Big Six Intro

What’s New? CES 2017 http://www.cbsnews.com/videos/from-mixed-reality-to-robotics-best-of-ces-2017/ https://www.youtube.com/watch?v=tKhWzLsiQ3M https://www.youtube.com/watch?v=u5xWrXWogkY

The Big Six Describe the purpose of each of the following six marketing functions: a. Product/Service management b. Marketing-information management c. Pricing d. Distribution e. Promotion f. Selling

Questions that need to be answered for ALL products How do you know which products to carry? How can you gather info on customers or decide on a real target market? How do you know what price to set? How will the products get to the customer? How will they be promoted Who will be selling them? You, agents, sales staff, etc.?

Big Six PDF Answer the questions on the pdf (grade 1) Discuss your last purchase See next slide

Blog Entry – Last product Purchased Product mgt - Is the product new or updated? Mkt Info Mgt – Why did you want the product? What about the Price? Is the product on sale, or would you pay any price? Distribution: think about where the product is available. Is it for sale at a nearby business, and is there a wide variety to choose from? How is the business promoting the product? Are there ads on the radio and TV? Have you heard about the product from all of your friends? Selling Did a salesperson help you, or did you access a web site? Was that a good experience?

Your turn to create a new product! Turn in a lost of problems that people experience every day. 5-10 will suffice . Be sure that you indicate which problem that you are going to solve. The following slides will help you get started.

Picture yourself doing every day activities Active Visualization Picture yourself doing every day activities Is there a way to make any of those activities easier, quicker, or less messy? Think of EVERY step in the consumption process Candy bars – Packaging, shelving, purchasing, carrying, unwrapping, eating, disposing.

Product or Service Enhancements Can technology enhance an old product/service and make it a smarter item? More convenient item? Time saving item? Pssst…these are called utilities

Improving Existing Products What can be done to improve it? Can I add a new feature? What about a different material? Can I personalize it somehow? Look at Amazon comments and find negative comments about a product. How can you make the complaining customers happy?

Think of a current product and how it has evolved. Product Evolution Think of a current product and how it has evolved. What are the next logical step in its evolution? Radio, Album, 45, 8 track, Cassette, CD, Mp3, wireless streaming…WHAT’s NEXT?

Maybe Competition Provides the Answer Has your product already been made? If so, is there an area you can improve upon? Look up their complaints/reviews Look at the competitions online presence. Is there an unfulfilled need anywhere?

Step 1 - Product Create a product Give it a logo and tagline along with a brief explanation Remember to list… Target Market Unique Selling Point(s) Benefit(s) Situational Analysis (SWOT/PEST) Objectives (S.M.A.R.T.)

Step 2 - Promotions How Will You Promote? This is totally up to your opinion. We have not gone over this yet but I bet you can come up with some awesome ideas!

Step 3 – Present