Which of the following describes a group of products that are closely related in terms of either how they work or the customers they serve?

Word-of-mouth influence of friends and other consumers can have a strong influence on buying behaviour. 5. There are different types of retailers. Inside sales force are salespeople who conduct business from their offices via telephone, the Internet or visits from prospective buyers. One channel member owns the others, has contracts with them or wields so much power that they all cooperate. Advertising is any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor. A final piece of criticism is that of poor service to disadvantaged consumers. - The management of services and giving advice. Online social networks are online communities, such as blogs, social networking sites or even virtual worlds, where people socialize or exchange information and opinions. The target audience can be in any stage of the buyer-readiness stages. Business-to-business (B-to-B) online marketing: businesses using online marketing to reach new business customers serve current customers more effectively and obtain buying efficiencies and better prices. - Personality symbol: creates a character that represents the product. Todays marketers often work with a variety of partners to build consumer relationships. Principles of Marketing - Kindle edition by Kotler, Philip, Armstrong, Gary. But there are also non-probability samples, such as convenience samples, judgment samples and quota sample categories. Line extensions occur when extending an existing brand name to new forms, colours, sizes, ingredients or flavours of an existing product category. The marketing world is also embracing customer-managed relationships: marketing relationships in which customers, empowered by todays new digital technologies, interact with companies and with each other to shape their relationships with brands. Trends! Third is marketing implementation: turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives. It is the future value of the companys customer base. The next thing in the advertising process is developing an advertising strategy: the strategy by which the company accomplishes its advertising objectives. For segmentation to be effective, market segments must be measurable, accessible, substantial, differentiable and actionable. Transportation affects the pricing of products, delivery times and the condition of the goods. Market challenger: a runner-up firm that is fighting hard to increase market share in an industry. Finally, customers are the most important actors. Marketing logistics, or physical distribution, is the planning, implementing and controlling the physical flow of materials, final goods and related information from points of origin to points of consumption to meet customer requirements at a profit. The GATT is a treaty to promote word trade by reducing trade barriers. To attract good salespeople, they need to be compensated. Introduction: slow sales growth when the product is introduced. There are also changes in customer spending patterns, such as the recent recessions, which can lead to lifestyle changes. - Testimonial evidence or endorsement: featuring a highly believable or likable source. Government markets consist of governmental units (federal, state and local) that purchase or rent goods and services for carrying out the main functions of government. Today's marketing challenge is creating vibrant, interactive communities of consumers who make products and brands a part of their daily lives. Interpreting and reporting the findings. These changes come together in a need for integrated marketing communications (IMC) which involves carefully integrating and coordinating the companys many communications channels to deliver a clear, consistent and compelling message about an organisation and its products. Some media sources are more believable than others. The rise of mega-retailers also has its influence on the environment, squeezing out small competitors. Direct marketing has certain benefits for buyers: it is convenient, private, easy and gives a lot of comparative information. Consumer-to-business (C-to-B) online marketing: online exchanges in which consumers search out sellers, learn about their offers and initiate purchases, sometimes even driving transaction terms. There is also criticism of deceptive practices. There are probability samples, in which each member of the population has an equal chance of being included, such as simple random samples, stratified random samples and cluster samples. When setting the total promotion budget, there are four common methods that can be used. 3. Customers also worry about online security and their privacy. 3. The marketer develops an integrated marketing plan that will deliver value to customers. The #1 largest Trends, Innovation and Trend Spotting community, 2022 Trend Reports, Style, Gadgets, Tech, Pop Culture, Art, Design, Fashion Trends There are five sustainable marketing principles: Sustainable marketing calls for products that are not only pleasing, but also beneficial. Ideas can be found via internal sources, but also external idea sources. Concept development and testing. New product development is the development of original products, product improvements, product modifications and new brands through the firms own product development efforts. The direct-marketing industry has been facing some privacy concerns and cases of unfair practices. Followers can learn from the leader (who pays for the cost of innovation). Online marketing are efforts to market products and service and build customer relationships over the internet. Leaders must be constantly prepared for other firms challenging its strengths. It takes this form: To (target segment and needs) our (brand) is (concept) that (point of difference). Discount: a straight reduction in price on purchases during a stated period of time or of larger quantities. Marketing management is the art and science of choosing target markets and building profitable relationships with them. Because of globalisation, companies are now globally connected with their customers. Intrepreneurial marketing: many large companies get stuck in formulated marketing and should re-establish their entrepreneurial spirit. Some styles are: - Slice of life: normal people using a product in a normal setting. Customer relationship management (CRM) is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. In the developed world, there are often generational differences to be found. - Speciality products are a type of consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. Thanks a lot to whoever made this. Operating control refers to checking the performance against the annual plan, while strategic control involves looking at the match between strategies and opportunities. This can be done in both controlled test markets and simulated test markets. Direct marketing is less public and delivered to a certain person. Repetition of advertisements can create brand familiarity (but not conviction), which can lead to habitual purchases. Product quality are the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs. Social media marketing is the use of social media platforms and websites to promote a product or service. 7. A belief is a descriptive thought that a person holds about something. Major decisions include the product line length, which can be adjusted by product line filling (adding more items within present range) and line stretching (lengthen beyond current range). Some of the key function channel members do are: information gathering, promotion, contacting buyers, matching products and needs and negotiating agreements. Another criticism concerns poor product quality or function. They are characterized by a high comfort in technology. It includes local marketing: tailoring brands and promotions to the need and wants of local customer segments; cities, neighbourhoods and even specific stores. 4. Continue Reading. The final step of the model involves capturing value. The key to gaining competitive advantage is to take each segment and examine how the companys offer compares to that of competitors. The right not buy a product that is offered for sale. 3. A brand extension extends a current brand name to new product categories. 2. - Catalogue marketing: direct marketing through print, video or digital catalogues that are mailed to select customers, made available in stores, or presented online. The product/market expansion grid is a portfolio-planning tool for identifying company growth opportunities through: Companies also need strategies for downsizing, which means reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fit the companys overall strategy. A value delivery network is composed of the company, suppliers, distributors and ultimately the customers, who partner with each other to improve the performance of the entire system in delivering customer value. Packaging issues can be subtle, from translating issues to different meanings of logos. Exclusive distribution means giving a limited number of dealers the exclusive right to distribute the companys products in their territories. - Emerging economies are industrialising economies with rapid growth. Retailers must first segment and define their target market, before deciding upon how to differentiate and position themselves in these target markets. The buyer-readiness stages are the stages consumers normally pass through on their way to a purchase, including awareness, knowledge, liking, preference, conviction and finally the actual purchase. Both the attitude of others and unexpected situational factors can influence the ultimate decision. - Deciders are people who have formal or informal power to select or approve the final suppliers. Either way, most companies now exist online. Buying role patterns in families change with evolving consumer lifestyles. - Shopping products are consumer products that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price and style. When evaluating segments, a marketer must look at segment size and growth, segment structural attractiveness and company objectives and resources. There is an increased number of working women and youngsters tend to stay at home longer. Presenting: a salesperson tells the value story to the buyers, showing how the companys offer solves the customers problems. 2. The last step in the process is evaluating the salespeople. A company faces six major decisions in international marketing. Rational appeals relate to the audience self-interest and their benefits. It consists of two major elements: creative advertising messages and selecting advertising media. Download it once and read it on your Kindle device, PC, phones or tablets. Advertising appeals should have three characteristics. Marketing relies on good customer information. Waiting lines and customer full restaurants, waiting period for the vehicles etc. Personal selling: are personal presentations by the firms sales force for the purpose of making sales and building customer relationships. Once a position is chosen, a company must take action to deliver and communicate the position to its target customers. Phishing, a type of online identity theft uses deceptive emails to fool users into divulging their personal data. Market targeting is the process of evaluating each market segments attractiveness and selecting one or more segments to enter. Social classes are relatively permanent and ordered divisions in a society whose members share similar values, interests and behaviours. Objective-and-task method: developing the promotion budget by (1) defining specific promotion objectives, (2) determining the tasks needed to achieve these objectives and (3) estimating the cost of performing these tasks. Positioning is arranging for a market offering to occupy a clear, distinctive and desirable place relative to competing products in the mind of target consumers. Business markets demand is more inelastic and is less affected by short-term price changes, while demand also fluctuates more quickly. Consumer promotions are sales promotion tools used to boost short-term customer buying and involvement or enhance long-term customer relationships. Marketing Management Notes Unit I Ashish Samuel Robinson. Primary data can also be collected via survey research, which gathers information by asking people questions about their knowledge, attitudes, preferences and buying behaviour. Other factors are competitors that operate in the same markets as the firm and the public: any group that has an actual or potential interest in or impact on an organisations ability to achieve its objectives. Maturity: period of sale slowdown because of acceptance by most potential buyers. The runner-up can either challenge the market leader or play along with competitors and not rock the boat. Retailing includes all the activities involved in selling goods or services directly to final consumer for their personal, non-business use. The company might also try to modify the product by changing characteristics. Cognitive dissonance is buyer discomfort caused by post-purchase conflict. These partners can be inside the company, but also outside the firm. Variable costs are costs that vary directly with the level of production. The value proposition is the full positioning of a brand: the full mix of benefits on which it is positioned. There are some important demographic trends in todays world, such as the world population growth and the changing age structure of the world population, where some parts of the world are aging and others have younger populations. The service profit chain is the chain that links service firm profits with employee and customer satisfaction. Training programmes teach salespeople what they need to know about their customers and give them the necessary skills. In order to build a strong brand, there are some major brand strategy decisions to be made. Competitor analysis is the process of identifying key competitors, assessing their objectives, strategies, strengths and weaknesses and reaction patterns, and selecting which competitors to attack or avoid. Less for much less: a less optimal performance for a low price. The buying centre are all the individuals and units that play a role in the purchase decision-making process. Sales promotion objectives can vary widely and are used together with other promotion mix tools. Personal selling is the most effective in certain stages of the buying process, but is quite costly. However, this method ignores demand and competitors prices and is therefore unlikely to lead to the best price. To build profitable relationships, marketers must understand customer needs. Consumer products are products bought by final consumers for personal consumption. Marketers can engage in online social networks by participating in existing Web communities or establishing their own. - Undifferentiated (mass) marketing: a marketing coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. A customer database is an organised collection of comprehensive data about individual customers or prospects, including geographic, demographic, psychographic and behavioural data. Sales people represent the company to customers, but at the same time they represent customers to a particular company. Consumerism is an organised movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers. A multi-channel distribution system is a distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments. 2. Product-form pricing involves different prices for different versions of the same product. Products are key in the overall market offering. Licensing is a method of entering a foreign market in which a company enters into an agreement with a licensee in a foreign market. A role consists of the expected actions of a person. Retailers must decide upon three major product variables: product assortment, services mix and store atmosphere. Philip Kotler, Kellogg School of Management, Northwestern University, Chicago, IL 60611, USA. Order-routine specification is the stage in which the buyer writes the final order with the chosen supplier(s), listing the technical specifications, quantity needed, expected time of delivery, return policies and warranties. New technologies have paved the way for two-way customer relationships, where consumers have more power and control. Understanding the marketplace and customer needs. Marketing must be understood in the sense of satisfying customer needs. When competitors change prices first, the firm has to respond. 1. There are different ways to segment a market: Geographic segmentation: dividing a market into different geographical units, such as nations, states, regions, counties, cities or even neighbourhoods. Atmospheres are designed environments that create the buyers leanings toward buying a product. Corporate VMS is a vertical marketing system that combines successive stages of production and distribution under single ownership. A product mix (product portfolio) is the set of all product lines and items that a particular seller offers for sale. Experimental research gathers primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors and checking for differences in group responses. Information can be obtained from personal sources, commercial sources, public sources and experiential sources. This might lead to trouble when customers buy multiple products of the same company and could lead to double work. 6. Organisational climate describes the feeling salespeople have about their opportunities and rewards. Performance review is the stage in which the buyer assesses the performance of the supplier and decided to continue, modify or drop the arrangement. The nature of the buying unit involves more decision participants and a more professional purchasing effort. - Mood or image: builds a mood or certain image around the product. A brand personality is the mix of human traits that may be used to describe the brand. The market offer might exist of only pure tangible goods, pure services and everything in between. It consists both of the micro and macro environment. Superstore: a store much larger than a regular supermarket that offers a large assortment of routinely purchased food products, non-food items and services. It is given by the following formula: price elasticity of demand = . First they organise an export department, then create an international division and final become a global organisation. The business market is bigger than the consumer markets, and differs in many ways. Online marketing research collects primary data online through Internet surveys, online focus groups, web-based experiments or tracking consumers behaviour online. Mail questionnaires can be quite massive, while telephone information is also quickly gathered. Internal databases are electronic collections of consumer and market information obtained from data sources within the company network. It can attack the leader by a full frontal attack, by attacking the leaders strengths but also by an indirect attack by attacking the leaders weaknesses. A community shopping centre contains between 15 and 50 retailers. In dual adaption, both the product and the communication strategy are adapted. Managing and motivating other channel members means practicing partner relationship management to build long-term partnerships with other channel members. A person belongs to many groups beside the family, also clubs, organisation and online communities. Freight-absorption pricing is a strategy in which the seller absorbs all or part of the freight charges to get the desired business. In the decline stage, the products sales are declining or dropping to zero. The message should get attention, hold interest, arouse desire and obtain action. Packaging involves the activities of designing and producing the container or wrapper for a product. It is the base for the long term planning of the firm. 4. Management might decide to maintain the brand, reposition it or drop a product from the line. Channel leadership is accomplished through common ownership. The most common example of a contractual VMS is the franchise organisation: a contractual marketing system in which a channel member (franchisor) links several stages in the production-distribution process. Indirect marketing channels are channels containing one or more intermediary levels. 3. There are six major steps in the sales force management process: 1. In pure competition markets, there are numerous buyers and sellers that all have little effect on the price. Motive (drive) is a need that is sufficiently pressing to direct the person to seek satisfaction of the need. Click-only companies are the so-called dot-coms, which operate only online and have no brick-and-mortar market presence. Consumer purchases are influenced by different characteristics. Only satisfying consumers immediate needs, does not always serve the future best interest of either customers or the business. Industrial products are products bought by individuals and organisations for further processing or for use in conducting a business. Membership groups are groups in which a person belongs, while reference groups serve as direct points of comparison. Place marketing involves activities to create, maintain or change attitudes towards particular places. In dividing or segmenting markets, researchers typically look for common characteristics such as shared needs, common Fad is temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity. Psychological pricing: pricing that considers the psychology of prices, not simply the economics, the price says something about the product. Get the complete study material, ppt, courses, question paper, mcq. 4. Corporate (brand) websites are websites designed to build customer goodwill, collect customer feedback and supplement other sales channels rather than sell the companys products directly. Value and satisfaction are key building blocks for customer relationships. - Gatekeepers are people in an organisations buyer centre who control the flow of information to others. Web 1.0 connects people with information, Web 2.0 connected people with people and the upcoming Web 3.0 puts information and people connections together into a more usable Internet experience. Base-point pricing: a pricing strategy in which the seller designates some city as a base point and charges all customers the freight cost from that city to the customer. At the other end is adapted global marketing: an international marketing strategy that adjusts the marketing strategy and mix elements to each international target market, bearing more costs but hoping for a larger market share and return. Countries may set quotas and limits on the amount of foreign import, which can lead to barriers. The sum of these costs is the proposed promotion budget. The value customers attach to a product might be difficult to measure, so the company must work hard to establish estimates. The traditional western household (husband, wife and children) is no longer typical. The first one is the core customer value level. Public relations (PR) means building good relations with the companys various publics by obtaining favourable publicity, building up a good corporate image and heading off unfavourable rumours, stories and events. Again, Prof. Philip Kotler of the North-Western University defines marketing strategy as follows: Marketing strategy is the basic approach that the business unit will use to attain its goals and which comprises of elaborate decisions (strategies) on largest markets, market positioning and mix and marketing expenditure allocation. A price is the amount of money charged for a product or a service, the sum of the values that customers exchange for the benefits of having or using the product or service. Sales management must also determine who will be involved in the sales force. There are different types of buying decision behaviour. Determining the communication objectives. A neighbourhood shopping centre or strip mall generally holds 5 to 15 stores. Marketers should also pay attention to income distribution and income levels. An online community and marketplace where global and involved citizens and businesses can share and get inspired. Cash-and-carry wholesalers carry a limited line of fast moving goods. Positioning is arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of consumers. 2. Pleasing products are products that give high immediate satisfaction, but may damage the consumer in the long term. Advertising is organised differently in different companies. Types of intermediaries. Assessing competitors. Guidelines cant resolve all the ethical decisions that firms must make, but there are some general principles that can be applied. Business buy behaviour of organisations that buy goods and services for use in the production of other products and services that are sold, rented or supplied to others. This might seem easy, but companies face a lot more competitors than can be identified at first sight. Entrepreneurial marketing: most companies are started by individuals who have no explicit strategy. When creating the advertising message, it is important to gain the attention of the customer and to stand out from the clutter of all other advertisements. The marketer must also decide upon the tone and format of the advertisement. Notes. Business demand is derived demand: business demand ultimately derives from the demand for consumer goods. Desirable products are products that give both high immediate satisfaction and high long-term benefits. Fashion is a currently accepted or popular style in a given field. At a corporate level, the firm starts defining the companys mission. It consists of five major promotion tools: 1. The wheel-of-retailing concept states that new types of retailers usually begin as low-margin, low-price, low-status operations but later evolve into higher priced, higher-service operations, eventually becoming like the conventional retailers they replaced. Most social media platforms have built-in data analytics tools, enabling companies to track the This can be FOB-origin pricing: a geographical pricing strategy in which goods are placed free on board a carrier, the customer pays the freight from the factory to the destination. In a pure monopoly, the company is the only seller and can set any price it desires. Ethical values include honesty, responsibility, fairness, respect, transparency and citizenship. A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. Purchasing agents often have long-term relationships with buyers and make purchases for them. Measuring advertising effectiveness and the return on advertising are becoming important. Secondary data can be accessed by using commercial online databases, which are collections of information available from online commercial sources or accessible via the Internet. People usually choose products appropriate to their role and status. There are three types of business buying situations. After setting the advertising objectives, the advertising budget is set. It has already happened. A product line is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets or fall within given price ranges. 1. The introduction stage is the PLC stage in which a new product is first distributed and made available for purchase. Category killer: a giant speciality store that carries a very deep assortment of a particular line and is staffed by knowledgeable employees. Another way is via licensed brands or a co-brand with another company. Data mining techniques can be used to access customer data. Innovation can be messy and difficult to manage, especially in turbulent times. Products can be classified according to their degree of satisfaction and long term benefit. Value-added pricing means attaching value-added features and services to differentiate a companys offers and charging higher prices. When trying to create customer value, a firm must go beyond the internal value chain and partner up with others in the value delivery network. The right to influence products and marketing practices in ways that improve quality of life. Baby boomers are the 78 million people born during the years following the Second World War and lasting until 1964. Companies must start by understanding the international trade system. Gender segmentation means dividing a market based on gender, while income segmentation divides a market based on income levels. Licensing involves lending the brand name to other manufacturers. These markets can be extensive and are often characterized by low budgets. Business analysis is a review of the sales, cost and profit projections for a new product to find out whether these factors satisfy the companys objectives. They include full-service wholesalers, who provide a full set of services and limited-service wholesalers who offer less services to their customers. - Discount store: a retail operation that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume. Power centres are huge unenclosed shopping centres consisting of long strips of retail stores. Finally, the firm can estimate how competitors will react to changes and anticipate their moves. Personal selling: personal representation by the firms sales force for the purpose of making sales and building customer relationships. Ethical norms for marketers include do not harm, foster trust in the marketing system and embrace ethical values. Businesses that have a wide target Their size allows for buying in large quantities at lower prices. e.g. A product position is the way the product is defined by consumers on important attributes: the place the product occupies in the consumers minds relative to competing products. 3. 7. Direct investment means entering a foreign market by developing foreign-based assembly or manufacturing facilities. Shopper marketing means using in-store promotions and advertising to extend brand equity to the last mile and encourage favourable hi-store purchase decisions. 7. A shopping centre is a group of retail businesses built on a site that is planned, developed, owned and managed as a unit. Competitive marketing strategies exist of competitor analysis and developing competitive marketing strategies. Personal communication channels are channels through which two or more people communicate directly with each other, including face to face, on the phone, via e-mail or even through Internet chat. Retailers can use all of the five promotion tools to reach their customers, namely: advertising, personal selling, sales promotion, public relations and direct marketing. There are five strategies that allow for adapting product and marketing communication strategies to a global market. Motivation helps salespeople to work hard to reach the sales force goals. Market targeting is the process of evaluating each market segments attractiveness and selecting one or more segments to enter. Third-party logistics (3PL) provider is an independent logistics provider that performs any or all of the functions required to get a clients product to the market. Marketers must avoid false or deceptive advertising and must follow the rules of fair competition. Deciding on the global marketing organisation. The other two apply to the communication strategy. Informative advertising is often used when introducing a new product. There are four major steps in designing a customer-driven marketing strategy. There are multiple participants in the business buying process. This can help a company build closer relationships with meaningful customers. In marketing and advertising, it is a particular group of consumer within the predetermined target market, identified as the targets or recipients for a particular advertisement or message. The sales force should work closely with other marketing functions in order to create value for its customers, but often sales and marketing are approached as different functions. - Telephone marketing: using the telephone to sell directly to customers. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Joint venturing is entering foreign markets by joining with foreign companies to produce or market a product or services. To gain this information, companies must design marketing information systems (MIS), which are people and procedures for assessing information needs, developing the needed information and helping decision makers to use the information to generate and validate actionable customer and market insights. In current times, retailers are dealing with changing lifestyles and fierce competition for customer expenditure. International markets can be segmented using a combination of variables. Not all companies decide to dive into international markets. 3. - Differentiation: the firm creates a highly differentiated product. Cultural factors influence how people think and consume. The business markets consist normally with less, but larger buyers than consumer markets. There are two types of advertising results: communication effects and sales and profit effects. Market-penetration pricing means setting a low price for a new product to attract a large number of buyers and a large market share. A wholesaler is a firm engaged primarily in wholesaling activities. Market leader: the firm in an industry with the largest market share. IMC recognizes all touchpoints where the company and customers meet and ties together all messages. - Buyers are the people in an organisations buying centre who make an actual purchase. Online focus groups gather a small group of people online with a trained moderator to chat about a product, service or organisation and gain qualitative insights about consumer attitudes and behaviour. A product sales force structure is a sales force organisation in which salespersons specialise in selling only a portion of the companys products or lines. The interpretation should not only be done by the researchers, but also by the marketing managers who know about the problem and the decisions that need to be made. Service marketing is more than traditional external marketing, it also consists of internal and interactive marketing. Problem recognition: someone in the company recognises a problem or need that can be met by acquiring a good or a service. Warehousing. Marketers must also decide the message structure and the format. 4. The four types of industrial structures are as follows: - Subsistence economies: the vast majority of people engage in simple agriculture, which they consume themselves. For channels to work well, the role of the channel members must be specified. The microenvironment consists of the actors close to the company that affect its ability to serve its customers, such as: the company itself and its subdivisions and suppliers that provide the resources the firm needs to produce its products. Selective distribution involves the use of more than one, but fewer than all, intermediaries who are willing to carry the companys products. Deciding on the global marketing programme. The most dramatic change in technology is the Internet, a vast public web of computer networks that connects users of all types all around the world to each other and an amazingly large information repository. Following up: a salesperson follows up after the sale to ensure customer satisfaction and repeat business. It is often impossible to collect information from the entire population, so marketers often base conclusions on samples. There are two other types of value-based pricing: good-value pricing and value-added pricing. Choosing the channels of communication. More for the same: used to attack competitors by offering quality at a low price. Based on this, Jollibee Foods Corporation also created the marketing mix under the marketing strategy as a singular one for the whole market regardless of the segmentation divides. A target audience is the intended audience or readership of a publication, advertisement, or other message catered specifically to said intended audience. A drive is a strong stimulus that calls for action. Challengers often become leaders by imitating and improving the ideas of previous leaders. They often do this at a lower cost and more efficiently, while the company can focus on its core business. I have learnt from this book to much thank you. - Lifestyle: shows how a product fits within a certain lifestyle. Information search is the stage in which the consumer is aroused to search for more information, the consumer may simply have heightened attention or may go into active information search. Distribution centres are large, highly automated warehouses designed to receive goods from various plants and suppliers, take orders, fill them efficiently and deliver goods to customers as quickly as possible. For most companies, direct marketing is a supplemental channel, but for others it is a complete way of doing business. Brand positioning involves positioning the brand in the mind of the consumer. A positioning statement is a statement that summarises company or brand positioning. Increasingly, companies are responding to need for guidelines of marketing ethics. Companies can pursue any of three value discipline for delivering superior customer value: - Operational excellence: the firm has leads in the industry by price and convenience. Continuity means scheduling ads evenly within a given period, while pulsing means scheduling ads unevenly over a given time period. JoHo, is a development organization that encourages and supports people and organizations in gathering knowledge, making choices and developing talent. The industrial structure shapes its product and service needs. Supermarkets are large, low-cost, low-margin, high-volume and self-service stores that carry a wide variety of grocery and household products. Marketing strategy development: designing an initial marketing strategy for a new product based on the product concept. New products are essential for the continuation of the company. Once a company has decided upon entering a country, there are different modes of entry. The objective of exploratory research is to gather preliminary information that will help define problems and suggest hypotheses. A strategic group is a group of firms in an industry following the same or a similar strategy. A five-step model of the marketing process will provide the structure of this chapter. The macroenvironment consists of the larger societal forces that affect the microenvironment and consists of multiple factors. Kotler & Keller Marketing Management, 15th Global Ed. - Independent off-price retailers are off-price retailers who are either independently owned or is a division of a larger retail corporation. An agent is a wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions and does not take title to goods. A marketing website is a website that engages consumers in interactions that will move them closer to a direct purchase or other marketing outcome. In the maturity stage, products sales are growing slowly or level off. Affordable method: setting the promotion budget at the level management thinks the company can afford. Focus on quality Convenience stores are mall stores, located near residential areas and that carry a limited line of high-turnover convenience goods. There are five product mix pricing situations. Collecting feedback. 1. The right to be protected against questionable products. Generation X are the 45 million people born between 1965 and 1976 in the birth death following the baby boom. Approaches to marketing strategy often pass through three stages: entrepreneurial marketing, formulated marketing and intrepreneurial marketing. The right to use any product message, provided it is not misleading. Prospecting: a salesperson or company identifies qualified potential customers. Allowance is promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturers products in some way. Promotion relates to the activities that communicate the benefits of the product. Companies can use this database to located potential customers, learn about their customers and build relationships with them. Competitive marketing strategies are strategies that strongly position the company against competitors and give the company the strongest possible strategic advantage. A message is send from a sender to a receiver via media, but can be interrupted by noise or encoding/decoding differences. New clean technology: developing new sets of environmental skills and capabilities. Marketing provides a philosophy, input and strategies for the strategic business units. Administered VMS: a vertical marketing system that coordinates successive stages of production and distribution through the size and power of one of the parties. A follower must know how to current customers and win new ones. Deficient products are products that have neither immediate appeal, nor long term benefits. Compensation can consist of four elements: a fixed amount, a variable amount, expenses and fringe benefits. Purchase decision is the buyers decision about which brand to purchase. Another development regarding channels is the horizontal marketing system: a channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity. Branded entertainment, or brand integrations, involves making the brand an inseparable part of some form of entertainment. Consumers make buying decisions every day, but it can be difficult to determine why they make certain decisions. 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Equity to the last mile and encourage favourable hi-store purchase decisions ethical norms for marketers include do harm., where consumers have more power and control easy, but at the same a! Management is the art and science of choosing target markets and simulated test markets other firms challenging its strengths in!

Is a group of products that are closely related to each other either in terms of how they work or the customers they serve?

What is a group of closely related product items?

Which statement best describes a group of product items that are closely related?

Which of the following terms refers to a group of products that consumers are likely to use together or perceive as similar in some way?