Introduction to business: product and promotion

CC-BY-SA

1. Product and promotion cc licensed ( BY NC ND ) flickr photo by onurguven: http://flic.kr/p/8zTpFQ
2. Marketing research • Market? • Primary data • Secondary data
3. Primary data • Observation • Surveys • Interviews • Focus groups • Experiments –Cherry Vanilla Dr. Pepper: 61 formulas, 3904 tastings –Frito Lay chips: 4-psi breaking strength
4. Primary data • Advantages? –Recent –Relevant –Proprietary • Disadvantages? –Expensive –Time to design/collect –Expertise in research design/analysis?
5. Secondary data • Already-existing information • Census • CIA World factbook
6. Secondary data • Advantages? –Fast –Inexpensive –Professional design/analysis • Disadvantages –May be out of date –May ask wrong questions –No competitive advantage
8. Managing product life cycle • Extension –New uses –New markets –Increased uses (3 most brilliant words in all of marketing?)
9. What is a brand? • trademark • marks that identify the source of goods ™ ®
10. Branding and brand equity • Why are brands important? –brand equity –brand awareness –brand association –brand loyalty
11. Packaging & labeling
12. Purpose • Contain product • Prevent damage • Deter theft • Gain attention –Supermarket: 15,000 items –Walmart/Target: 142,000 items –SuperTarget/Supercenter: >200,000 –300 items/minute while shopping –70% of purchase decisions made in-store
13. Labelling • Identify brand • Provide information –Ingredients –Shelf life –Risks/warnings –Instructions –Regulated disclosures –UPC –RFID
14. promotion strategy cc licensed ( BY SD ) flickr photo by iakoubtchik: http://flic.kr/p/cDRk2E
15. consumer decisions
16. Consumer decision process • High-involvement • Low-involvement –risk –time –resources –cost
17. Consumer decision process • Problem recognition • Information search • Evaluation of alternatives • Purchase decision • Post-purchase evaluation –Cognitive dissonance
18. promotion mix • advertising • personal selling • publicity • sales promotions
19. advertising media mix • paid, non-personal messages • newspapers • TV • direct mail • email • radio • magazines • internet
20. cc licensed ( BY SD ) flickr photo by Thristian: http://flic.kr/p/7p7Xjd promotion strategy
21. trade promotion • trade allowance • display premiums • dealer contests • travel bonus
22. cc licensed ( BY NC ND ) flickr photo by greenkozi: http://flic.kr/p/5Y4LVd promotion strategy
23. consumer promotion • coupons • rebates • point-of-purchase • event sponsorship • cross-promotion • samples • premiums
24. promotion goals • inform • persuade • remind
25. public relations • crisis communications • news release • press conference