methods. The label might carry only the brand name or a great deal of information. • Promotional tool: It serves as a promotional tool and is the final form of promotion the consumer sees prior to making purchase decision. at the very least. developing effective packaging may cost several hundred thousand dollars and take several months to complete. Companies must pay attention to growing environmental and safety concerns about packaging. • Reminder: A package also serves as a reminder after a purchase is made. Packaging can be a major element of new-product planning. the weight or volume of the product. such as ingredients. Although packaging is expensive. nutritional information and the environment friendliness of the product. • Company and brand image: packages contribute to instant recognition of the company or brand. aluminum. it must be tested. appearance dependability and prestige of better packages. The package attract attention. create consumer confidence and make a favorable overall impression • Consumer affluence: Rising consumer affluence means consumers are willing to pay a little more for the convenience.• Self service: An increasing number of products are sold on a self-service basis. Once the packaging is designed. Labels state. in that they include warnings and instructions. Sellers must label products. color. the law may require extra information. Even if the seller prefers a simple label. describe the products features. and other materials suggest that marketers should try to reduce packaging. Factors that have contributed to packaging growing use as a marketing tool:. Labels have a strong functional dimension. • Innovation opportunity: Innovative packaging can bring large benefits to consumers and profits to producers. Shortages of paper. as well as information required by law on best industry practice. Labeling Labeling is a particular area within the packing field that represents the outermost layer of the product. A bar code and the name and contact address of the producer. Information about the extent to which the packing is made of recycled is also much more common now. Consumer demand has also led to the inclusion of far more product information. It differentiates a product from competitors by its design. . The label may be a simple tag attached to the product or an elaborately designed graphic that is part of the package.The packaging elements must also be harmonized with decisions on pricing and other marketing elements.

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