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Developing Market Strategies

7. Chapter. Developing Market Strategies. Marketing Concept Market Research Marketing Strategy Product Life Cycle Packaging And Pricing Services Vs. Goods. USDA/ARS, Photo by Scott Bauer. Superior Marketing. Moves Quickly Pricing Differential Attention to Packaging

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Developing Market Strategies

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  1. 7 Chapter DevelopingMarket Strategies Marketing Concept Market Research Marketing Strategy Product Life Cycle Packaging And Pricing Services Vs. Goods USDA/ARS, Photo by Scott Bauer

  2. Superior Marketing • Moves Quickly • Pricing Differential • Attention to Packaging • Build Customer Loyalty • Samples/Demonstrations • Educate Customers Ryan McVay/Getty Images McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

  3. Marketing Concept “…Giving Special Consideration To The Needs, Desires, And Wishes Of Present And Prospective Customers.”

  4. Jack Star/PhotoLink/Getty Images Elements Of Marketing Concept • Customer Orientation • Goal Orientation • Systems Approach

  5. C. Borland/PhotoLink/Getty Images Application Of Marketing Concept • Conscious Of Image • Product Benefits • Company “Fit” • Offer Research • Unique Expertise • Not Pushy • Speak With Integrity • Practice Consumerism • Aware Of Danger Signals

  6. E-Commerce “…Technology-Mediated Exchanges Between Parties As Well As The Electronically Based Intra- Or Interorganizational Activities That Facilitate Such Exchanges.”

  7. PhotoLink/Getty Images Marketing Research Areas • Identify Customers • Determine Needs • Evaluate Sales Potential • Select Appropriate Channel Of Distribution • Evaluate Advertising & Promotion

  8. Steps In Marketing Research Define Problem Gather/Evaluate Information

  9. Keith Brofsky/Getty Images Sources Of Information • Existing Information • Primary Research • Specialized Techniques • Web • Computerized Databases

  10. Marketing ResearchOn The Internet

  11. Checkout Automation

  12. Jason Reed/Getty Images Marketing Strategy • Set Objectives • Choose Target Market • Market Segmentation • Shifting Target Markets • Regional Purchasing Differences

  13. Shifting Markets-Population/Household Source: U.S. Census Bureau

  14. Shifting Markets-Older Consumers

  15. Shifting Markets-Senior Spenders

  16. Marketing Mix (4 Ps) Product Place Promotion Price

  17. Product Life Cycle

  18. Packaging • Product • Promotes • Protects • Identification • Improves Product Convenience • Promotes Brand Recognition • Influences Buying Decision

  19. Rob Melnychuk/Getty Images Pricing (4 Cs) Customer Company Competition Constraints

  20. Stage Of Product Life Cycle Competition Cost-Oriented Flexibility Suggested Retail Price List Price Prestige Pricing Leader Pricing Bait Pricing Odd Pricing Psychological Pricing Price Lining Demand-Oriented Pricing Influences OnPricing Policies

  21. Markup Markup As Percentage Of Cost $ Amount Of Markup Cost Of The Item =

  22. Artvilee/Getty Images Discounts And Allowances • Discount- Reduction On List Price As Incentive To Buy • Allowance- Given When Accepting Quality/Quantity Reduction

  23. BUY ONE GET ONE FREE Joshua Ets-Hokin/Getty Images Types Of Discounts/Allowances • Cash • Functional/Trade • Quantity • Promotional • Trade-Ins • Push/Prize Money

  24. PhotoLink/Getty Images Small Business Price Setting • Service Firms • Retailers • Customary Price • Unit Price • Loss Leader • Wholesalers • Producers • Building Contractors- Cost-Plus

  25. Adam Crowley/Getty Images Marketing Services • Nature Of Service • Personal • Business • Differentiating Services

  26. Rob Melnychuk/Getty Images Marketing Service Strategy • Level Of Customer Contact • Primacy • Pricing • Quality • Degree Of Expertise/Specialty • Value To Buyer • Promotion

  27. Ryan McVay/Getty Images Strategy Implementation- Introductory Stage • Analyze Situation • Present • Future • Fit Product To Market • Evaluate Resources

  28. C. Borland/PhotoLink/Getty Images Strategy Implementation- Growth Stage • New Classes Of Customers • Penetration Of Existing Market • Maintain Market Share By Design & Manufacturing Innovation

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