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1. can we produce it
2. can we sell it
1. can we produce it
2. costs
Feasibility study
All businesses
Invention or Innovation
Product development begins An idea that is based on solving a problem for
with
consumers
Necessity is the mother of invention
Inventions are
study or experimentation
Businesses use invention to
Innovation is
1.
2.
3.
4.
5.
6.
idea generation
idea screening
concept development
market strategy
feasibility study
product design
7. test marketing
8. Market Entry
Prototype
1. market strategy
2. product design
Primary market
Utility
Utility affects
Types
1.
2.
3.
4.
form
information
place
time
5. possession
Function
1.
2.
3.
4.
5.
6.
material
scent
flavour
colour
design
packaging
Information utility
Place utility
Possession Utility
1. payment plans
2. lower price
Perception is Reality
Positioning allows us to
1.
2.
3.
4.
5.
Benefit
target
price
distribution
service
Benefit positioning
Price Positioning
If a marketer chooses a price in the middle range, they must use a different
positioning strategy!
A luxury good offers
Consumers of luxury
products want
Examples of luxury items
1. caviar
2. diamond watches
3. expensive ties
Be sure to provide it
It is possible that if a
The product is of inferior quality.
product boasts the same
features but less expensive
consumers will think
Distribution Positioning
Examples:
1. Avon
2. Amazon
Service Positioning
Examples:
1. convenience stores
2. free installation
Ikea uses price and service Low price, less service because products not assembled
in combination.
6.4 Branding
Business creates a brand
for a product to give it
A distinct identity
Why?
Product Differentiation
includes
A brand consists of
1. branding
2. advertising
3. positioning
All the features that make up the products image
Includes:
Commodities
1. name
2. logo
3. slogan
Unbranded products
Why dont farmers need to They sell stuff like potatoes, lettuceall the same
engage in marketing
activities?
Commodity marketing is
usually conducted by:
Marketing boards
Brand Names
Corporate dominant
1. corporate dominant
2. product dominant
Examples:
1.
2.
3.
4.
5.
Product Dominant
Roots
Mastercraft
Presidents Choice
Kelloggs
Nike
Examples:
1. Zest
2. Kodiak
3. Luvs
Logo
Includes:
2.
3.
4.
5.
3 types of logos:
trade names
brand marks
logotypes
symbols
1. monogrammatic
Example:
2. Visual Symbols
Example:
3. Abstract Symbols
Example:
Slogans
Brand Strategies
Brand Strategies
1.
2.
3.
4.
5.
Support
Develop Extension
license
co-brand
acquire
to
When is it feasible to
change?
Brand Extension
Examples:
1. coke/diet coke
2. Humpty Dumpty chips/Cheezys
3. Nike apparel/golf clubs
Licensing: similar to
Themselves
4. Similarity of
Products
5. Similarity of
markets
6. Competition in
foreign markets
7. Cultural
Associations
8. Changing Dynamics Brand can be local one day and international the next