Marketing Marketing Mix Product cont Product Life Cycle All products go through the same macro level life cycle that includes the following phases Introduction Growth Maturity Decline In general profit levels peak before sales reach their peak Once maturity kicks in profits decline Each stage requires a different marketing strategy like new imaging niche focus pricing changes distribution adjustments etc Marketing Mix Price Pricing Objectives Marketing Pricing of a product is one of the most difficult areas of the marketing mix to control To add to the difficulty price is one of the most important factors to the consumer In general pricing looks to fulfill the following objectives Return on Investment Price set to maximize profits in the long run Building Traffic Image Support Price can add to status of offering Lower prices can attract Customers Increased Market Share Aggressive pricing can increase market share Social Impact Pricing can help promote social welfare Marketing Mix Price cont Marketing Pricing strategy consists of three top level approaches Cost Based Pricing The fundamental basis for price is usually the cost of the product Demand Based Pricing Looks to what consumers will pay Often developed without cost consideration as a part of the total product offering Competition Based Pricing Pricing is developed with primary consideration given to competitors pricing Break Even Analysis In order to evaluate any pricing strategy a break even analysis is performed Marketing Mix Place Marketing Getting product to the right place is a major goal of marketing but one that is generally executed by supply chain activities Place is usually described in terms of utility value to consumers form time place possession information and service As discussed logistics provides the 7 Rs associated with place time condition etc Channels of distribution are a key factor in Place Non store retailing including internet telemarketing vending kiosks direct selling and multilevel marketing have become increasingly popular elements Marketing Mix Promotion Marketing Promotion involves disseminating information about a product brand or company to the target market and to persuade them to participate in an exchange Integrated Marketing Communication IMC IMC combines all promotional tools into a comprehensive strategy Ultimately this should lead to the creation of positive product image and the meeting of goals IMC will help define objectives for the promotional mix assess budget needs create a unifying message and evaluate strategy effectiveness Effective IMC can create tremendously successful products CONTENT Marketing Marketing Mix Promotion cont Advertising Advertising is the paid non personal promotion of goods services companies and ideas by an identified sponsor Advertising in the US exceeds 225 billion in spending per year There are dozens of advertising mediums newspapers direct mail radio yellow pages etc but television is where the most money is spent Advertising spending supports network television radio and lessens the expense of newspapers magazines movies sporting events and other mediums products Marketing Mix Promotion cont Advertising cont Marketing Advertising today employs a host of techniques that were unheard of in the past including Product Placement Advertisers pay to have their product appear in movies and television shows Extra can be paid to have the product actually used by an actor on screen Infomercials Product Sales Networks A full length TV program or cable channel dedicated to promoting product s CONTENT Marketing Mix Promotion cont Sales Promotion Marketing Sales promotions are marketing efforts designed to generate immediate interest in purchasing a product or service Promotions can include coupons sales discounts premiums sweepstakes contests free samples demonstrations etc Several new promotional techniques have evolved over the last few years Word of Mouth Viral Marketing Promoting people to tell positive things about the product to others Viral marketing encourages people to pass along a message to others QUIZ 2 Marketing Marketing Mix Promotion cont Public Relations PR The goal of PR is to develop activities or events that help promote a favorable relationship between a company and its customers and prospects Essentially PR deals with influencing public opinion through the presentation of a client s image message or product Publicity Publicity attempts to influence the press and other media to print stories that promote a favorable image of a company and its products or services Human Resource Management Human Resource Management Introduction Human resource management determines staffing needs then provides recruitment and selection of appropriate personnel and management of the employment relationship which includes employee development motivation compensation rewards scheduling etc HR functions have changed from clerical to integral to operations and long term stability In general HR is fighting an unending battle to attract and retain qualified personnel CONTENT Human Resource Management HR Responsibilities and Challenges Human resources management has a wide scope of responsibilities including Recruitment and Selection Training Development Performance Assessment Compensation Rewards Benefits Correction Termination Motivation Employee Management Relations HR is facing challenges associated with changes in the American economic system overseas labor skilled labor shortages decreased loyalty underemployment aging workforce regulations etc Recruiting and Selection Human Resource Management After performing a human resources inventory jobs are analyzed requirements documented a hiring plan established and job posted advertised Job applicants are interviewed assessments are given and evaluated and a screening process begins Selection of employees usually occurs after careful analysis of the candidate which includes background investigations credit checks physical exams etc New hires are generally hired conditionally pending completion of a probationary period Training and Development Human Resource Management Training and development looks to increase employee productivity by increasing their ability to perform Increases in workforce education can yield big gains Training and development takes many forms including Orientation On the Job Online Apprenticeship Vestibule Simulation Management training focuses more on communications human relations and technical
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