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Introduction to business: product and promotion
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Ted Major
March 22, 2016
Education
1
1.3k
Introduction to business: product and promotion
CC-BY-SA
Ted Major
March 22, 2016
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Transcript
Product and promotion cc licensed ( BY NC ND )
flickr photo by onurguven: http://flic.kr/p/8zTpFQ
Marketing research • Market? • Primary data • Secondary data
Primary data • Observation • Surveys • Interviews • Focus
groups • Experiments –Cherry Vanilla Dr. Pepper: 61 formulas, 3904 tastings –Frito Lay chips: 4-psi breaking strength
Primary data • Advantages? –Recent –Relevant –Proprietary • Disadvantages? –Expensive
–Time to design/collect –Expertise in research design/analysis?
Secondary data • Already-existing information • Census • CIA World
factbook
Secondary data • Advantages? –Fast –Inexpensive –Professional design/analysis • Disadvantages
–May be out of date –May ask wrong questions –No competitive advantage
None
Managing product life cycle • Extension –New uses –New markets
–Increased uses (3 most brilliant words in all of marketing?)
What is a brand? • trademark • marks that identify
the source of goods ™ ®
Branding and brand equity • Why are brands important? –brand
equity –brand awareness –brand association –brand loyalty
Packaging & labeling
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
Labelling • Identify brand • Provide information –Ingredients –Shelf life
–Risks/warnings –Instructions –Regulated disclosures –UPC –RFID
promotion strategy cc licensed ( BY SD ) flickr photo
by iakoubtchik: http://flic.kr/p/cDRk2E
consumer decisions
Consumer decision process • High-involvement • Low-involvement –risk –time –resources
–cost
Consumer decision process • Problem recognition • Information search •
Evaluation of alternatives • Purchase decision • Post-purchase evaluation –Cognitive dissonance
promotion mix • advertising • personal selling • publicity •
sales promotions
advertising media mix • paid, non-personal messages • newspapers •
TV • direct mail • email • radio • magazines • internet
cc licensed ( BY SD ) flickr photo by Thristian:
http://flic.kr/p/7p7Xjd promotion strategy
trade promotion • trade allowance • display premiums • dealer
contests • travel bonus
cc licensed ( BY NC ND ) flickr photo by
greenkozi: http://flic.kr/p/5Y4LVd promotion strategy
consumer promotion • coupons • rebates • point-of-purchase • event
sponsorship • cross-promotion • samples • premiums
promotion goals • inform • persuade • remind
public relations • crisis communications • news release • press
conference