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Part 3: How to Market Goods and Services 8. Developing Marketing Strategies 9. Promoting and Distributing * * * * * * * * * Chapter 8 Developing Marketing Strategies McGraw-Hill/Irwin * * * * * * * * * Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Marketing Concept Market Research Marketing Strategy Product Life Cycle Packaging And Pricing Services vs. Goods USDA/ARS, Photo by Scott Bauer Chapter Developing Market Strategies 7 * * * * * * * * * 8-3 Superior Marketing Moves Quickly Pricing Differential Attention to Packaging Build Customer Loyalty Ryan McVay/Getty Images Samples/Demonstrations Educate Customers * * * * * * * * * 8-4 McGraw-Hill/Irwin Marketing Concept “…Giving Special Consideration To The Needs, Desires, And Wishes Of Present And Prospective Customers.” * * * * * * * * * 8-5 Elements Of Marketing Concept 1) Customer Orientation 2) Goal Orientation 3) Systems Approach Jack Star/PhotoLink/Getty Images * * * * * * * * * 8-6 Implementing the Marketing Concept Conscious Of Image Product Benefits Company “Fit” Offer Research Unique Expertise Not Pushy Speak With Integrity C. Borland/PhotoLink/Getty Images Practice Consumerism Aware Of Danger Signals * * * * * * * * * 8-7 E-Commerce “…Technology-Mediated Exchanges Between Parties As Well As The Electronically Based IntraOr Interorganizational Activities That Facilitate Such Exchanges.” * * * * * * * * * 8-8 Marketing Research Areas Identify Customers Determine Needs Evaluate Sales Potential Select Appropriate Channel Of Distribution Evaluate Advertising & Promotion PhotoLink/Getty Images * * * * * * * * * 8-9 Steps In Marketing Research Define Problem Gather/Evaluate Information * * * * * * * * * 8 - 10 Sources Of Information Existing Information Primary Research Specialized Techniques Web Keith Brofsky/Getty Images Computerized Databases * * * * * * * * * 8 - 11 Marketing Research On The Internet * * * * * * * * * 8 - 12 Checkout Automation * * * * * * * * * 8 - 13 Marketing Strategy Set Objectives Choose Target Market Market Segmentation Shifting Target Markets Regional Purchasing Differences Jason Reed/Getty Images * * * * * * * * * 8 - 14 Shifting MarketsPopulation/Household 4 3.5 3 Population Per Household Population Per Family 2.5 2 1.5 1 0.5 0 1940 1950 1960 1970 1980 1990 2000 Source: U.S. Census Bureau * * * * * * * * * 8 - 15 Shifting MarketsOlder Consumers * * * * * * * * * 8 - 16 Shifting MarketsSenior Spenders * * * * * * * * * 8 - 17 Marketing Mix (4 Ps) Product Place Promotion Price * * * * * * * * * 8 - 18 Product Life Cycle * * * * * * * * * 8 - 19 Packaging Product Promotes Protects Identification Improves Product Convenience Promotes Brand Recognition Influences Buying Decision * * * * * * * * * 8 - 20 Pricing (4 Cs) Customer Company Competition Constraints Rob Melnychuk/Getty Images * * * * * * * * * 8 - 21 Influences On Pricing Policies Stage Of Product Prestige Pricing Leader Pricing Life Cycle Bait Pricing Competition Odd Pricing Cost-Oriented Psychological Flexibility Pricing Suggested Retail Price Lining Price Demand-Oriented List Price Pricing * * * * * * * * * 8 - 22 Markup Markup As Percentage Of Cost * * $ Amount Of Markup * = Cost Of The Item * * * * * * 8 - 23 Discounts And Allowances %Discount- Reduction On List Price As Incentive To Buy %Allowance- Given When Accepting Quality/Quantity Reduction Artvilee/Getty Images * * * * * * * * * 8 - 24 Types Of Discounts/Allowances Cash Functional/Trade Quantity Promotional Trade-Ins Push/Prize Money Joshua Ets-Hokin/Getty Images * * * * * * * * * 8 - 25 Small Business Price Setting $ Service Firms $ Retailers ¢ Customary Price ¢ Unit Price ¢ Loss Leader $ Wholesalers $ Producers $ Building Contractors = PhotoLink/Getty Images * * * * * * * Cost-Plus* * 8 - 26 Marketing Services Nature Of Service Personal Business Differentiating Services Adam Crowley/Getty Images * * * * * * * * * 8 - 27 Marketing Service Strategy Level Of Customer Contact Primacy Pricing Quality Degree Of Expertise/Specialty Value To Buyer Rob Melnychuk/Getty Images Promotion * * * * * * * * * 8 - 28 Strategy ImplementationIntroductory Stage Analyze Situation Present Future Fit Product To Market Evaluate Resources Ryan McVay/Getty Images * * * * * * * * * 8 - 29 Strategy ImplementationGrowth Stage New Classes Of Customers Penetration Of Existing Market Maintain Market Share By Design & Marketing Innovation C. Borland/PhotoLink/Getty Images * * * * * * * * * 8 - 30