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Marketing Management Part 1 Marketing Mix Review • Four P’s of marketing – – – – Product Place Price Promotion • The fifth P is People – Your target market • Marketing management is how you make decisions about how to use the marketing mix variables Product • Product is the focal point of the decisions in the marketing mix. • Price, place, and promotion are product specific in that each is tailored to a particular product category, item, line, or market. • Marketers strive to differentiate their products from their competitors. What does differentiate mean? Product differentiation • Using the marketing mix variables to make a unique product offer that stands out from the competition • Tools include branding, quality, location, image, product features, packaging, promotion, innovation, and different service levels Product Classification • Goods and services • Range along a continuum from pure goods(chair) to mixed goods/services(McDonald’s hamburger) to pure services(hair cut) • US economy is dominated by services. Most fully industrialized nations are service economies. • Goods – durable goods-long-lasting, replace infrequently(TV) – nondurable-replaced frequently(toilet paper) Consumer products • Types of consumer products – convenience-familiar, low price, substituions • staples:bread, milk, toilet paper • Impulse: candy bars, chewing gum, tabloids • Emergency: candles in stormy weather, umbrellas – shopping goods-seek to compare style & prices, less frequently purchased (name brand clothing) – specialty goods-special effort to shop in a particular store, substitutions not accepted, prices high – unsought goods-consumer doesn’t know about product or does know & ignores them (casket) Industrial products • Types of industrial products – materials/parts-raw materials (wheat) and manufactured parts and components (steel) – capital items-installations, plants, assembly lines, & accessory equipment such as trucks and tractors – Supplies/services-maintenance equipment supplies, repairs, office supplies, and business services like tax accounting, temporary placement services Total product • Sum of three parts – core-basic product, nothing more than the bare minimum; the physical good or the performance of a service – augmented-added value the customer expects: brand name, design elements, quality, packaging, labeling, repairs, warranties, delivery, etc. – potential-everything that could be added to increase the value of the product Total Product Example • Core: Skateboard • Augmented: – Alien Brand Name – $76.99 – Available to order online – In-stock • Potential – Hoverboard – Reinforced suspension Perspective of product • government:something to regulate, to test for safety, to encourage competition • marketer: to bring company success, reach goals, generate revenue, advance career • distribution system members:to be moved from producer to consumer to generate profits • consumers: satisfy wants and needs, solve problems, deliver psychological benefits • competition: to attack, to copy , to beat in the market