mktg1001 wk10 - Marketing Principles This week Chapters 10...

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MKTG1001: Semester 1 Marketing Principles This week… Product Life Cycle The Place Mix Price Decisions A bit more on presentations Chapters 10 & 11
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MKTG1001: Semester 1 Product Life Cycle Stages of sales and growth for products Used to help manage the product Similar concept to a person Baby Child Adult Old age
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Week Chart position Sales 1 Nil 158 2 92 1,534 3 49 5,970 4 15 20,836 5 3 57,068 6 1 106,843 7 1 116,642 8 7 43,715 9 24 17,361 Not in stores, no radio/ TV play In some stores, on charts, W-O-M (Net) In all stores, heavy radio/TV play Market is saturated, everyone who wanted it has bought it
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MKTG1001: Semester 1 0 20000 40000 60000 80000 100000 120000 140000 1 2 3 4 5 6 7 8 9 Introduction Growth Maturity Decline
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Why it follows this pattern Introduction New to market – not used at all Little retailer interest Little $’s for promotion/awareness Growth Consumer’s W-O-M Some retailers want to sell Competitors enter = snowballing Maturity Normal – everyone uses it Reaches market potential Decline Changing consumer lifestyle New technology
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What to do? Introduction Build awareness (media/net) Get first-time trial Get some retailers Growth Grab market share Grab retailers (exclusive deals) Build brand – fight competitors Maturity Make good money Keep customers loyal Product variety + innovation Line extensions Decline Cut costs – maximize profits New markets? New uses?
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MKTG1001: Semester 1 The ‘fight’ is really in the growth phase Choice of firms Lots of first-time customers Often stay loyal: Habit Easier Happy No better offerings Locked in/contract Like in banking
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MKTG1001: Semester 1 In the maturity phase No first-time customers Will look at a range of firms May look at your firm Is it worthwhile to switch? What extra benefits versus effort? Have to wait for customers of other firms to become dissatisfied Small number of ‘switchers’ in the market
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MKTG1001: Semester 1 Want to speed up the PLC Power of ‘opinion leaders’
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MKTG1001: Semester 1 PLACE
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MKTG1001: Semester 1 History goes back to 1824 – UK, as a tea and coffee company Exported to Australia from 1881 Operations set up in 1919 Cherry Ripe (1924) Crunchie (1929) Freddo (1930) Picnic (1958) Time Out (1995) Boost (2006)
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MKTG1001: Semester 1 Strong brand equity (TVC) Overall Strategy Multiple brands Consistent products Recognisable packaging Product line extensions
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MKTG1001: Semester 1 Strategy is heavily reliant on their place mix Access to many retailers and sales points Prime position within those retailers Supermarkets, convenience stores Petrol stations, cinemas Easter Show, vending machines Fund raising, theme parks
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MKTG1001: Semester 1 Therefore Target suitable retailers Build relationships with those retailers Get strong presence and good location within those retailers
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MKTG1001: Semester 1 Topics We’ll Cover from this Chapter Logistics Trade Promotion Channel Selection Retailing
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MKTG1001: Semester 1 Logistics Network Supplier Manufacturer Distributor Retailer End- customer Sales data Just in time Quick response
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This note was uploaded on 08/18/2011 for the course MKTG 1001 taught by Professor ? during the Three '09 term at University of Sydney.

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mktg1001 wk10 - Marketing Principles This week Chapters 10...

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