MGT 103 - Class 8

Markeng lessons marketers need to understand how

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Unformatted text preview: g Product Groups •  Why is product categorizaLon important in markeLng? Iden(fying Product Groups •  What products compete with each other directly? Iden(fying Product Groups •  What special promoLonal strategies are suggested by this compeLLve set? Marke(ng Lessons •  Marketers need to understand how consumers categorize objects because it helps define –  Market segments –  Acceptable subsLtutes in the product grouping •  Marketers, through adverLsing, packaging, and branding, can influence the way consumers categorize products. •  The above is especially criLcal for new products consumers may be unfamiliar with. Prince Sports, Inc. •  How many of you play tennis? Prince Sports, Inc •  What trends in the environmental forces (social, economic, technological, compeLLve, and regulatory) work for and against Prince Sports in the tennis industry? Prince Sports, Inc. •  What promoLonal acLviLes might Prince use to sLmulate demand for –  1) the enLre product class? –  2) selecLve demand for a parLcular market? Prince Sports, Inc. •  In reaching global markets, what criteria should Price use...
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