Exam 2 review - 4 P's of Marketing (Marketing Mix) -...

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4 P’s of Marketing (Marketing Mix) - Product, Price, Place, Promotion Core Benefit Basic Product Expected Product Augmented Product Competition occurs at Augmented level Product Strategy BCG Matrix Stars ????? Cash Cows Dogs PLC – Product Life Cycle Introduction Growth Maturity Decline Implications: Need a balanced portfolio Need cash cows to sustain stars, ?s, dogs Stars will become tomorrow’s cash cows Cash cows – milk it, maintain your share and invest in it Stars – invest in them ?? – Try to convert into stars or decide if you want them to become dogs Dogs – keep if it goes to a niche market. Potential for growth, otherwise dump it.
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New Product Development (NPD) NPD Intro Growth Maturity Strategic Focus Keep it short Gain Market Share Maintain share Marketing Strategy Keep it short Create awareness about product Create awareness about your brand Maintain brand loyalty Investment Very High High cost High Low Price per unit High or low Maintain price Low (competition) Fixed cost per unity Very High Decreasing (still high) Low – economies of scale Cash Generation Negative Negative, very low Low High (tiny margin * large volume) Chapter 12 Brand – a name term , sign, symbol, design, or some combination that identifies the product from the competitor’s. Brand recognition – consumer’s awareness of the brand Brand preference – the consumer’s reliance on previous experiences with the product to use the product again Brand insistence – consumer’s refusal for extended searches for other products Old Product New Product Old Market Market Penetration Product Development
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New Market Marketing Development Product Diversification Market Penetration strategy – seeks to increase sales of an existing product in an existing market. Using an old product in an old market – may make improvements to existing products Product Development –
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This note was uploaded on 04/23/2008 for the course MK 320 taught by Professor Sethi during the Spring '06 term at Clarkson University .

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Exam 2 review - 4 P's of Marketing (Marketing Mix) -...

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