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I can’t wait to go!!! I can’t wait to go!!!

Marketing – SM 122 Product Marketing – SM 122 Product

Consumers Have Different Needs Market: Aggregate of people who, as individuals or as organizations, Consumers Have Different Needs Market: Aggregate of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to purchase such products Segment: Group of individuals, groups, or organizations that share one or more similar characteristics which make them have relatively similar products needs and have high probability of responding to a similar marketing mix Segmentation: Process of identifying segments or groups of people / organizations that exist within the larger market

How to Segment Consumer Markets Common Bases for Segmenting Markets Psychographic Demographic Behavioral / How to Segment Consumer Markets Common Bases for Segmenting Markets Psychographic Demographic Behavioral / Product Usage Geographic

All Four P’s Contribute to the Whole Product Price Place Position Selection of Target All Four P’s Contribute to the Whole Product Price Place Position Selection of Target Market Promotion © 2003 Mc. Graw-Hill Companies, Inc. , Mc. Graw-Hill/Irwin

Approaches to Serving Markets Approach Description Examples Mass Marketing A single marketing mix for Approaches to Serving Markets Approach Description Examples Mass Marketing A single marketing mix for the entire market Commodity products Segment marketing A single marketing mix for one segment of the market (Concentrated Marketing) Women's Workout World (exercise facilities for women); American Association for Retired Persons (lobbying and membership services for people over 50) Separate marketing mixes for two or more segments of the market (Multisegment Marketing) Mc. Donald’s (Happy Meals for young children, Big Macs for Teens, Arch Deluxe for adults); Toshiba copiers (several sizes and features to meet different levels of business needs) A marketing mix customized for an individual or organization Personalized amenities for repeat guests at Ritz-Carlton hotels; management consulting services tailored to an organization’s needs Individual marketing

Consumers Buy Benefits Not Features • Consumers buy: • Consistency, convenience Mc. Donald’s • Consumers Buy Benefits Not Features • Consumers buy: • Consistency, convenience Mc. Donald’s • Fun, hip, cool Reef Flip - Flops, Pacific Sunwear of CA • Aspirational, escape, illusion Jimmy Buffet, Grateful Dead, Jaguar, Maxim, Cosmopolitan • Cleanliness, brightness, freshness Tide Detergent • Timeliness, safety Swiss. Air, Airport Security

Product The good or service that is offered has basic functionality and features. It Product The good or service that is offered has basic functionality and features. It may be offered in one or multiple varieties. But, not just the good or service you offer, but a much broader definition to include warranties, after-sales service, installation, image,

Products are Goods and Services G Service Pure Service S S G Good Pure Products are Goods and Services G Service Pure Service S S G Good Pure Good

Product Levels Augmented Product Installation Brand Name Delivery & Credit Quality Packaging & Labeling Product Levels Augmented Product Installation Brand Name Delivery & Credit Quality Packaging & Labeling Core Benefit Or Service Features Styling After. Sale Service Warranty Actual/Expected Product Core/Generic Product

Classification of Consumer Goods Basis of comparison Type of Consumer Good Convenience Shopping Price Classification of Consumer Goods Basis of comparison Type of Consumer Good Convenience Shopping Price Toothpaste, cake mix, hand soap, laundry detergent Relatively inexpensive Cameras, TV’s briefcases, appliances, clothing Fairly expensive Place Widespread; many outlets Product Promotion Large number of selective outlets Price, Differentiation availability, from and awareness competitors stressed Specialty Unsought Rolls Royce Burial cars, insurance, Rolex watches thesaurus Usually very expensive Varies Very limited Often limited Uniqueness of Awareness is brand essential status stressed

Classification of Consumer Goods Basis of comparison Type of Consumer Good Convenience Aware of Classification of Consumer Goods Basis of comparison Type of Consumer Good Convenience Aware of Brand loyalty brand, but will of consumers accept substitutes Frequent Purchase purchases; behavior of little time and consumers effort spent shopping; routine decision Shopping Specialty Prefer specific brands, but will accept substitutes Infrequent purchases; comparison shopping; uses decision time Very brand loyal; will not accept substitutes Infrequent purchases; extensive time spent to decide and get the item Unsought Will accept substitutes Very infrequent purchases; some comparison shopping

Diffusion or Why does everyone have (will have) an MP 3 player. 1. 0 Diffusion or Why does everyone have (will have) an MP 3 player. 1. 0 Cumulative Probability of Adoption up to Time t Introduction of product F(t) What happens when everybody that is going to acquire a product has it? Time (t) From a presentation given by Professor David Berkowitz

Slide 9 -5 Consumer Life Cycle Figure 9. 2 1. 0 F(t) Innovators Early Slide 9 -5 Consumer Life Cycle Figure 9. 2 1. 0 F(t) Innovators Early (2. 5%) Adopters (13. 5%) Irwin/Mc. Graw-Hill Early Majority (34%) Late Majority (34%) Laggards (16%) © The Mc. Graw-Hill Companies, Inc. , 1998

Bass Model of Product Diffusion n n St = p * q * Adopters Bass Model of Product Diffusion n n St = p * q * Adopters Imitation Effect Remaining + Potential Innovation where: St = sales at time. Effect t p = “coefficient of innovation” q = “coefficient of imitation” # Adopters = S 0 + S 1 + • • • + St– 1 Remaining Potential = Total Potential – # Adopters From a presentation given by Professor David Berkowitz

Examples of Innovation and Imitation Parameters Product/ Technology B&W TV Color TV Air conditioners Examples of Innovation and Imitation Parameters Product/ Technology B&W TV Color TV Air conditioners Clothes dryers Water softeners Record players Cellular telephones Steam irons Motels Mc. Donalds fast food Hybrid corn Electric blankets Innovation parameter (p) Imitation parameter (q) 0. 028 0. 005 0. 010 0. 017 0. 018 0. 025 0. 004 0. 029 0. 007 0. 018 0. 039 0. 006 0. 25 0. 84 0. 42 0. 36 0. 30 0. 65 1. 76 0. 33 0. 36 0. 54 1. 01 0. 24 A study by Sultan, Farley, and Lehmann in 1990 suggests an average value of 0. 03 for p and an average value of 0. 38 for q. From a presentation given by Professor David Berkowitz

Slide 9. 1 The Product Life Cycle Dollars Total Market Sales Total Market Profits Slide 9. 1 The Product Life Cycle Dollars Total Market Sales Total Market Profits Introduction Growth Maturity Decline Time Irwin/Mc. Graw-Hill © The Mc. Graw-Hill Companies, Inc. , 1998

Factors affecting the rate of diffusion n Product-related – diffusion will be faster if… Factors affecting the rate of diffusion n Product-related – diffusion will be faster if… n High relative advantage over existing products n High degree of compatibility with existing approaches n Low complexity n Can be tried on a limited basis n Benefits are observable n Market-related – diffusion is influenced by … n Type of innovation adoption decision (eg, does it involve switching from familiar way of doing things? ) n Communication channels used n Nature of “links” among market participants n Nature and effect of promotional efforts From a presentation given by Professor David Berkowitz

Product Life Cycle for Wine Coolers $1000 Source: Figure drawn from Wine and Liquor Product Life Cycle for Wine Coolers $1000 Source: Figure drawn from Wine and Liquor Handbook statistics 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 $500 1982 Millions of dollars $1500

Vinyl Compact disks Source: Figure drawn from Recording Industry Association of America statistics. 1995 Vinyl Compact disks Source: Figure drawn from Recording Industry Association of America statistics. 1995 1993 1991 1989 1987 1985 1983 1981 1979 1977 Cassettes 1975 650 600 550 500 450 400 350 300 250 200 150 100 50 0 1973 Millions of units sold Recording Industry Product Form Life Cycles

How stages of the product life cycle relate to marketing mix decisions Sales revenue How stages of the product life cycle relate to marketing mix decisions Sales revenue or profit Stage of the product life cycle Introduction Growth Maturity Decline Total industry sales revenue + 0 – Total industry profit Marketing objective Gain Awareness Stress differentiation Maintain brand loyalty Harvesting, deletion Competition None Growing Many Reduced Product One More versions Best sellers Price Skimming or penetration Gain share, deal Full product line Defend share, profit Promotion Inform, educate Stress competitive differences Reminder oriented Minimal promotion Place (distribution) Limited More outlets Maximum outlets Fewer outlets Stay profitable