Principles of Marketing PDF

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Principles of Marketing lecture notes. Lecture material provided by tutors: Chang, Natascha....

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Principles of Marketing Notes – Lecture 3 592074 Products and Branding – IMPORTANT: Read read read! Hierarchy of objectives - Business goals: Business mission – business objectives – business strategy – marketing objectives – marketing strategy – marketing mix objectives – marketing mix (product mix, pricing mix, promotion mix, place (distribution) mix, service mix ) – promotional objectives – promotional strategy (advertising, sales promos, public relations, selling, direct marketing). Marketing process – help businesses achieve certain purposes. (Kotler et al, 2013 – view 2020). The 4 P’s… the Marketing Mix (Product, Price, Place, Promotion). Marketing has a lot to do with influenzas and photoshop as well which brings an impact to the consumers minds. Product is anything that can be offered in a market for attention, acquisition, use or consumption that might satisfy a need or want (who wrote this?). Search up other definitions. Service is a special kind of product that consists of activities, benefits or satisfaction that is essentially intangible and does not result in the ownership of anything. (words for rephrasing). Experience can also be seen as a product. It represents what buying the product or service will do for the customer. Makes you feel like you’ve taken away something useful. It can be tangible or intangible (touchable or untouchable). Basic levels of Product:   

Core benefits (the perceived or real benefit), Actual Benefits (a composite of the features and capabilities offered like style, brand, quality) – different products, different levels of satisfaction; Augmented benefits (support aspects, e.g. warranties, credit, services) Getting the value for what you paid. Customer happiness or unsatisfaction. “By having the membership, we’ll give you this and that”.

Levels are important for competition superiority. If they’ve been considered, the product might be higher in quality. Product classification – Consumer products (retail) – Convenience products, shopping products, specialty products (watches), unsought products (coffins). Industrial Products – products purchased for further processing or for use in conducting a business. Classified by the purpose for which they product is purchased: Material, Capital, Supplies. Delivered with complete accuracy. (Kotler et al, 2013).

Other Marketable Products – Ideas (where does it come from? Is it welcomed by the consumers? Do they want to buy it?), Places (does it work in the different location culturally?), People (consumer, sellers), Organisations. Product Life Cycle (New product development) Idea generation (new product development starts with good new product ideas) – idea screening – concept development and testing – marketing strategy development – business analysis – product development – test marketing – commercialization (the remaining steps reduce the number of ideas and develop only the best ones into profitable products). (Kotler et al, 2020). Some products die quickly: others stay in the mature stage for a long, long time. For example Crayola crayons have been around for 115 years. However, to keep the brand young, the company has added a continuous stream of contemporary new products, such as Color Alive, which lets kids color cartoons, scan them, and then watch as an app animates them. (Kotler et al, 2020). Innovators (Tech Enthusiasts) – Early Adopters (Visionaries) – Early Majority ( Pragmatists) – Conservatives (Late Majority) – Laggards (Skeptics).

Pre-launch, Introduction, Growth, Maturity, Decline. Implication?? – think about customers and actions the business has taken How business want to communicate the business plans in place to communicate with its community? How do they meet the customers’ needs in sales? How does the product get affected Profit wise? (Customer approach). Compare what’s been done well, what caused the positive impact....