© Prentice Hall, 2005 Business In Action 3eChapter Developing Product and Pricing Strategies

© Prentice Hall, 2005 Business In Action 3eChapter What Is Marketing? Conception Pricing Promotion Distribution

© Prentice Hall, 2005 Business In Action 3eChapter Types of Marketing Product marketing Place marketing Cause-related marketing

© Prentice Hall, 2005 Business In Action 3eChapter The Role of Marketing Needs and wants Exchange process Transactions

© Prentice Hall, 2005 Business In Action 3eChapter The Four Utilities Form Time Place Possession

© Prentice Hall, 2005 Business In Action 3eChapter The Marketing Concept Customers Profitability Coordination

© Prentice Hall, 2005 Business In Action 3eChapter The Consumer’s Decision Process Need recognition Information search Evaluation of alternatives Purchase Postpurchase evaluation

© Prentice Hall, 2005 Business In Action 3eChapter Factors That Influence the Buyer’s Decision Culture Social class Reference groups Self-image Situational factors

© Prentice Hall, 2005 Business In Action 3eChapter Purchasing in Organizations Decision-making factors –Economics and logic –Formal buying procedures –Multi-party participation –Buyer-seller relationship

© Prentice Hall, 2005 Business In Action 3eChapter Marketing Research Observations Surveys and questionnaires Experiments Interviews Small samples Focus groups

© Prentice Hall, 2005 Business In Action 3eChapter Database Marketing Customers –Preferences –Interactions –Behaviors

© Prentice Hall, 2005 Business In Action 3eChapter Relationship Marketing Keeping customers is cost effectiveKeeping customers is cost effective Long-term customers are more profitableLong-term customers are more profitable Satisfied customers spread the newsSatisfied customers spread the news Customers will pay for superior serviceCustomers will pay for superior service Dissatisfied customers tell everyoneDissatisfied customers tell everyone

© Prentice Hall, 2005 Business In Action 3eChapter One-To-One Customer Marketing Identification Differentiation Interaction Customization

© Prentice Hall, 2005 Business In Action 3eChapter Strategic Planning Examine current marketing situation Assess opportunities and set objectives Develop marketing strategies

© Prentice Hall, 2005 Business In Action 3eChapter Examine the Current Marketing Situation Review performance Evaluate competition Examine internal strengths and weaknesses Analyze the external environment

© Prentice Hall, 2005 Business In Action 3eChapter Assess Opportunities and Set Objectives Market penetration New product development Geographic expansion Diversification

© Prentice Hall, 2005 Business In Action 3eChapter Develop the Marketing Strategy Segments and niches Target markets Market position Marketing mix

© Prentice Hall, 2005 Business In Action 3eChapter Segmenting Markets Demographics Geographics Psychographics Geodemographics Behavioral patterns Usage patterns

© Prentice Hall, 2005 Business In Action 3eChapter Target Market Strategies Undifferentiated Differentiated Concentrated

© Prentice Hall, 2005 Business In Action 3eChapter Positioning the Product Features Services Image Category leadership

© Prentice Hall, 2005 Business In Action 3eChapter Developing the Marketing Mix Product Price Place Promotion

© Prentice Hall, 2005 Business In Action 3eChapter Develop Product Strategies 1.Generate new ideas 2.Develop and screen concepts 3.Develop marketing strategies 4.Analyze business potential 5.Design and develop products 6.Test the market 7.Commercialize the product

© Prentice Hall, 2005 Business In Action 3eChapter The Product Continuum Tangible –Goods –Products Intangible –Services –Ideas

© Prentice Hall, 2005 Business In Action 3eChapter Consumer Products Convenience products Shopping products Specialty products Unsought goods

© Prentice Hall, 2005 Business In Action 3eChapter Business Products Expense items –Short-term Capital items –Long-term

© Prentice Hall, 2005 Business In Action 3eChapter Uses of Business Products Raw materials Components Supplies Installations Equipment Business services

© Prentice Hall, 2005 Business In Action 3eChapter The Product Life Cycle Introduction Growth Maturity Decline

© Prentice Hall, 2005 Business In Action 3eChapter Product Identities Branding Packaging Labeling

© Prentice Hall, 2005 Business In Action 3eChapter Branding Products Brand names Brand marks Trade marks National brands Private brands Co-branding Generic products

© Prentice Hall, 2005 Business In Action 3eChapter Packaging and Labeling Function –The product –Information –Inventory control Strategy –Display –Differentiation –Appeal

© Prentice Hall, 2005 Business In Action 3eChapter Selecting Products Product Line Line filling Line extension Brand extension Line stretching Product Mix Width Length Depth Risks and rewards

© Prentice Hall, 2005 Business In Action 3eChapter Developing Pricing Strategies Marketing objectives Government regulations Consumer perceptions Consumer demand

© Prentice Hall, 2005 Business In Action 3eChapter Common Pricing Approaches Cost-based Price-based Skimming Penetration Discounting