Using PollEV - text: Text UWMBUSINESS to 37607 Backup number: (747) 444 3548 “LEAVE” at the end

The Marketing Research Process Answers to some research questions are readily accessible, as a simple data search would show.

https://www.polleverywhere.com/multiple_choice_polls/i7SpmWUCCykQZxK

The Marketing Research Process Problem (or Opportunity) Answers to some research questions are readily accessible, as a simple data search would show.

Problem!

https://www.polleverywhere.com/multiple_choice_polls/8gS1ila3VSO3SSW

WHY MR? Environment GAP Seller Buyer GAP VALUE

Step 4: Analyzing Data And Developing Insights In this next step in the marketing research process, researchers analyze and make use of the collected data in order to generate meaningful information Data is defined as raw numbers or other factual information that, on their own, have limited value to marketers When the data are interpreted, they become information; that is, putting the data into a form that is useful to marketing decision-makers

Step 5: Action Plan and Implementation In the final phase in the marketing research process, the researcher prepares the results and presents them to the decision-makers who use that information to formulate marketing strategies. A written report is also usually submitted Marketing decisions

Decision time for McDonald’s: Product Decision 3: Place Decision 2: Promotion

Key concepts/ terms to know Marketing research Marketing research as a 5-Step process Secondary data (know examples) Primary data (know examples) Syndicated data Scanner data, panel data, how are they different? Internal secondary data Data mining, data warehouse Customer lifetime value (CLV) Exploratory research, conclusive research (both types are primary research) Exploratory research techniques: Observation, Social Media, In-Depth Interview, Focus Group Interview Conclusive research: Survey, Panel/ Scanner, Experimental Survey research: unstructured, structured questions, online and offline surveys, sample, scale Panel and scanner-based research used for primary data collection Experimental research, causal effect Data, information An effective marketing research report

(Scores out of 100)

https://www.polleverywhere.com/multiple_choice_polls/KrZV4GN7T1KlMC7

The First ‘P’: Product, Branding, and Packaging Decisions Ref: Text, chapter 11

Exchange: the fundamental focus of marketing “PRODUCT Strategy Decisions” “PRODUCT” (Value) Seller Buyer VALUE

FROM CHAPTER 2:

In this topic, we will: Identify what constitutes a product Describe the types of consumer products Explain the difference between a product mix’s breadth and a product line’s depth Identify the advantages that brands provide firms and consumers Describe the various types of branding strategies used by firms Distinguish between brand extension and line extension Describe the advantages of a product’s packaging and labeling strategy

Value Creation: The First ‘P’ Recall that a product is anything that is of value to a consumer, and can be offered through a voluntary marketing exchange Goods, services, places, ideas, organizations, people, and even communities are all products because they all create value for consumers

“An industry begins with the customer and his/her needs, not with a patent, raw material, or selling skill” – Ted Levitt

A Product Marketers involved with the development, design, and sale of products think of them in an interrelated fashion. At the center is the core customer value, next is the actual product, followed by associated services.

Product? At the center is the core customer value, which defines the basic problem-solving benefits the consumers seek. Marketers convert core customer value into an actual product. Attributes such as the brand name, features, design, quality, and packaging are considered

“1,000 songs In your pocket”

“1,000 songs In your pocket”

“Augmented Product” A Product Marketers involved with the development, design, and sale of products think of them in an interrelated fashion. At the center is the core customer value, next is the actual product, followed by associated services.

Product? Then come the associated services ( also known as the augmented product): these include the non-physical aspects of the product, such as warranties, financing, product support, and after sales service. These will vary depending on the product

Henry Ford “We habitually celebrate Henry Ford for the wrong reason: his production genius. His real genius was marketing. Mass production was the RESULT, not the CAUSE of his low prices” – Marketing Myopia

Types of Products Important to consider the types of products because this impacts how they are promoted, priced, and distributed Consumer products are products used by people for their personal consumption. Four types: Specialty Products/Services: These are products for which customers show such a strong preference that they will expend considerable effort to search for the best suppliers (example: legal or medical professionals)

Types of Products Shopping Products/Services: These are products for which consumers will spend a fair amount of time comparing alternatives (example: furniture, travel destinations) Convenience Products/Services: These are products for which the consumer is not willing to spend any effort to evaluate before purchasing. They are frequently purchased commodity items, such as bread, milk, eggs, soap Unsought Products/Services: These are products consumers either do not normally think of buying or do not know about, and therefore require lots of marketing effort and promotion. Example: New-to-the-world products, like GPS systems

Core customer value??

https://www.polleverywhere.com/multiple_choice_polls/A0kmatOONEgjDwD

https://www.polleverywhere.com/multiple_choice_polls/eq2Tl9k3tZFAgZl

Maslow’s Hierarchy of Needs Motive = energized need

Product Mix and Product Lines Product mix is the complete set of all products offered by a firm The product mix typically consists of various product lines, which are groups of associated items that consumers tend to use together or think of as part of a group of similar products

https://www.polleverywhere.com/multiple_choice_polls/NQnoDeWONTuk9yD

Product Mix and Product Lines Product lines are groups of associated items that consumers tend to use together or think of as part of a group of similar products The product mix reflects both the breadth and depth of the company’s product lines Product mix breadth represents a count of the number of product lines offered by the firm Product line depth equals the number of products in a product line

Product Mix and Product Lines Product Mix Breadth Product Line Depth This chapter uses Kellogg’s brands as examples. Many students may be familiar with the name Kellogg’s with breakfast cereal, but not know they have so many other products. Students should understand that each item is called a stock keeping unit (SKU) and the category depth is the number of SKUs within a category. Breadth Number of product lines Depth Number of products in a product line

Changing the Breadth and Depth Increase breadth: Firms often adds new product lines to capture new or evolving markets and to increase sales Decrease breadth: Sometimes it is necessary to delete entire product line to address changing market conditions or to meet internal strategic priorities

Changing breadth and depth example

Changing the Breadth and Depth Increase depth: Firms can add items in a product line to address changing consumer preferences or to preempt competition while boosting sales. Decrease depth: From time to time, it is also necessary to delete products within a product line to re-align the firm’s resources. This is called “pruning” a product line.

BCG Product Portfolio Matrix Remember: BCG Product Portfolio Matrix

https://www.polleverywhere.com/multiple_choice_polls/P16bHCF7TiREazC

BCG Product Portfolio Matrix

https://www.polleverywhere.com/multiple_choice_polls/rc0Et74D97VcjOI

Branding A company lives or dies based on brand awareness. Why? Consumers cannot buy products that they don’t know exist. Branding also provides a way for a firm to differentiate its offerings from those of its competitors. Consumers choose one brand over the other because of the associations that the brand evokes.

$0.40 $2.50 - $3.50! The power of branding

Branding What makes a brand? brand elements

What Makes a Brand? “Brand elements” Branding Brand name URLs Logos and symbols Characters Slogans Jingles/Sounds Group activity: Identify a brand that you recognize primarily by each of these elements. Brand Name: Most brands. Jingles: Be all you can be – Army. URLs: www.eBay.com Logos & Symbols: Nike Swoosh. Slogans Nike- Just Do It.: Characters: Quaker, KFC, McDonalds.

The Value of Branding for the Customer and the Marketer Brands Facilitate Purchases: Brands help consumers make quick decisions

The Value of Branding for the Customer and the Marketer Brands Facilitate Purchases: Brands help consumers make quick decisions Brands Establish Loyalty: Over time and with continued use, consumers learn to trust certain brands.

“Olay is a brand I trust” “Buy the brand you boughT last time” “Olay is a brand I trust”

The Value of Branding for the Customer and the Marketer Brands Protect from Competition and Price Competition: Because strong brands are more established, and have a more loyal customer base, neither competitive pressures on price nor retail-level competition is as threatening to the firm

A sustainable competitive advantage