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Introduction to Business English Chapter 4 Marketing Chapter 4 (B) The Product Life Cycle Understanding Buyer Behaviour Marketing Research & Segmentation The Product Life Cycle ---Products develop through four stages in the life cycle. ---Studying PLC is very important to marketing. When exploring what mix is best suited to your product, first you should consider where in the life cycle you products lie. ---Products progress through its life cycle, changes in the marketing mix usually are required to adjust to evolving challenges and opportunities. 13 The Product Life Cycle Introduction Phrase Features: brand-new products or service a baby in the market low consumer awareness, low sales, no competitors Examples: iris-based personal identify card 虹膜个人识别卡 third-generation mobile phone 天翼3G, I Pad 2 Marketing ★ low consumer/product awareness →low sales Strategies: → mass advertising to build brand awareness like ads, free samples, premiums, trial incentives ★ no competitors→high profit margin →skim pricing → to recoup costs quickly → penetration pricing→to gain market share rapidly Goal: to increase customer awareness, to get a foothold in the market to build primary demand Conclusion: high costs + low sales → negative profits 13 The Product Life Cycle Growth Phrase Features: sales increase rapidly customer awareness, target market competition emerging Examples: I Phone 4, I Touch Marketing improve product quality, package Strategies: high demand→ high price attract additional customer →reducing price increasing ads → to build brand preference Goal: to gain customer’s preference to increase sales Conclusion: increasing awareness + increasing sales ↓ increasing profits 13 The Product Life Cycle Maturity Phrase Features: sales increase at a lower pace strong brand awareness, fierce competition Examples: Personal computer, Credit cards, mature brands, like Nike, Ochirly, Belle etc. Marketing to differentiate your products, Strategies: to reduce price to avoid a price war, to maintain high price for high quality to build brand loyalty Goal: to maintain market share, to extend PLC to attract competitors’s customer Conclusion: fierce competition+ fulfilled market ↓ profit reducing 13 The Product Life Cycle Decline Phrase Features: losing its appeal, sales drop, low profit margin Examples: mp3, old style mobile phone, desktop computer Marketing enough is enough, clear the stock Strategies: rejuvenate product money-off promotion一元购手机,手机送父母等 invest and develop new products Goal: to reduce loses & to develop new one Conclusion: low sales+ few competitors ↓ being obsolete, die out 13 The Product Life Cycle Attention: Decision for different PLC in different corporation 不同企业在不同产品周期的决策 ---some may enter the market from introduction stage, ---some may …from growth stage, ---important thing is that you should find the most suitable time to get the products into the market ---Not all the enterprises have the ability and funds to start the PLC at the first stage. 13 Understanding Buyer Behaviour Understanding buyer behaviour helps firms bring about satisfying exchanges to meet their needs and wants. The Consumer Buying Process Demand Passive demand:ads, display Active demand ↓ Intention ↓ Price Search/Selection Publicity, eg:江中健胃消食片 Quality ↓ Brand ← Evaluation/Comparison Fashion ↓ After-sales service Purchase decision ↓ After-purchase evaluation Cognitive dissonance 认知不协调 13 Understanding Buyer Behaviour Factors affecting buying decision: ☆Social factor: ☆Psychological factor: ☆Demographic factor: ☆Situational factor: Industrial Buying Behavior: ---larger and less frequent ---quality and service ---seek more information ---decision more reasonable, considerable ☆Buying Center 13 Plant Location Marketing Research ☆ Definition ☆ Proactive & Reactive research ☆ The Research Process 1.Forming the research question 2.Research design 3.Data collection 4.Data analysis 5.Choosing the best solution 13 Plant Location Marketing Segmentation ☆ Definition 市场细分美国市场学家温德尔·史密斯(Wendell R.Smith)于20世纪50年代中期 提出来的。 市场细分是指营销者通过市场调研,依据消费者的需要和欲望、购买行为和 购买习惯等方面的差异,把某一产品的市场整体划分为若干消费者群的市场 分类过程。每一个消费者群就是一个细分市场,每一个细分市场都是具有类 似需求倾向的消费者构成的群体。 ☆ The Need for Market Segmentation: ---different customers have different needs. ---mass marketing ---target marketing 13 Plant Location Marketing Segmentation ☆ The Requirement of Market Segments 有效的细分市场必须具备以下特征: 可衡量性。指各个细分市场的购买力和规模能被衡量的程度。 如果细分变数很难衡量的话,就无法界定市场。 可赢利性。指企业新选定的细分市场容量足以使企业获利。 可进入性。指所选定的细分市场必须与企业自身状况相匹配,企业有优势 占领这一市场。可进入性具体表现在信息进入、产品进入和竞争进入。 考虑市场的可进入性,实际上是研究其营销活动的可行性。 差异性。指细分市场在观念上能被区别并对不同的营销组合因素和方案有 不同的反应。 ☆ Segmentation Base 细分消费者市场的基础 地理细分:国家、地区、城市、农村、气候、地形 人口细分:年龄、性别、职业、收入、教育、家庭人口、家庭类型、 家庭生命周期、国籍、民族、宗教、社会阶层 心理细分:社会阶层、生活方式、个性 行为细分:时机、追求利益、使用者地位、产品使用率、忠诚程度、 购买准备阶段、态度。 ☆ Case study 案例 13 Homework 1. Review theory and vocabulary 2. Questions for discussion 3. Exercises . 4. Preview the chapter 5 13