MarketingNotes - MARKETING NOTES Almost always a marketing...

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MARKETING NOTES Almost always a marketing plan Approach after intro - list the objectives - how will you accomplish each Policy/Strategy/Tactics SWOT or Porter - analysis issue - may be exhibit WHAT IS THE PRODUCT? From the Perspective of the Organization From the Perspective of the Customer / Client From the Perspective of External Parties Employees Public Government Media Regulatory Bodies Etc. PRODUCT ATTRIBUTES 1. Direct (tangible) Indirect (intangible) - i.e., the product attributes that appeal to specific customers 2. Advertising is targeted at the indirect attributes Ex: Look at TV ads for beer and Caribbean vacations 3. Advertising differentiates our product attributes from those of the competition 4. Requires constant monitoring of the needs/concerns of the market place 5. How are industrial products similar to or different from consumer products? Need to understand the difference in the purchase decision process for each. 6. Why do individuals pay more for a branded pair of running shoes than a non- branded pair? 1
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7. How does Westjet or Porter compete with Air Canada, given that they both offer the same direct product? i.e., a plane trip from A to B 8. Can you translate product attributes into charging differential prices for the same product? 9. Why do some organizations (Maple Leafs, etc…) not pay much attention to advertising? When will they? 10. What do you do when all product attributes are indistinguishable from the competition? Implementation: - Who, what, when, where, how - Short-term and Long-term - What are the costs? - Organize by strategic objective - Only what can realistically be accomplished - Concert Promoter: Willie Nelson, Il Diva, ZZ Top, Hilary Duff Where do you advertise if house is not expected to sell out with an announcement? Competitive Advantage Policy/Strategy decisions Possibilities 1. Size 3. Low cost provider 4. Product diversification Strengths: Fact at a given time - Market share - Proven products - Quality of management - Entrepreneurial spirit Cost - per unit - volume decreases unit cost How to reduce unit costs: - new machinery - R&D - Eliminate unprofitable lines 2
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- Collapse value chain - Eliminate frills that do not add to sales $ (assuming price is not related to cost but is set by market) Economies of scales Learning curve What is the optimal amount of quality to build in? Does low cost necessarily imply low quality? Critical stats - Hotels/Airlines: load capacity or occupancy rate - Other industries: sales compared by quantity sold - Retail - $ per sq. ft. Should you drop a product? -
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MarketingNotes - MARKETING NOTES Almost always a marketing...

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