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MARKETING MANAGEMENT

Crafting the Brand


Positioning

Kotler Keller
Positioning

Positioning is the act


of designing the company’s
offering and image to occupy
a distinctive place in the mind of
the target market

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© Copyright 2008 Pearson Education Canada
Table 11.1: Examples of Value Propositions
Demand States and Marketing Tasks
Company
and Target Value
Product Customers Benefits Price Proposition
Perdue Quality- Tenderness 10% More tender
(chicken) conscious premium golden chicken at
consumers of a moderate
chicken premium price
Volvo Safety- Durability 20% The safest, most
(station conscious and safety premium durable wagon in
wagon) “upscale” which your family
families can ride
Domino’s Convenience- Delivery 15% A good hot pizza,
(pizza) minded pizza speed and premium delivered to your
lovers good quality door door within
30 minutes of
ordering, at a
moderate price

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Differentiation Strategies

Product Personnel

Channel Image

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Product Differentiation
 Product form  Style
 Features  Design
 Performance  Ordering ease
 Conformance  Delivery
 Durability  Installation
 Reliability  Customer training
 Reparability  Customer consulting
 Maintenance
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Personnel Differentiation
 Competence
 Courtesy
 Credibility
 Reliability
 Responsiveness
 Communication

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Channel Differentiation

 Coverage
 Expertise
 Performance

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Image Differentiation

 Symbols, colours,
slogans
 Atmosphere
 Events
 Brand contacts

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Identity and Image

Identity Image
The way a The way the
company aims to public perceives
identify or the company or its
position itself products

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Product Life Cycle
 Introduction
 Growth
 Maturity
 Decline

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Facts about Life Cycles
 Products have a limited life.
 Product sales pass through distinct
stages.
 Profits rise and fall at different stages.
 Products require different marketing,
financial, manufacturing, purchasing, and
human resource strategies in each stage.

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Marketing Program Modifications

 Prices
 Distribution
 Advertising
 Sales promotion
 Services

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Market Evolution Stages
 Emergence
 Growth
 Maturity
 Decline

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Emerging Markets
 Single-niche
 Multiple-niche
 Mass-market

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MARKETING MANAGEMENT

Dealing with Competition

Kotler Keller
How to analyze competition?
 A framework for industry analysis and
business strategy development
 Michael E. Porter
 Harvard Business School in 1979.
 Draws upon industrial organization (IO)
economics to derive five forces
 determine the competitive intensity and
attractiveness of a market.

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Figure 9.1 Five Forces that Determine
Market Attractiveness
Potential Entrants
(Threat of mobility)

Industry
Suppliers Competitors Buyers
(Supplier power) (Segment rivalry) (Buyer power)

Substitutes
(Threat of
substitutes)

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© Copyright 2008 Pearson Education Canada
Industry Concept of Competition

 Number of sellers and degree of


differentiation
 Entry, mobility, and exit barriers
 Cost structure
 Degree of vertical integration
 Degree of globalization

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Industry Concept of Competition

 Number of sellers and degree of


differentiation
 Entry, mobility, and exit barriers
 Cost structure
 Degree of vertical integration
 Degree of globalization

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© Copyright 2008 Pearson Education Canada
Industry Concept of Competition
Pure monopoly

Oligopoly

Monopolistic competition

Pure competition

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Strengths and Weaknesses

Share of market

Share of mind

Share of heart

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Expanding the Total Market
 New customers
 More usage

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Figure 9.4 Six Types of
Defence Strategies

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Factors Relevant to Pursuing
Increased Market Share

 Possibility of provoking antitrust action


 Economic cost
 Pursuing the wrong marketing-mix
strategy
 The effect of increased market share on
actual and perceived quality

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Other Competitive Strategies
 Market challengers
 Market followers
 Market nichers

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Market Challenger Strategies
 Define the strategic objective and
opponents
 Choose a general attack strategy
 Choose a specific attack strategy

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General Attack Strategies

Frontal attack Flank attack

Encirclement
Bypass attack
attack

Guerilla warfare
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© Copyright 2008 Pearson Education Canada
Specific Attack Strategies

 Price discounts  Product innovation


 Lower-priced goods  Improved services
 Value-priced goods  Distribution innovation
 Prestige goods  Manufacturing-cost
 Product proliferation reduction
 Intensive advertising
promotion

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Market Follower Strategies
Counterfeiter

Cloner

Imitator

Adapter

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© Copyright 2008 Pearson Education Canada
MARKETING MANAGEMENT

Setting Product Strategy

Kotler Keller
Product

Anything that can be offered to a market


to satisfy a want or need,
including goods, services, experiences,
events, persons, places, properties,
organizations, information, and ideas

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© Copyright 2008 Pearson Education Canada
Figure 10.2 Five Product Levels

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Product Classification Schemes

 Durability
 Tangibility
 Use

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Durability and Tangibility

Nondurable
goods

Durable
Services
goods

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© Copyright 2008 Pearson Education Canada
Consumer Goods Classification

Convenience Shopping

Specialty Unsought

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© Copyright 2008 Pearson Education Canada
Industrial Goods Classification

Materials and parts

Supplies/
Capital items
business services

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Product Differentiation
 Product form  Style
 Features  Design
 Performance  Ordering ease
 Conformance  Delivery
 Durability  Installation
 Reliability  Customer training
 Reparability  Customer consulting
 Maintenance
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The Product Hierarchy
 Need family
 Product family
 Product class
 Product line
 Product type
 Item

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Product Systems and Mixes
 Product system
 Product mix
 Product assortment
 Depth
 Length
 Width
 Consistency

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Product Line Analysis
 Core product
 Staples
 Specialties
 Convenience items

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Line Stretching
 Down Market Stretch
 Up-Market Stretch
 Two-Way Stretch

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MARKETING MANAGEMENT

Developing Pricing
Strategies and
Programs

Kotler Keller
Chapter Questions
 How do consumers process and evaluate
prices?
 How should a company set prices initially for
products or services?
 How should a company adapt prices to meet
varying circumstances and opportunities?
 When should a company initiate a price change?
 How should a company respond to a
competitor’s price challenge?

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Synonyms for Price
 Rent  Special assessment
 Tuition  Bribe
 Fee  Dues
 Fare  Salary
 Rate  Commission
 Toll  Wage
 Premium  Tax
 Honorarium

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Common Pricing Mistakes

 Determine costs and take traditional


industry margins
 Failure to revise price to capitalize on
market changes
 Setting price independently of the rest of
the marketing mix
 Failure to vary price by product item,
market segment, distribution channels,
and purchase occasion
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Consumer Psychology and Pricing

 Reference prices
 Price-quality inferences
 Price endings
 Price cues

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Table 14.1 Possible Consumer Reference
Prices
 “Fair price”  Lower-bound price
 Typical price  Competitor prices
 Last price paid  Expected future price
 Upper-bound price  Usual discounted
price

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Price Cues

 “Left to right” pricing ($299 versus $300)


 Odd number discount perceptions
 Even number value perceptions
 Ending prices with 0 or 5
 “Sale” written next to price

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When to Use Price Cues

 Customers purchase
item infrequently
 Customers are new
 Product designs vary
over time
 Prices vary
seasonally
 Quality or sizes vary
across stores

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© Copyright 2008 Pearson Education Canada
Figure 12.1 Steps Setting Price Policy
Select the price objective

Determine demand

Estimate costs

Analyze competitor price mix

Select pricing method

Select final price

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© Copyright 2008 Pearson Education Canada
1. Select the Price Objective

 Survival
 Maximum current
profit
 Maximum market
share
 Maximum market
skimming
 Product-quality
leadership

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© Copyright 2008 Pearson Education Canada
2. Determine Demand

Price sensitivity

Estimating
demand curves

Price elasticity
of demand

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3. Estimate Costs

Types of costs
Accumulated
production
Activity-based
cost accounting
Target costing

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Types of Costs

 Fixed costs
 Variable costs
 Total costs
 Average cost
 Cost at different levels of production

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© Copyright 2008 Pearson Education Canada
4. Analyze Competitor Price Mix

 Does the firm offer features not offered by


the closest competitor?
 Given this point of comparison, should the
price be higher, lower, or the same?
 Why is the Whirlpool Duet combo priced
nearly four times what some competitors
charge for a comparable product?

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© Copyright 2008 Pearson Education Canada
5. Select Pricing Method

 Markup pricing
 Target-return pricing
 Perceived-value
pricing
 Value pricing
 Going-rate pricing
 Auction-type pricing

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© Copyright 2008 Pearson Education Canada
Auction-Type Pricing

English auctions

Dutch auctions

Sealed-bid auctions

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6. Select Final Price

 Impact of other
marketing activities
 Company pricing
policies
 Gain-and-risk sharing
pricing
 Impact of price on
other parties

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© Copyright 2008 Pearson Education Canada
Price-Adaptation Strategies

Geographical pricing

Discounts/allowances

Promotional pricing

Differentiated pricing
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© Copyright 2008 Pearson Education Canada
Price-Adaptation Strategies
Countertrade Discounts/Allowances
 Barter  Cash discount

 Compensation deal  Quantity discount

 Buyback arrangement  Functional discount


 Offset  Seasonal discount
 Allowance

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© Copyright 2008 Pearson Education Canada
Promotional Pricing Tactics

 Loss-leader pricing
 Special-event pricing
 Cash rebates
 Low-interest financing
 Longer payment terms
 Warranties and service contracts
 Psychological discounting

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© Copyright 2008 Pearson Education Canada
Differentiated Pricing and Price Discrimination

 Customer-segment pricing
 Product-form pricing
 Image pricing
 Channel pricing
 Location pricing
 Time pricing
 Yield pricing

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Increasing Prices

Delayed quotation pricing

Escalator clauses

Unbundling

Reduction of discounts

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© Copyright 2008 Pearson Education Canada
Brand Leader Responses to
Competitive Price Cuts
 Maintain price
 Maintain price and add value
 Reduce price
 Increase price and improve quality
 Launch a low-price fighter line

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© Copyright 2008 Pearson Education Canada

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