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Introduction to business: product and promotion

Ted Major
March 22, 2016

Introduction to business: product and promotion

CC-BY-SA

Ted Major

March 22, 2016
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  1. Product and
    promotion
    cc licensed ( BY NC ND ) flickr photo by onurguven: http://flic.kr/p/8zTpFQ

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  2. Marketing research
    • Market?
    • Primary data
    • Secondary data

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  3. Primary data
    • Observation
    • Surveys
    • Interviews
    • Focus groups
    • Experiments
    –Cherry Vanilla Dr. Pepper: 61 formulas,
    3904 tastings
    –Frito Lay chips: 4-psi breaking strength

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  4. Primary data
    • Advantages?
    –Recent
    –Relevant
    –Proprietary
    • Disadvantages?
    –Expensive
    –Time to design/collect
    –Expertise in research design/analysis?

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  5. Secondary data
    • Already-existing information
    • Census
    • CIA World factbook

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  6. Secondary data
    • Advantages?
    –Fast
    –Inexpensive
    –Professional design/analysis
    • Disadvantages
    –May be out of date
    –May ask wrong questions
    –No competitive advantage

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  8. Managing product life cycle
    • Extension
    –New uses
    –New markets
    –Increased uses (3 most brilliant words
    in all of marketing?)

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  9. What is a brand?
    • trademark
    • marks that identify the source of goods
    ™ ®

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  10. Branding and brand equity
    • Why are brands important?
    –brand equity
    –brand awareness
    –brand association
    –brand loyalty

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  11. Packaging & labeling

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  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

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  13. Labelling
    • Identify brand
    • Provide information
    –Ingredients
    –Shelf life
    –Risks/warnings
    –Instructions
    –Regulated disclosures
    –UPC
    –RFID

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  14. promotion strategy
    cc licensed ( BY SD ) flickr photo by iakoubtchik:
    http://flic.kr/p/cDRk2E

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  15. consumer
    decisions

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  16. Consumer decision process
    • High-involvement
    • Low-involvement
    –risk
    –time
    –resources
    –cost

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  17. Consumer decision process
    • Problem recognition
    • Information search
    • Evaluation of alternatives
    • Purchase decision
    • Post-purchase evaluation
    –Cognitive dissonance

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  18. promotion mix
    • advertising
    • personal selling
    • publicity
    • sales promotions

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  19. advertising media mix
    • paid, non-personal messages
    • newspapers
    • TV
    • direct mail
    • email
    • radio
    • magazines
    • internet

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  20. cc licensed ( BY SD ) flickr photo by Thristian:
    http://flic.kr/p/7p7Xjd
    promotion strategy

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  21. trade promotion
    • trade allowance
    • display premiums
    • dealer contests
    • travel bonus

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  22. cc licensed ( BY NC ND ) flickr photo
    by greenkozi: http://flic.kr/p/5Y4LVd
    promotion
    strategy

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  23. consumer promotion
    • coupons
    • rebates
    • point-of-purchase
    • event sponsorship
    • cross-promotion
    • samples
    • premiums

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  24. promotion goals
    • inform
    • persuade
    • remind

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  25. public relations
    • crisis communications
    • news release
    • press conference

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