Class 8 Products and Brands

Class 8 Products and Brands - M370 Click Marketing Mix...

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Copyright © 2009 Indiana University Click to edit Master subtitle style The Marketing Mix Products and Brands M370 John Talbott Faculty Department of Marketing Class 8 Fall 2010
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Copyright © 2009 Indiana University Today’s Class Objectives Introduce the concept of consumer value creation through Marketing Mix manipulation. Introduce types of products Develop your understanding of brands and look at how brands affect The Mix and Products Look at how brands create value
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Copyright © 2009 Indiana University Key Concepts Value Creation Elements of the Marketing Mix What is a brand? Brand Equity Managing Brands Types of products Product/Service Distinction
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Copyright © 2009 Indiana University “buyers do not buy quarter-inch drills; they buy quarter- inch holes” Value Creation Theodore Levitt
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Copyright © 2009 Indiana University Value Creation 1. There are no commodities; all products can be differentiated. 2. Products are problem solving tools. Consumers think more about holes and thirst than drill bits and colas. 3. There is a bias toward the measureable. (sales, profit, etc.) Firms should also attempt to measure more difficult phenomenon, like customer satisfaction, fun, and friendliness. 4. Make the intangible (reputation and brand equity or the power of brand) more tangible to consumers. Theodore Levitt Marketing Intangible Products and Product Intangibles 1981
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Copyright © 2009 Indiana University Benefits are the basis of Customer Value An automobile provides convenient transportation A watch tells accurate time A movie entertains A mobile phone provides easy social connection. Market offerings compete to provide these benefits and create more value.
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Copyright © 2009 Indiana University The Marketing Mix delivers customer benefits and creates Value
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Copyright © 2009 Indiana University Mix Considerations by Product Type Marketing Considerations Convenience Shopping Specialty Unsought Buying Behavior Frequent purchase, little planning Less frequent purchase, planning and research Brand Preference, loyalty, little comparison Little awareness Price Low Higher No Limit Product dependent Distribution Wide Convenient Selective Exclusive Product dependent Promotion Price driven and frequent Brand advertising and personal selling Selective image based promotion Never Price Aggressive Awareness and Benefit Advertising Examples Toothpaste, magazine, beer Television,
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This note was uploaded on 11/05/2010 for the course BUS F370 taught by Professor Tom during the Spring '10 term at Indiana Institute of Technology.

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Class 8 Products and Brands - M370 Click Marketing Mix...

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