Marketing Evaluation
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Transcript of Marketing Evaluation
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Marketing Evaluation
MKT 113 Introduction to MarketingModule 8
Value Creation
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Current Events Analysis Topics
Story via http://www.forbes.com/sites/antonysavvas/2013/11/11/kpmg-launches-big-data-analytics-investment-arm-to-gain-rapid-market-entry/
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Branding and Packaging DecisionsReadings and Learning Outcomes
• Chapter 14 Customer Satisfaction, Loyalty, and Empowerment• Measuring Marketing: 110+ Key Metrics Every Marketer
Needs http://site.ebrary.com.ezproxy.snhu.edu/lib/snhu/docDetail.action?docID=10629615
1. Identify marketing metrics used to measure integrated marketing communications (IMC) success
2. Discuss the principles and techniques used to track and measure the success of a marketing plan
3. Understand the economic and accounting principles related to profitability and profit/loss analysis
4. Understand the role of marketing metrics in the ongoing evaluation of business and marketing planning
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Products | Goods vs. Services
TANGIBLE = Packaging | INTANGIBLE = Comfort
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Core Product | Augmented Product
Service Dominant Approach to Marketing
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Product Level Terminology
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ConvenienceLittle effort in
shopping. Bread is an
example
ShoppingCompare products
and selectConsumers often care about brand
names
UnsoughtProducts that buyers do not
want to shop for until they need
them
SpecialtyHighly
differentiated. Available through limited channels
Consumer Offerings Four General Categories
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• BRAND—is a name, picture, design, or symbol, or combination of those items, used by a seller to identify its offerings and to differentiate them from competitors’ offerings.
• BRANDING—is the set of activities designed to create a brand and position it in the minds of consumers.
• BRAND NAME—is the spoken part of a brand’s identity.
• BRAND MARK—is the symbol associated with a brand.
• BRAND EXTENSION – involves utilizing an existing brand name or brand mark for a new product category.
• CANNIBALIZATION—occurs when a firm’s new offering eats into the sales of one of its older offerings.
Branding
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New Offering Development Process
1) Idea Generation (Research and Development)
2) Idea Screening (Good Fit?)
3) Feature Specification
4) Development (Prototype)
5) Testing (Test Market | Communication Plan)
6) Launch (Commercialization)
7) Evaluation (Monitor Progress)
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10
Product Life Cycle
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Modifying Products to Extend Maturity
• Redesign and repackage
Packaging
• Adding new features that extend use
Quality
• Increasing amount purchased for same price
Quantity
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Individual New Offering Proposal• What is your company?
• What is the company’s Mission Statement?
• What are their major products and brands?
• Evaluate their SWOT Analysis.
• Who are their top competition?
• What is the best opportunity for your company?
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Individual New Offering Proposal• New Offering Description/Justification
• New Offering Features (Characteristics)
• New Offering Benefits (Target Audience and How do they Benefit?)
• Price (What price strategy will be used?)
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Have a GreatSNHU Day.
Professor Lynch | #MKT113Topics