Principles of MarketingSegmentation-Targeting-PositioningMarketing ResearchSlide 4Product DecisionsProduct Mix & BrandsNew Product DevelopmentProduct Life CycleServices MarketingSlide 10Principles of MarketingREVIEW FOR EXAM #3Please note that these slides are not an exhaustive list of all that we have discussed in the class so far. These slides are a collection of some of the key points around which our class discussion has centered.Segmentation-Targeting-Positioning•Steps in S-T-P•Motivating Logic – Why Segment?•How much to Segment? Pros vs. Cons•Different Bases of Segmentation•Which Segments to Target? (Targeting Criteria)•Positioning & Repositioning•Perceptual MappingMarketing Research•Roles of Market Research–Descriptive, Diagnostic, Predictive•Value of Market Research–Expected-Value-of-Perfect-Information (EVPI) Calculations•The Market Research Process–Defining the problem–Analyzing the situation–Getting problem-specific data–Interpreting the data–Solving the problem•Primary vs. Secondary Data•Quantitative vs. Qualitative Research•Sampling Procedures–Probability vs. Non-probabilty•Types of Research Techniques–Surveys, Focus Groups, Scanner-Panel, Experimentation, etc.•Test MarketingMarketing ResearchProduct DecisionsProduct Mix & Brands•Product Items, Lines & Mixes–Pros & Cons of carrying multiple products–Line Expansion/ Contraction•Brand Equity–extending brands–preventing “commoditization”–Branding Strategies Matrix•Private Labels/ Store brandsNew Product Development•Strategic importance of new products•Steps in New Product Generation–Idea Generation–Idea Screening–Concept Testing–Product Development–Market Testing–Commercialization•Consumer Adoption Process–Diffusion of Innovations–Product characteristics which aid/hamper diffusionProduct Life Cycle•PLC Stages•Characteristics of each stage–consumer behavior–competitive activity–marketing spend–price–profitabilityServices Marketing•All businesses have some “service” component–“Core” Product/Service & “Supplementary” Service•Characteristics that differentiate “Services” from “Products”–Intangibility–Inseparability–Variability–Perishability•Marketing implications of these differencesServices Marketing•Expanded mix for Services–The Traditional 4 Ps–People–Processes–Physical Evidence•The Gap Model of Service