Marketing test 3

Product Placement Price Promotion

Why are you buying this product- Core reason

YOu can touch it, Physical manifestation

The Extra stuff like warranties

Design mix Function Trademark name logo packaging

color size shape ingredients weight

protection of product to the consumer protect the consumer keeps product fresh gets attention (Promotion)

To identify it symbolic communication legally protect

Family name extension Separate family names individual brand name

name every product the same, create synergy

disavantages names the same, lose identity. if the new product fails, may be a reflection on other products. Unanticipated problem

different names for each product and product line

heinz - heinz products, boston market, weight watchers

name every product a unique way

rules

1. name is a logical derivative of the product

2. concrete word verses and abstract word

3. easy to pronounce

symbol, represents something about a product

name and or a symbol

what does the product do?

all elements build off of each other

convenience goods shopping goods specialty unsought goods

inexpensive items that you buy all the time

shop for these products and compare features. consumers dont buy all the time like a car

a product that you have to have. trendy, one of a kind

no buying behavior you cannot look for them like insurance

intangible labor intense variability in quality simultaneous production and consumption no. inventory

not real until you purchase it. restaurant food

services are the people - people dependent doctors

quality can change from time to time. restaurant having cooked meat and not cooked meat

as you produce it you consume it lawn care, restaurant is cooking your food so you can eat it

accounting services, cannot service clients after april 15. no more time frames

new to this world new product lines product extensions improvement

new items like ostrich meat

new to the company, bic pens producing razors

have a product and modify it, heinze red ketchup to green

new and improved - tide detergent, new formula

80

market too small does not match the company little support from retailers poor forecasting competition changes in consumer taste changes in macro environment organizational problems needed commitment non newness in the produc

idea generation idea screening concept development marketing strategy business analysis product development test market commercialization

process where the company generates ideas sources - consumers focus groups, research, competition, employess.

where company screens ideas to determine if they are good (cut down)

types of screening Judgement screening Preliminary market screening Preliminary consumer testing

determines if they could market the idea or not

focus groups

stage where a company will conduct multidimensional sclling which compares products and lets a company know where their new product would fit

come up with the 4p's

number crunching profit Estimate sales

Cannibalization, a new product could take over sales

functional test - is it safe consumer test - consumer tries out

optional - mini launch

pros lots of info

cons too expensive, too much time, lets competition know your idea

taking product to market

national launch - everyone has acess

roll-out start in one area

Advertising sales promotion publicity or public relations personal selling

a paid for of non personal presentation

activities that simulate purchase

promotion that is not paid for by the sponsor but not free

oral presentation, direct

newspaper tv magazine direct mail radio outdoor internet

coupons cents off $savings rebates send it receipt for money back samples displays trading stamps- fuel perks contests - skill sweepstakes - lottery premiums - extras

press related educational materials sponsored events product placement

press conference

current events on tv sponsored by companies (channel 1)

WPIALS mcdonalds

Place product into a movie or show

Prospecting Pre approach sales presentation handiling objectives close followup

going after customers - cold calls, call everyone

find out as much as uou can about a customer

1. canned presentation - the same for every customer need satisfaction approach - unique for every customer

people will always say no, give them reasons to buy

actual sale Trial close- would you like it delievered by monday assumption - assume they are going to buy it, would you like it in blue or green urgency close - this is the last one we have

ensure there is no cognitive dissonance