test 2 outline

test 2 outline - 3 Pillars of Marketing Customer...

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3 Pillars of Marketing Customer Orientation The customer (not the product) should be the focal point of the planning process. Integrated Marketing All marketing activities need to be planned and coordinated. Customer Satisfaction The end result of a marketing effort should be two-fold: Page 147-154 I) Importance of New products a. Sustain growth b. Increase revenue and profits c. Replace obsolete items II) Categories of New Products a. New Product i. New to world product- these products create an entirely new market, new to the world products represent the smallest category of new products. ii. New product lines- these products, which the firm has not previously offered allow it to enter an established market. iii. Additions to existing product lines 1. Includes new products that supplement a firms established line. iv. Improvements or revisions of existing products 1. The “new and improved” product may be significantly or slightly changed v. Repositioned Products 1. Existing products targeted t new markets or market segments. vi. Lower Price Products 1. Refers to products that provide performance similar to competing brands at a lower price. III) The New Product Development Process a. New Product Strategy
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i. Links the development process with the objectives of the marketing department, business unit and corporation. ii. Sharpens focus and provides general guidelines for generating, screening and evaluating new product ideas. iii. Specifies the roles the product plans in the organizations plans b. Idea Generation i. Where they come from 1. Customers- concepts should ceom from customers wants and needs 2. Employees- marketing personnel, advertising and market research employees as well as salespeople often create new product ideas because they analyze and are involved in the market place. 3. Distributors a. They are closer to customers and may know about what customers need better than the corporation. 4. Competitors a. Have to see what their successes have been. 5. Vendors a. Creation of proprietary products 6. Research and development a. Product development i. Goes beyond applied research by converting applications into marketable products b. Product modification i. Makes cosmetic or functional changes in existing products. 7. Consultants a. Outside companies that are paid to examine a business and recommend new product ideas. c. Idea screening i. Elimination of ideas that are inconsistent with the organizations new product strategy or are obviously inappropriate for some other reason.
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ii. Concept test- evaluates a new product idea, usually before any prototype has been created. d. Business Analysis i. This is where preliminary costs, sales and profitability are calculated. e.
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This note was uploaded on 10/20/2009 for the course MKTG 221W at Penn State.

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test 2 outline - 3 Pillars of Marketing Customer...

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