1. Using PollEV - text: Text UWMBUSINESS to 37607
Backup number: (747)
“LEAVE” at the end

2. The Marketing Research Process
Answers to some research questions are readily accessible, as a simple data search would show.

4. The Marketing Research Process
Problem
(or Opportunity)
Answers to some research questions are readily accessible, as a simple data search would show.

5. Problem!

7. WHY MR?
Environment
GAP
Seller
Buyer
GAP
VALUE

8. Step 4: Analyzing Data And Developing Insights
In this next step in the marketing research process, researchers analyze and make use of the collected data in order to generate meaningful information
Data is defined as raw numbers or other factual information that, on their own, have limited value to marketers
When the data are interpreted, they become information; that is, putting the data into a form that is useful to marketing decision-makers

9. Step 5: Action Plan and Implementation
In the final phase in the marketing research process, the researcher prepares the results and presents them to the decision-makers who use that information to formulate marketing strategies. A written report is also usually submitted
Marketing decisions

10. Decision time for McDonald’s:
Product
Decision 3:
Place
Decision 2: Promotion

12. Key concepts/ terms to know
Marketing research
Marketing research as a 5-Step process
Secondary data (know examples)
Primary data (know examples)
Syndicated data
Scanner data, panel data, how are they different?
Internal secondary data
Data mining, data warehouse
Customer lifetime value (CLV)
Exploratory research, conclusive research (both types are primary research)
Exploratory research techniques: Observation, Social Media, In-Depth Interview, Focus Group Interview
Conclusive research: Survey, Panel/ Scanner, Experimental
Survey research: unstructured, structured questions, online and offline surveys, sample, scale
Panel and scanner-based research used for primary data collection
Experimental research, causal effect
Data, information
An effective marketing research report

13. (Scores out of 100)

15. The First ‘P’: Product, Branding, and Packaging Decisions
Ref: Text, chapter 11

16. Exchange: the fundamental focus of marketing
“PRODUCT
Strategy
Decisions”
“PRODUCT”
(Value)
Seller
Buyer
VALUE

17. FROM CHAPTER 2:

18. In this topic, we will: Identify what constitutes a product
Describe the types of consumer products
Explain the difference between a product mix’s breadth and a product line’s depth
Identify the advantages that brands provide firms and consumers
Describe the various types of branding strategies used by firms
Distinguish between brand extension and line extension
Describe the advantages of a product’s packaging and labeling strategy

19. Value Creation: The First ‘P’
Recall that a product is anything that is of value to a consumer, and can be offered through a voluntary marketing exchange
Goods, services, places, ideas, organizations, people, and even communities are all products because they all create value for consumers

21. “An industry begins with the customer and his/her needs, not with a patent, raw material, or selling skill” – Ted Levitt

22. A Product
Marketers involved with the development, design, and sale of products think of them in an interrelated fashion. At the center is the core customer value, next is the actual product, followed by associated services.

23. Product?
At the center is the core customer value, which defines the basic problem-solving benefits the consumers seek.
Marketers convert core customer value into an actual product.
Attributes such as the brand name, features, design, quality, and packaging are considered

24. “1,000 songs
In your pocket”

26. “1,000 songs
In your pocket”

27. “Augmented Product” A Product
Marketers involved with the development, design, and sale of products think of them in an interrelated fashion. At the center is the core customer value, next is the actual product, followed by associated services.

28. Product?
Then come the associated services ( also known as the augmented product): these include the non-physical aspects of the product, such as warranties, financing, product support, and after sales service. These will vary depending on the product

30. Henry Ford “We habitually celebrate Henry Ford
for the wrong reason: his production
genius. His real genius was marketing.
Mass production was the RESULT,
not the CAUSE of his low prices”
– Marketing Myopia

31. Types of Products
Important to consider the types of products because this impacts how they are promoted, priced, and distributed
Consumer products are products used by people for their personal consumption. Four types:
Specialty Products/Services:
These are products for which customers show such a strong preference that they will expend considerable effort to search for the best suppliers (example: legal or medical professionals)

32. Types of Products Shopping Products/Services:
These are products for which consumers will spend a fair amount of time comparing alternatives (example: furniture, travel destinations)
Convenience Products/Services:
These are products for which the consumer is not willing to spend any effort to evaluate before purchasing. They are frequently purchased commodity items, such as bread, milk, eggs, soap
Unsought Products/Services:
These are products consumers either do not normally think of buying or do not know about, and therefore require lots of marketing effort and promotion. Example: New-to-the-world products, like GPS systems

33. Core customer value??

37. Maslow’s Hierarchy of Needs
Motive =
energized need

38. Product Mix and Product Lines
Product mix is the complete set of all products offered by a firm
The product mix typically consists of various product lines, which are groups of associated items that consumers tend to use together or think of as part of a group of similar products

41. Product Mix and Product Lines
Product lines are groups of associated items that consumers tend to use together or think of as part of a group of similar products
The product mix reflects both the breadth and depth of the company’s product lines
Product mix breadth represents a count of the number of product lines offered by the firm
Product line depth equals the number of products in a product line

42. Product Mix and Product Lines
Product Mix Breadth
Product Line Depth
This chapter uses Kellogg’s brands as examples. Many students may be familiar with the name Kellogg’s with breakfast cereal, but not know they have so many other products.
Students should understand that each item is called a stock keeping unit (SKU) and the category depth is the number of SKUs within a category.
Breadth
Number of product lines
Depth
Number of products in a product line

43. Changing the Breadth and Depth
Increase breadth: Firms often adds new product lines to capture new or evolving markets and to increase sales
Decrease breadth: Sometimes it is necessary to delete entire product line to address changing market conditions or to meet internal strategic priorities

44. Changing breadth and depth example

45. Changing the Breadth and Depth
Increase depth: Firms can add items in a product line to address changing consumer preferences or to preempt competition while boosting sales.
Decrease depth: From time to time, it is also necessary to delete products within a product line to re-align the firm’s resources. This is called “pruning” a product line.

46. BCG Product Portfolio Matrix
Remember:
BCG Product Portfolio Matrix

48. BCG Product Portfolio Matrix

50. Branding A company lives or dies based on brand awareness. Why?
Consumers cannot buy products that they don’t know exist.
Branding also provides a way for a firm to differentiate its offerings from those of its competitors. Consumers choose one brand over the other because of the associations that the brand evokes.

51. $0.40
$ $3.50!
The power of branding

52. Branding
What makes a brand? brand elements

53. What Makes a Brand? “Brand elements”
Branding
Brand name
URLs
Logos and symbols
Characters
Slogans
Jingles/Sounds
Group activity: Identify a brand that you recognize primarily by each of these elements.
Brand Name: Most brands.
Jingles: Be all you can be – Army.
URLs:
Logos & Symbols: Nike Swoosh.
Slogans Nike- Just Do It.:
Characters: Quaker, KFC, McDonalds.

55. The Value of Branding for the Customer and the Marketer
Brands Facilitate Purchases:
Brands help consumers make quick decisions

56. The Value of Branding for the Customer and the Marketer
Brands Facilitate Purchases:
Brands help consumers make quick decisions
Brands Establish Loyalty:
Over time and with continued use, consumers learn to trust certain brands.

57. “Olay is a brand I trust”
“Buy the brand
you boughT last time”
“Olay is a brand I trust”

59. The Value of Branding for the Customer and the Marketer
Brands Protect from Competition and Price Competition:
Because strong brands are more established, and have a more loyal customer base, neither competitive pressures on price nor retail-level competition is as threatening to the firm

60. A sustainable
competitive
advantage