Kalan Lecture 16

Kalan Lecture 16 - Kalan A. Marketing Mix: Product, price,...

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Unformatted text preview: Kalan A. Marketing Mix: Product, price, placement, promotion B. Product: a. Developing Product Objectives: help us focus and get direction i. Should support our broader marketing objectives. ii. Support the overall mission the firm. I.e. Find mission statement in the strategic level. 1. E.g. many things could be objectives-cash flow, etc. 2. Objectives: They should be a. Specific b. Measurable c. Clear-unambigous d. Feasible 3. All of these require good information as a starting point i.e. Marketing research. iii. You must look at long term implications of all your product decisions. 1. To risk a long term implication for a short term goa can cause a real big failure. Short term goals are not always supportive of the long term goals. iv. You have to think about the company. 1. Product Line: All of the offerings designed to satisfy a single need. 2. Product Mix: Everything that the company offers a. For some companies the product line and product mix are the same thing. 3. When thinking about company, is it a one trick pony, or have multiple product lines, or multiple product mixes? 4. Most companies want a portfolio that needs to be balanced. C. The Product Life Cycle (Curve graph On Board): The concept that explains how a brand has a life and goes through four very distinctive stages. a. Introduction i. Goal: Get consumers to try our product. Usually we are a new company in some business or a new category....
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This note was uploaded on 09/16/2011 for the course MARKETING 301 taught by Professor Yeniyurt during the Spring '08 term at Rutgers.

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Kalan Lecture 16 - Kalan A. Marketing Mix: Product, price,...

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