AEM220_220ToPost - AEM220 Introduction to Business...

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Unformatted text preview: AEM220, Introduction to Business Management. Wednesday 2/20 Marketing (II) The four Ps: Product The Product Life Cycle The four Ps: Price The Marketing Mix (or the 4Ps) Product Price Place Promotion Components of the Product Value- Total Product Offer Everything that consumers evaluate when deciding whether to buy something. A group of products that are physically similar or are intended for a similar market. The combination of product lines offered by a manufacturer. The creation of real or perceived product differences. Product Line Product Mix Product Differentiation P&G's Product Mix The Value Package Price Package Store surroundings Image Guarantee Reputation Brand name Service Buyer's past experience Speed of delivery Accessibility of marketer Product differentiation The creation of real or perceived product differences Branding A name, symbol or design that identifies the goods and services of one seller and differentiates them from those of the competition. Branded goods: Bayer, Tylenol, Advil Generic goods: aspirin, acetaminophen, ibuprofen Dealer goods: RiteAid, Wegmans', Price Chopper... How quickly or easily a given brand name comes to mind when a product category is mentioned. The combination of factors such as awareness, loyalty, perceived quality, images and emotions people associate with a given brand name. Brand awareness Brand equity A Good Brand Name... WSpeaks directly to product's target customers WAttracts/motivates consumers to try it WIs memorable/sticks in customers' minds WIs distinctive enough to protect it legally Characteristics of Product Life Cycle Stages Product Life Cycle Stages and the Marketing Mix Pricing Objectives $ ROI $ Traffic $ Market Share $ Sales $ Image $ Social Cost-Based Value-Service based Strategies Skim Penetration EDLP High-Low Cost Leadership Non-price competition - Add value - Educate consumers - Establish relationships Takeaways A product is a complex bundle of attributes determined by business performance and behavior: Product Features Product lines and product mix The product life cycle stage determines product strategy, including new product development and product management. Pricing strategies determine the position of a product vis--vis its competitors. Judicious pricing includes cost, profit, and competitive considerations. Never price "high" or "low" without justification. And always consider the possibility of non-price competition. ...
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