Decision Support Systems
and Marketing Research
CHAPTER
9
Marketing
Designed by
Eric Brengle
B-books, Ltd.
10
Lamb, Hair, McDaniel
Copyright ©2009 by Cengage Learning Inc. All rights reserved
Prepared by
Amit Shah
Frostburg State University
1
LOI
Marketing Decision Support
Systems
Decision
Support Systems
DSS
An interactive, flexible
computerized information
system that enables managers
to obtain and manipulate
information as they are making
decisions.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
2
DSS System Characteristics
Interactive
Flexible
Discovery-Oriented
Accessible
LOI
Copyright ©2009 by Cengage Learning Inc. All rights reserved
3
LO2
The Role of Marketing Research
Marketing
Research
The process of planning,
collecting, and analyzing
data relevant to a marketing
decision.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
4
LO2 Marketing Research Studies
Products
Uses
Advertising
Awareness
Prices
Familiarity
Packages
New concepts
Names and Logos
Traffic patterns
Services
Wants
Buying habits
Needs
Colors
Politics
Copyright ©2009 by Cengage Learning Inc. All rights reserved
5
LO2
The Role of Marketing Research
Descriptive
◆ Gathering and presenting
factual statements
Diagnostic
◆ Explaining data
Predictive
◆ “What if?”
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6
Management Uses of
Marketing Research
LO2
▪
Improve the quality of decision making
▪
Trace problems
▪
Focus on keeping existing
customers
▪
Understand the marketplace
▪
Alert them to marketplace
trends
▪
Gauge the value of goods and services,
and the level of customer satisfaction
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7
LO3
Marketing Research
Marketing
Research
Problem
Determining what information is needed and
how that information can be
obtained efficiently and effectively.
Marketing
Research
Objective
The specific information needed
to solve a marketing research problem;
the objective should provide insightful
decision-making information.
Management
Decision
Problem
A broad-based problem that
requires marketing research in order
for managers to take proper actions.
8
Copyright ©2009 by Cengage Learning Inc. All rights reserved
LO3
Secondary Data
Secondary
Data
Data previously collected for
any purpose other than the one
at hand.
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9
Sources of Secondary Data
Internal Corporate Information
Government Agencies
Trade and Industry Associations
Business Periodicals
News Media
LO3
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10
LO3
Advantages of
Secondary Data
•
Saves time and money if on target
•
Aids in determining direction for primary
data collection
•
Pinpoints the kinds of people to approach
•
Serves as a basis of comparison
for other data
Copyright ©2009 by Cengage Learning Inc. All rights reserved
11
LO3
Disadvantages of
Secondary Data
•
May not give adequate detailed
information
•
May not be on target with the
research problem
•
Quality and accuracy of data may
pose a problem
Copyright ©2009 by Cengage Learning Inc. All rights reserved
12
LO3
Primary Data
Primary
Data
Information collected for the
first time. Can be used for
solving the particular
problem under investigation.
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13
LO3
Advantages of Primary Data
•
Answers a specific research question
•
Data are current
•
Source of data is known
•
Secrecy can be maintained
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14
LO3
Disadvantages of
Primary Data
Disadvantages are usually offset by the
advantages of primary data.
•
Expensive
•
“Piggybacking” may
confuse respondents
•
Quality declines if
interviews are lengthy
•
Reluctance to participate in
lengthy interviews
Copyright ©2009 by Cengage Learning Inc. All rights reserved
15
LO3
Survey Research
Survey Research The most popular technique
for gathering primary data in
which a researcher interacts
with people to obtain facts,
opinions, and attitudes.
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16
Forms of Survey Research
LO3
In-Home Interviews
Mail Surveys
Mall Intercept Interviews
Executive Interviews
Telephone Interviews
Focus Groups
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17
LO3
Forms of Survey Research
Mall Intercept
Interview
Executive Interview
Survey research method that
involves interviewing people
in the common areas of
shopping malls.
A type of survey that involves
interviewing businesspeople
at their offices concerning
industrial products or services.
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18
LO3
Forms of Survey Research
Focus Groups
Seven to ten people who
participate in a group
discussion led by a
moderator.
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19
LO3
Questionnaire Design
Open-Ended
Question
An interview question that encourages
an answer phrased in respondent’s
own words.
Closed-Ended
Question
An interview question that asks
the respondent to make a selection
from a limited list of responses.
ScaledResponse
Question
A closed-ended question
designed to measure the intensity
of a respondent’s answer.
20
Copyright ©2009 by Cengage Learning Inc. All rights reserved
LO3
Questionnaire Design
Clear and concise
No ambiguous language
Only one question
Unbiased
Reasonable terminology
21
Copyright ©2009 by Cengage Learning Inc. All rights reserved
LO3
Observation Research
Observation
Research
A research method that relies on
three types of observation:
➢people
watching people
➢people watching an activity
➢machines watching people
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22
Observational Situations
People
watching
people
People
watching
phenomena
Machines
watching
people
Machines
watching
phenomena
Mystery
shoppers in a
supermarket
Observer at
an
intersection
counting
traffic
Video
cameras
recording
behavior
Trafficcounting
machine
monitoring
traffic flow
Situation
Example
LO3
Copyright ©2009 by Cengage Learning Inc. All rights reserved
23
LO3
Ethnographic Research
Ethnographic
Research
The study of human behavior
in its natural context; involves
observation of behavior and
physical setting.
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24
LO3
The Sampling Procedure
Sample
A subset from a large population.
Universe
The population from which
a sample will be drawn.
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25
LO3
Sampling Procedure
Universe
Sample
Probability
Samples
Non-Probability
Samples
26
Copyright ©2009 by Cengage Learning Inc. All rights reserved
LO3
Types of Samples
Probability
Samples
Non-Probability
Samples
Simple Random
Sample
Convenience
Sample
Stratified
Sample
Judgment
Sample
Cluster
Sample
Quota
Sample
Systematic
Sample
Snowball
Sample
27
Copyright ©2009 by Cengage Learning Inc. All rights reserved
LO3
Probability Samples
Probability
Sample
A sample in which every element in
the population has a known
statistical likelihood of being
selected.
Random
Sample
A sample arranged so that every
element of the population has an
equal chance of being selected.
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28
LO3
Nonprobability Samples
Nonprobability
Sample
Any sample in which little or
no attempt is made to get a
representative cross-section
of the population.
Convenience
Sample
A form of nonprobability sample
using respondents who are
convenient or readily
accessible to the researcher.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
29
Types of Errors
LO3
Measurement
Error
Error when there is a difference
between the information desired and the
information provided by research
Sampling
Error
Error when a sample somehow does not
represent the target population.
Frame
Error
Error when a sample drawn from a
population differs from the
target population.
Random
Error
Error because the selected sample is
an imperfect representation of
the overall population.
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30
Field Service Firms
Provide:
• Focus group facilities
• Mall intercept locations
• Test product storage
• Kitchen facilities
LO3
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31
LO4
Impact of the Internet
•
Allows better and faster decision making
•
Improves ability to respond quickly to
customer needs and market shifts
•
Makes follow-up studies and tracking
research easier
•
Slashes labor- and time-intensive research
activities and costs
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32
LO4
Advantages of Internet Surveys
Rapid development,
real-time reporting
Dramatically reduced costs
Personalized questions
and data
Improved respondent
participation
Contact with the
hard-to-reach
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33
LO4
Uses of the Internet by
Marketing Researchers
Administer surveys
Conduct focus groups
Other types of marketing research
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34
Internet Samples
LO4
Screened
Internet
Sample
An Internet sample with quotas
based on desired sample
characteristics.
Recruited
Internet
Sample
A sample in which respondents
are prerecruited and must
qualify to participate.
Recruited
Panels
Most popular form of Internet
sampling.
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35
LO4
Types of Online Focus Groups
Real-time online focus groups
Time-extended online focus groups
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36
Advantages of Online
Focus Groups
•
•
•
•
•
Speed
Cost-effectiveness
Broad geographic scope
Accessibility
Honesty
Copyright ©2009 by Cengage Learning Inc. All rights reserved
LO4
37
LO4
Role of Consumer Generated Media in
Marketing Research
• CGM is media which
consumers generate
themselves and share among
themselves
• Companies can identify the
most influential bloggers and
learn exactly what they are
saying (and how they are
saying it).
Copyright ©2009 by Cengage Learning Inc. All rights reserved
38
LO4
Other Uses of the Internet by
Marketing Researchers
Distribution of requests for
proposals (RFPs) and proposals
Collaboration between client
and research supplier
Data management and
online analysis
Publication and distribution
of reports
Viewing of presentations of
marketing research surveys
Copyright ©2009 by Cengage Learning Inc. All rights reserved
39
LO5
Scanner-Based Research
A system for gathering
Scanner-based
Research
information from a single
group of respondents by
continuously monitoring the
advertising, promotion, and
pricing they are exposed to
and the things they buy.
BehaviorScan
InfoScan
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40
LO5
When Should Marketing
Research Be Conducted?
▪ Where there is a high level of uncertainty
▪ When value of research information
exceeds the cost of generating the
information
Copyright ©2009 by Cengage Learning Inc. All rights reserved
41
Product Concepts
CHAPTER
10
Marketing
10
Lamb, Hair, McDaniel
Designed by
Eric Brengle
B-books, Ltd.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
Prepared by
Amit Shah
Frostburg State University
1
LOI
What Is a Product?
Product
Everything, both favorable and
unfavorable, that a person
receives in an exchange.
▪ Tangible Good
▪ Service
▪ Idea
Copyright ©2009 by Cengage Learning Inc. All rights reserved
2
LOI
What Is a Product?
Product is the starting point of
Marketing Mix
Product
Price
Promotion
Place (Distribution)
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3
LO2
Types of Products
Business
Product
A product used to manufacture other
goods or services, to facilitate an
organization’s operations, or to resell
to other consumers.
Consumer
Product
A product bought to satisfy an
individual’s personal needs or wants
Copyright ©2009 by Cengage Learning Inc. All rights reserved
4
LO2
Types of Consumer Products
Products
Consumer
Products
Convenience
Products
Shopping
Products
Copyright ©2009 by Cengage Learning Inc. All rights reserved
Business
Products
Specialty
Products
Unsought
Products
5
LO2
Types of Consumer Products
Convenience
Product
A relatively inexpensive item that merits
little shopping effort
Shopping
Product
A product that requires comparison
shopping, because it is usually more
expensive and found in fewer stores
Specialty
Product
A particular item for which consumers
search extensively and are reluctant to
accept substitutes
Unsought
Product
A product unknown to the potential buyer
or a known product that the buyer does
not actively seek
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6
LO3
Product Items, Lines, and Mixes
Product Item
A specific version of a product
that can be designated as a
distinct offering among an
organization’s products.
Product Line
A group of closely-related
product items.
Product Mix
All products that an
organization sells.
7
Copyright ©2009 by Cengage Learning Inc. All rights reserved
LO3
Campbell’s Product Lines
and Mix
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8
LO3
Benefits of Product Lines
Advertising Economies
Package Uniformity
Standardized
Components
Efficient Sales and
Distribution
Equivalent Quality
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9
LO3
Product Mix Width
Product Mix
Width
The number of product lines an
organization offers.
▪ Diversifies risk
▪ Capitalizes on established reputations
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10
LO3
Product Line Depth
Product Line
Depth
The number of product items in
a product line.
▪Attracts buyers with different preferences
▪Increases sales/profits by further market segmentation
▪Capitalizes on economies of scale
▪Evens out seasonal sales patterns
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11
LO3
Adjustments
Adjustments to
Product Items,
Lines, and Mixes
Product
Modification
Product
Repositioning
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Product Line
Extension or
Contraction
12
LO3 Types of Product Modifications
Quality Modification
Functional Modification
Style Modification
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13
LO3
Planned Obsolescence
Planned
Obsolescence
The practice of modifying
products so those that have
already been sold become
obsolete before they actually
need replacement.
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14
LO3
Repositioning
Why reposition
established brands?
Changing
Demographics
Declining Sales
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Changes in
Social
Environment
15
LO3
Product Line Extension
Product Line
Extension
Adding additional products to
an existing product line in
order to compete more broadly
in the industry.
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16
LO3
Product Line Contraction
Symptoms of Product Line Overextension
▪ Some products have low sales or cannibalize
sales of other items
▪ Resources are disproportionately allocated to
slow-moving products
▪ Items have become obsolete because of new
product entries
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17
LO4
Brand
Brand
A name, term, symbol, design,
or combination thereof that
identifies a seller’s products
and differentiates them from
competitors’ products.
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18
LO4
Branding
Brand
Name
That part of a brand that can be spoken,
including letters, words, and numbers
Brand
Mark
The elements of a brand that
cannot be spoken
Brand
Equity
The value of company and brand names
Global
Brand
A brand where at least one-third of the
product is sold outside its home country
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19
LO4
Benefits of Branding
Product
Identification
Repeat Sales
New Product
Sales
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20
LO4
Generic Brand
Generic
Product
A no-frills, no-brand-name,
low-cost product that is simply
identified by its product
category.
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21
LO4
Manufacturers’ Brands Versus
Private Brands
Manufacturers’
Brand
The brand name of a
manufacturer.
Private
Brand
A brand name owned by a
wholesaler or a retailer. Also
known as a private label or
store brand.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
22
Advantages of Manufacturers’ Brands
▪ Heavy consumer ads by manufacturers
▪ Attract new customers
▪ Enhance dealer’s prestige
▪ Rapid delivery, carry less inventory
▪ If dealer carries poor quality brand, customer
may simply switch brands and remain loyal
to dealer
LO4
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23
Advantages of Private Brands
▪ Earn higher profits on own brand
▪ Less pressure to mark down price
▪ Manufacturer can become a direct competitor
or drop a brand/reseller
▪ Ties customer to wholesaler or retailer
▪ Wholesalers and retailers have no control over
the intensity of distribution of manufacturers’
brands
LO4
Copyright ©2009 by Cengage Learning Inc. All rights reserved
24
LO4
Cobranding
Ingredient
Branding
Types of
Cobranding
Cooperative
Branding
Complementary
Branding
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25
Trademarks
A Trademark is the exclusive right to use a brand.
▪ Many parts of a brand and associated symbols
qualify for trademark protection.
▪ Trademark right comes from use rather than
registration.
▪ The mark has to be continuously protected.
▪ Rights continue for as long as the
mark is used.
LO4
▪ Trademark law applies to the online world.
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26
LO5
Functions of Packaging
Contain and Protect
Promote
Facilitate Storage, Use,
and Convenience
Facilitate Recycling
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27
LO5
Labeling
Persuasive
▪
▪
Focuses on
promotional
theme
Consumer
information is
secondary
Informational
▪
Helps make proper
selections
▪
Lowers cognitive
dissonance
▪
Includes use/care
http://www.fda.gov
Online
28
Copyright ©2009 by Cengage Learning Inc. All rights reserved
LO5
Universal Product Codes
Universal
Product Codes
(UPCs)
A series of thick and thin
vertical lines (bar codes),
readable by computerized
optical scanners, that represent
numbers used to track
products.
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29
Developing and Managing Products
CHAPTER
11
Marketing
Designed by
Eric Brengle
B-books, Ltd.
10
Lamb, Hair, McDaniel
Copyright ©2009 by Cengage Learning Inc. All rights reserved
Prepared by
Amit Shah
Frostburg State University
1
LOI
New Product
New Product
A product new to the world,
the market, the producer,
the seller, or some
combination of these.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
2
LOI
New Product Advantages
Being first on the market has
numerous advantages:
•Increased sales through longer sales life
•Increased margins
•Increased product loyalty
•More resale opportunities
•Greater market responsiveness
•A sustained leadership position
Copyright ©2009 by Cengage Learning Inc. All rights reserved
3
LOI
Categories of New Products
New-to-the-World
New Product Lines
Product Line Additions
Improvements or Revisions
Repositioned Products
Lower-Priced Products
Copyright ©2009 by Cengage Learning Inc. All rights reserved
4
LO2 The New-Product Development
Process
New Product Success Factors
Long-term commitment
Company-specific approach
Capitalize on experience
Establish an environment
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5
LO2
New-Product
Development Process
New-Product Strategy
Idea Generation
Idea Screening
Business Analysis
Development
Test Marketing
Commercialization
New Product
Copyright ©2009 by Cengage Learning Inc. All rights reserved
6
LO2
Idea Generation
Customers
http://www.ideo.com
Online
Employees
Distributors
Competitors
Sources of
New-Product
Ideas
Vendors
R&D
Consultants
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7
LO2
Brainstorming
Brainstorming
The process of getting a
group to think of unlimited
ways to vary a product or
solve a problem.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
8
LO2
Idea Screening
Screening
The first filter in the product
development process, which
eliminates ideas that are
inconsistent with the
organization’s new-product
strategy or are inappropriate
for some other reason.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
9
LO2
Concept Test
Concept Test
A test to evaluate a
new-product idea, usually
before any prototype has
been created.
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10
LO2
Business Analysis
Demand
Considerations
in
Business
Analysis Stage
Cost
Sales
Profitability
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11
LO2
Development
▪ Creation of prototype
▪ Marketing strategy
▪ Packaging, branding,
labeling
▪ Promotion, price, and
distribution strategy
▪ Manufacturing feasibility
▪ Final government approvals
if needed
Copyright ©2009 by Cengage Learning Inc. All rights reserved
12
LO2
Simultaneous Product Development
Simultaneous
Product
Development
A team-oriented approach
to new-product
development.
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13
LO2
Test Marketing
Test
Marketing
The limited introduction of
a product and a marketing
program to determine the
reactions of potential
customers in a market
situation.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
14
LO2
Alternatives to Test Marketing
• Single-source research using
supermarket scanner data
• Simulated (laboratory) market testing
• Online test marketing
http://www.newproductworks.com
Online
Copyright ©2009 by Cengage Learning Inc. All rights reserved
15
LO2
Commercialization
Production
Inventory Buildup
Distribution Shipments
Sales Training
Trade Announcements
Customer Advertising
Copyright ©2009 by Cengage Learning Inc. All rights reserved
16
LO3
Why New Products Fail
•
No discernible benefits
•
Poor match between features and
customer desires
•
Overestimation of market size
•
Incorrect positioning
•
Price too high or too low
•
Inadequate distribution
•
Poor promotion
•
Inferior product
Copyright ©2009 by Cengage Learning Inc. All rights reserved
17
LO3
Success Factors
Factors in Successful
New Products
Match between product and market needs
Different from substitute products
Benefit to large number of people
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18
LO3
Success Factors
Listening to customers
Strong leadership
Producing the best
product
Commitment to newproduct development
Vision of future market
Project-based team
approach
Getting every aspect right
Willingness to fail
occasionally
Copyright ©2009 by Cengage Learning Inc. All rights reserved
19
LO5
Diffusion
Diffusion
The process by which the
adoption of an innovation
spreads.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
20
LO5
Product Characteristics and
the Rate of Adoption
Complexity
Compatibility
Relative Advantage
Observability
Trialability
http://www.electronicgadgetdepot.com
Online
Copyright ©2009 by Cengage Learning Inc. All rights reserved
21
LO5
Marketing Implications
of the Adoption Process
Word of Mouth
Communication
Aids the
Diffusion Process
Direct from
Marketer
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22
LO5
REVIEW LEARNING OUTCOME
Diffusion Process for New Products
Copyright ©2009 by Cengage Learning Inc. All rights reserved
23
LO6
Product Life Cycle
Product
Life Cycle
A biological metaphor that
traces the stages of a
product’s acceptance, from
its introduction (birth) to its
decline (death).
Copyright ©2009 by Cengage Learning Inc. All rights reserved
24
LO6
Growth
Stage
Maturity
Stage
Dollars
Introductory
Stage
Product Life Cycle
Decline
Stage
Sales
Profits
0
Time
Copyright ©2009 by Cengage Learning Inc. All rights reserved
25
LO6
Product Life Cycles for
Styles, Fashions, and Fads
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26
LO6
Introductory Stage
•
High failure rates
•
Little competition
•
Frequent product modification
•
Limited distribution
•
High marketing and production costs
•
Negative profits with slow sales increases
•
Promotion focuses on awareness and
information
•
Communication challenge is to stimulate
primary demand
Copyright ©2009 by Cengage Learning Inc. All rights reserved
27
LO6
Growth Stage
•
Increasing rate of sales
•
Entrance of competitors
•
Market consolidation
•
Initial healthy profits
•
Aggressive advertising of the
differences between brands
•
Wider distribution
Copyright ©2009 by Cengage Learning Inc. All rights reserved
28
LO6
Maturity Stage
•
Sales increase at a decreasing rate
•
Saturated markets
•
Annual models appear
•
Lengthened product lines
•
Service and repair assume important roles
•
Heavy promotions to consumers and dealers
•
Marginal competitors drop out
•
Niche marketers emerge
Copyright ©2009 by Cengage Learning Inc. All rights reserved
29
LO6
Decline Stage
•
Long-run drop in sales
•
Large inventories of
unsold items
•
Elimination of all nonessential
marketing expenses
•
“Organized abandonment”
Copyright ©2009 by Cengage Learning Inc. All rights reserved
30
LO6
Diffusion Process and PLC Curve
Introduction
Growth
Decline
Maturity
Sales
Product
life cycle
curve
Early majority
Late majority
Early adopters
Innovators
Laggards
Diffusion
curve
Copyright ©2009 by Cengage Learning Inc. All rights reserved
31
Services and Nonprofit Organization Marketing
CHAPTER
12
Marketing
Designed by
Eric Brengle
B-books, Ltd.
10
Lamb, Hair, McDaniel
Copyright ©2009 by Cengage Learning Inc. All rights reserved
Prepared by
Amit Shah
Frostburg State University
1
LOI
Service
Service
The result of applying human
or mechanical efforts to people
or objects.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
2
LO2
How Services Differ from Goods
Intangible
Inseparable
Heterogeneous
Perishable
Copyright ©2009 by Cengage Learning Inc. All rights reserved
3
LO3
Components of Service Quality
Reliability
The ability to perform the
service right the first time.
Responsiveness
The ability to provide
prompt service.
Assurance
The knowledge and courtesy
of employees.
Empathy
Caring, individualized
attention to customers.
Tangibles
The physical evidence
of a service.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
4
LO4
The Service Offering
Core
Service
The most basic benefit the
consumer is buying.
Supplementary
Service
A group of services that support
or enhance the core service.
Copyright ©2009 by Cengage Learning Inc. All rights reserved
5
LO4
Customization/Standardization
Mass
Customization
A strategy that uses
technology to deliver
customized services on a
mass basis.
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6
LO4
The Service Mix
• Determine target market
• Determine what new services to introduce
• Decide what existing services to maintain
and to eliminate
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7
LO4
Place (Distribution) Strategy
Convenience
Number of outlets
Direct or indirect
distribution
Location
Scheduling
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8
LO4
Promotion Strategy
Stress tangible cues
Use personal information
sources
Create a strong
organizational image
Engage in postpurchase
communication
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9
LO4
Price Strategy
Pricing Challenges for Services
• Define the unit of service consumption
• Determine if multiple elements are “bundled”
or priced separately
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10
LO6
Internal Marketing
Internal
Marketing
Treating employees as
customers and developing
systems and benefits that
satisfy their needs.
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11
LO8
Nonprofit Organization Marketing
Nonprofit
Organization
Marketing
An organization that exists
to achieve some goal other
than the usual business
goals of profit, market share,
or return on investment.
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12
LO8
Nonprofit Organization Marketing
•
Government
•
Museums
•
Theaters
•
Schools
•
Churches
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13
LO8
Nonprofit Organization Marketing
Identify desired customers
Specify objectives
Develop, manage, eliminate programs and services
Decide on prices
Schedule events or programs
Communicate their availability
Copyright ©2009 by Cengage Learning Inc. All rights reserved
14
LO8
Unique Aspects of Nonprofit
Organization Marketing Strategies
• Setting of marketing objectives
– Selection of target markets
• Development of marketing mixes
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15
LO8
Objectives & Target Markets
Provide services that respond to the wants of :
▪ Users
▪ Appointed officials
▪ Payers
▪ Media
▪ Donors
▪ General Public
▪ Politicians
Copyright ©2009 by Cengage Learning Inc. All rights reserved
16
•
Exam 3: Chapters 9, 10, 11, 12
o Describe the 4 major differences between Services and Products. Why
are these differences important?
o Describe the power and usefulness of Branding.
o The New Product development process is described as a FUNNEL.
What are the parts and their importance?
o What are the 4 types of Consumer products and how are they
different
o What are the key methods of Survey data collection?
o What is Secondary data and Primary data?
o What is the Product Life Cycle and describe it's 4 stages? What 4P
strategies work best in each stage?
o What is the role of Marketing Research?
o Why is Relationship Marketing important in the marketing of
Services?
1
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