This document summarises how we exactly implement our strategy and articulate our positioning. This can be achieved through the 4P's strategy (product, price, place, promotion). This includes also additional readings as, how to stop consumers from focusing on the price, pricing to create share valu...
Marketing Management
4Ps: How do we exactly implement our strategy, and articulate our positioning?
I. The Product
A. Product life cycle
B. What attributes are relevant to the customer?
C. principles of product policy
D. How can a brand increase his offering ?
II. The Price
A. The willingness to pay
B. Need for price discrimination
C. Elasticity of demand
D. Factors leading to less price sensitivity
E. Pricing objectives & tactics
F. pricing to create share value
G. how to stop consumers focusing on the price?
III. The Place
A. Intermediaries
IV. Promotions
A. Marketing communications
B. Advertising objectives
C. Marketing communication mix
D. Common marketing communication goals
V. Neuromarketing
, >Product (anything that can be offered to a market to satisfy a want or a need)
// what the business offers for sale
• Product Life Cycle
◦ Limited life
◦ Sales pass through distinct stages, each posing different challenges, opportunities
◦ Products require different marketing, financial, and manufacturing strategies at each
stages
◦ Introduction > awareness and trial > utmost attention to quality control
◦ Growth > maximize the market share
• rapid market acceptance and substantial profit
• Economy of scale (the more you produce the less one unit cost)
• Aggressive competitors > improvement needed may be necessary
◦ Maturity > maximize profits and defend the market share
• Peak sales level and growth slow down > market saturation
• Profit stability
• Focus on new products platforms to re-introduce growth (Tide smart Hanger)
◦ Decline > reduce expenditures & milk the brand
• Profit decline
• Focus turns to profit rather than sales or share
• Reducing marketing budget
• Product mix is trimmed
◦ Basic product at the introduction > extend and diversity maturity
• What attributes are relevant to the customer?
◦ Search attributes > evaluated before consumption
◦ Experience > after consumption > companies want to make it more tangible
◦ Credence > cannot be evaluated
• How do firms convince customers that their products possess the promised
credence
▪ High price high quality
▪ Brands surrogate for quality
▪ Logo conveys attributes
> principles of product policy
• Product
◦ Core = primary benefit
• Brand association enhances it
• Brand equity > positive effect on customers
◦ Augmented product = additional benefit
• Belonging feeling
• Hard to copy
◦ Product mixes
• Product line = group of items serving similar functions
▪ Horizontal > taste // vertical > price
• Product mix = all product lines
▪ Length > items // depth > versions
• Consistency > extend to which product line has same relevant characteristics
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