Chapter 3 Analyzing the Environment
-Same product or service with alternative
-Flying vs. Driving
-Chicken vs. Hamburger Structure
Chapter 6 Developing Your Product
Product - Specific combination of goods, services, or ideas that a firm offers
to its target market.
o New to the market - Totally new product that starts a new
Inventions that creates new market
Chapter 4 Marketing Research
Why do we do marketing research?
Product need and development
o Is our product needed and how are we going to develop it
o How much will it be priced at and is it affordable
o How much do we pl
Chapter 12 Managing Customer Relations
Customer Relationship Management Process
Step 1 Identify Current Customers
o Customer satisfaction
Uses calls with complaints to try and figure out if these
customers are happy.
Step 2 Understand how customers int
Chapter 10 Pricing for Profit and Customer Value
How to set a price?
o Define price objectives
Volume Maximization (Penetration Pricing)
Setting the price originally low to attract customers
and then raise their price.
Survival Pricing (Low price strat
Chapter 11 Building Successful Brands
Brand - name, term, symbol, design that indicates and differentiates one
product from another.
Why important brand loyalty and recognition differentiations allows for
higher prices and increased sales!
Components of a
Chapter 9 Motivation
Maslows Hierarchy of Needs
o Physiological Basic needs (food and Water)
o Security Protection of job
o Social Relationships (Women)
o Esteem Respect Others (Success)
o Self Actualization Maximize potential
Chapter 8 Promotional Strategies
1. All activities that communicate value of product and persuade to
Elements of Promotional Mix
1. Advertising Three segments to advertising to make someone
want to buy a product.
Inform Tell them
Chapter 9 - Supply Chain
What is a supply chain?
o T-Shirt Supply Chain
o Speed how fast to get through supply chain
o Service How fast can we service that product