What should effective packaging produce decrease costs increase productivity market product carry product identifications provide product information mad ate products warning information manageable consumer size protect from damage and improve handling Describe the different eras of marketing in the early 1900 s marketing was focused on pro ducting goods as quickly as possible which is called the production era the selling era occurred from the 1920 s to the beginning of WW2 This is where the marketing philosophies turned to selling and advertising This is also around the time when radio comes out which actually changes everything Next is the marketing concept era which occurred after WW2 In this era marketing faced heavy com petition associated with millions of new consumers and marketing evolves Lastly there is the customer relationship era which is occurring right now CRM looks to learn as much as possible about customers They use this information to better satisfy needs Describe consumer behavior Consumer behavior consists of 5 things problem recognition information research alterna tive evaluation purchase decision and the post purchase evaluation Consumer behavior is essentially who you are where you are what you are etc This is something that people actually study What should effective use of the 4 p s in the marketing mix produce it should produce satisfying exchanges with a target market The first step is developing se lecting a product that consumers will purchase Discuss product in terms of marketing mix First thing is first it is important to note that developing a new product is tough 80 of new products fail The six basic steps of developing a new product are 1 generating an idea 2 product screening which reduces ideas 3 product analysis finance and accounting cost and sales 4 development 5 testing and 6 commercialization What is total product offering Total product offering also known as the value package is used to entice customers This includes service surroundings past experience delivery brand etc Describe the process of pricing a product pricing a product is one of the most difficult areas of the marketing mix to control Pricing looks to fulfill these objectives return on investment price set to maximize profits in the long run building traffic lower prices to attract customers image support price can add to sta tus of offering increased market share aggressive pricing can increase marketshare and social impact doesn t happen often but it s that pricing can help promote social welfare Discuss place in terms of the marketing mix place is getting the product to the right place which is a major goal of marketing usually ex ecuted by supply chain activities place is equal to the utility value to consumers form time place possession information and service This is another place where the 7 R s are used Discuss promotion in terms of the marketing mix promotion involves disseminating information about a product brand or company to the tar get market and persuade them to participate in exchange What does IMC do IMC will help define objectives for the promotional mix assess budget needs create a unify ing message and evaluate strategy effectiveness Effective IMC can create tremendously successful products What is different about advertising today than it was in the past product placement infomercials product sales network and sales promotion What are the two kinds of sales promotions There is word of mouth and viral marketing Word of mouth is promoting people to tell posi tive things about the product to others Viral marketing encourages people to pass along a message to others Key Terms marketing is the pricing promotion and distribution of ideas goods and services to satisfy customer relationship management includes preferred customer programs targeted mar customer goals keting etc marketing segmentation is dividing markets into similar groups to help the consumer market because no business can truly fulfill everyones needs Types of marketing segmentation are geographic demographic psychographic benefit volume and usage the business to business market consist of selling to all those who wish to use your prod ucts and services in the production of other goods and services These sales are more direct and personal It takes a long time higher dollars and customer service is a high priority here consumer behavior is attempting to understand the consumer decision process because that is vital to marketing the marketing mix is the 4 p s price product place and promotion This is how you get your product into peoples hands It is what marketing is most responsible for a product line is a group of products that are branded similarly and closely related in some way These all share characteristics but are geared towards different people product mix is the collection of all the product lines that a company has product differentiation is the attempt to make close substitutes appear different so that cus tomers no longer regard them as similar or identical Pricing and promotion are big factors in the differentiation of products lines etc branding is a key differentiation component It s the branding of a name symbol design etc that identifies the products The brand name is part of the brand that can be spoken including letters words and numbers a trademark is a brand that has been given legal exclusivity for both it s name and logo packaging is the critical decision to buy or not buy This decision is often made at the shelf Recognizable brands in stimulating packaging have a distinct advantage here all products go through the same 4 phases it goes introduction growth maturity decline this is called the product life cycle Generally profit levels peak before sales reach their peak Once maturity kicks in profit declines Each stage requires a different marketing strategy new imaging niche focus pricing changes distributions adjustments etc price strategy is the cost based pricing the fundamental basis for price is usually the cost of the product demand based pricing looks to what consumers will actually pay There is also competition based pricing and break even analysis in order to evaluate any pricing strategy this analysis is performed this is done by finance and accounting integrated marketing communication ICM combines all promotion tools into a compre hensive strategy This should ultimately lead to the creation of positive product image and the meeting of goals advertising is the
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