Transcript LO A14-7

CHAPTER A14
Managing the
Marketing Mix:
Product, Price,
Place and
Promotion
McGraw-Hill/Irwin
Copyright © 2015 by the McGraw-Hill Companies, Inc. All rights reserved.
LEARNING OBJECTIVES
1. Explain the concept of a total product offer and
summarize the functions of packaging.
2. Contrast brand, brand name, and trademark, and
discuss the concept of brand equity.
3. Describe the product life cycle.
4. Identify various pricing objectives and strategies, and
explain why non-pricing strategies are growing in
importance.
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LEARNING OBJECTIVES
5. Explain the concept of marketing channels and the
value of marketing intermediaries.
6. Discuss the differences between wholesale and retail
intermediaries and explain the various kinds of nonstore retailing.
7. Define promotion and list the traditional tools that
make up the promotional mix.
8. Assess the effectiveness of various forms of sales
promotion.
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REED HASTINGS
Netflix
• Almost singlehandedly
ended the era of brick and
mortar video rentals.
• In college, Hastings spent
his summers training with
the Marines and joined the
Peace Corps.
• Was inspired to start Netflix
after racking up a $40 late
fee.
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NAME that COMPANY
This U.S. company is known for having low prices
all the time. One way it keeps prices low is by
eliminating as many wholesalers as possible and
doing all the wholesale function itself.
Name that company!
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DEVELOPING VALUE
LO
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• Value -- Good quality at a fair price.
• What customers perceive as the best value
depends on many factors.
• Adapting products to new markets is an ongoing
challenge.
• Product development is a key activity in any
modern business.
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PRODUCTS CONSUMERS
WON’T GIVE UP
LO
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• Internet service
• Cell phone service
• Cable television
• Discount apparel
• Haircuts and coloring
• Fast-food
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PRODUCTS “EXPENDABLE”
by SPENDING CUTS
LO
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• Luxury handbags
• Satellite radio
• Specialty apparel
• High-end cosmetics
• Facials
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DEVELOPING a
TOTAL PRODUCT
LO
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• Total Product Offer -- Everything consumers
evaluate when deciding whether to buy something.
• Products are evaluated on
many different dimensions,
both tangible and intangible.
• Marketers must think like and
talk to consumers to find out
what’s important.
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PRODUCT INNOVATION DURING
the GREAT DEPRESSION
Year
Product
1929
Electric Razors
1930
Car Radios
1930
Supermarkets
1933
Chocolate Chip Cookies
1933
Laundromats
Source: BusinessWeek Small Biz.
LO
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ANYTHING YOU CAN DO…
LO
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Products Replacing Products
Starter
Replacer
Replacer’s
Replacement
Future Threat
Friendster
MySpace
Facebook
Quora
Nokia
Blackberry
iPhone
Android
TiVo
Blockbuster
Netflix
Apple TV
Altavista
Yahoo; Ask
Google
Blekko
The Shop Around
the Corner
Borders
Amazon
Apple
Polaroid
Kodak
Canon
Smartphones
Playstation
Wii
Xbox Kinect
Playstation 4
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POTENTIAL COMPONENTS
of a TOTAL PRODUCT OFFER
LO
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UNDERSTANDING
PRODUCT LINES
LO
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• Product Line -- A group of products that are
physically similar or intended for a similar market.
• Product lines often include
competing brands like:
- Tide
- Era
- Downy
- Bold
Photo Courtesy of: Coca-Cola Art Gallery
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The PRODUCT MIX
LO
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• Product Mix -- The combination of all product lines
offered by a manufacturer or service provider.
• Product mixes like Procter & Gamble’s can be
extensive:
- Toothpaste
- Cosmetics
- Diapers
- Batteries
- Bar soap
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SEALING the DEAL
• As a Navy Seal, Randy
Hetrick found keeping
his fitness levels up
while in the field was
difficult.
• He created the TRX
out of parachute
harnesses.
• While earning his MBA, he raised capital to
launch Fitness Anywhere. Now, a $50 million
company!
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DIFFERENTIATING PRODUCTS
LO
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• Product Differentiation -- The creation of real or
perceived product differences.
• Marketers use a mix of pricing, advertising and
packaging to create different images. Examples
include:
- Bottled water
- Aspirin
- Fast-food
- Laundry detergent
- Shampoo
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USES of PACKAGING
LO
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• Companies often use packaging to change and
improve their basic product. Examples include:
- Microwave popcorn
- Tuna pouches
- McDonald’s green packaging
• Good packaging can also make
a product more attractive to
retailers.
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SOME KEY FUNCTIONS of
PACKAGING
LO
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1) To attract buyers’ attention
2) Protect the goods inside and be
tamperproof
3) Be easy to open
4) Describe and give information about the
product
5) Explain the product’s benefits
6) Provide warranty information and warnings
7) Give an indication of price, value, and
uses
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LO
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BUNDLING
• Bundling -- Grouping two or more products together
and pricing them as a unit.
• Virgin Airlines bundles
door-to-door limo
service and inflight
massage with some
tickets.
• Financial institutions
bundle advice with
purchases.
Photo Credit: Joey Day
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TEST PREP
• What value enhancers may be included in a total
product offer?
• What is the difference between a product line and
a product mix?
• What functions does packaging now perform?
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UNDERSTANDING BRANDING
LO
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• Brand -- Name, symbol, or design that identifies the
goods or services and distinguishes them from
competitors’ offerings.
• Trademark -- A brand
that has exclusive legal
protection for both its
brand name and design.
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PLAYING the NAME GAME
• With a couple hundred countries
on the cyber-platform, choosing
the right name is a global issue.
• Every once in a while, a successful
name is created by accident.
Häagen-Dazs means nothing!
• What would you rename Very
Vegetarian if given the chance?
Would you want to ask an expert?
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The NAME GAME
Product Name
Why?
Blackberry
The “B” sounds relaxing and the “Y”
sounds friendly.
Oreo
The bookending “O”s mirror the shape of
the cookie.
Viagra
V is for vigor, vitality, virile and victory.
Wii
The double ii symbolizes two players as
does the pronunciation.
Source: Bloomberg Businessweek, www.businessweek.com, accessed March 2015.
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ESTABLISHING BRAND EQUITY
and LOYALTY
LO
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• Brand Equity – The value of the brand name and
associated symbols.
• Brand Loyalty -- The degree to which consumers
are satisfied and are committed to further purchases.
• Brand Awareness -- How quickly or easily a given
brand name comes to mind when someone mentions
a product category.
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MOST VALUABLE BRANDS
Brand
Value (in $millions)
Apple
$124.2
Microsoft
$63.0
Google
$56.6
Coca-Cola
$56.1
IBM
$47.9
McDonald’s
$39.9
GE
$37.1
Samsung
$35.0
Toyota
$31.3
Louis Vuitton
$29.9
Source: Forbes, www.forbes.com, accessed March 2015.
LO
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ORIGINS of
AUTOMOBILE SYMBOLS
LO
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• Volvo - Symbol for iron
• Lamborghini - Company founder’s
zodiac sign was Taurus
• Volkswagen - Product of an office
contest
• Porsche - Coat of arms for city and
state headquarters
Source: World Features Syndicate.
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BRAND
MANAGEMENT
LO
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• Brand Manager -- Person responsible for a
particular brand and handles all the elements of the
brand’s marketing mix.
• Many large companies created this position to
have greater control over new-product
development and product promotion.
• Some companies have brand management
teams.
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MADE in AMERICA?
Home Countries of America’s Favorite Brands
Brand
Country
Budweiser
Belgium and Brazil
Alka-Seltzer
Germany
Good Humor Ice Cream
UK and Holland
7-11
Japan
Gerber
Switzerland
Firestone
Japan
John Hancock Life
Canada
Frigidaire
Sweden
Holiday Inn
UK
LO
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TEST PREP
• What is the difference between a brand name and
a trademark?
• What are the responsibilities of a brand manager?
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The FOUR STAGES of a
PRODUCT LIFE CYCLE
LO
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• Product Life Cycle -- A theoretical model of what
happens to sales and profits for a product over time.
• Product Life Cycle Stages:
1. Introduction
2. Growth
3. Maturity
4. Decline
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SALES and PROFITS DURING
the PRODUCT LIFE CYCLE
LO
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PROFITS BEYOND the GRAVE
Top Earning Deceased Celebrities in 2014
Celebrity
Earnings
Year of Death
Michael Jackson
$140 million
2009
Elvis Presley
$55 million
1977
Charles Shultz
$40 million
2000
Elizabeth Taylor
$25 million
2011
Bob Marley
$20 million
1981
Marilyn Monroe
$17 million
1962
John Lennon
$12 million
1980
Albert Einstein
$11.5 million
1955
Bettie Page
$9 million
2008
Source: Forbes, www.forbes.com, accessed March 2015.
LO
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The PRODUCT LIFE CYCLE and
the MARKETING MIX
LO
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TEST PREP
• What is the theory of the product life cycle?
• When a product is in the mature stage of the
product life cycle, are its profits generally
increasing or decreasing?
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PRICING OBJECTIVES
LO
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1) Achieving a target return on
investment or profit
2) Building traffic
3) Achieving greater market
share
4) Creating an image
5) Furthering social objectives
both short-run and long-run
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PRICING STRATEGIES
LO
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• Cost-based pricing measures cost of producing a
product including materials, labor, and overhead.
• Target Costing – Designing a product that satisfies
customers and meets the firm’s targeted profit
margins.
• Competition-Based Pricing -- A strategy based
on what the competition is charging for its products.
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USING BREAK-EVEN ANALYSIS
LO
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• Break-Even Analysis -- The process used to
determine profitability at various levels of sales. The
break-even point is where revenues equals cost.
• Total Fixed Costs -- All costs that remain the same
no matter how much is produced or sold.
• Variable Costs -- Costs that change according to
the level of production.
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HOW to FIND the
BREAK-EVEN POINT
LO
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• The break-even point equals the total fixed costs (FC)
divided by the price of one unit (P) minus the variable
cost of one unit (VC).
BEP = FC/P - VC
• If you have a fixed cost of $200,000, a variable cost of
$2 per item, and you sell your product for $4 each,
what would be your BEP?
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PRICING ALTERNATIVES
LO
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• Skimming Price Strategy -- Pricing new products
high to recover costs and make high profits while
competition is limited.
• Penetration Price Strategy -- Pricing products low
with the hope of attracting more buyers and
discouraging other companies from competing in the
market.
• Everyday Low Pricing (EDLP) -- Setting prices
lower than competitors with no special sales.
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PRICING STRATEGIES
of RETAILERS
LO
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• High-Low Pricing -- Using
regular prices that are higher
than EDLP stores except
during special sales when they
are lower.
• Psychological Pricing -Pricing products at price points
that make a product seem less
expensive than it is.
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TEST PREP
• List two short-term and two long-term pricing
objectives? Can the two be compatible?
• What is a disadvantage of using cost-based
pricing strategy?
• Why is increasing focus being placed on nonprice competition?
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WHAT are MARKETING
INTERMEDIARIES?
LO
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• Marketing Intermediaries -- Organizations that
assist in moving goods and services from businesses
to businesses (B2B) and from businesses to
consumers (B2C).
• They are called intermediaries because they’re in
the middle of a series of firms that distribute
goods.
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WHAT are MARKETING
INTERMEDIARIES?
LO
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• Channel of Distribution -- A group of marketing
intermediaries that joining together to transport and
store goods from producers to consumers.
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TYPES of MARKETING
INTERMEDIARIES?
LO
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• Agents and Brokers -- Intermediaries who bring
buyers and sellers together and assist in negotiating
an exchange but do not take title to the goods.
• Wholesaler -- An intermediary that sells products to
other organizations such as retailers, manufacturers,
and hospitals.
• Retailer -- An organization that sells products to
ultimate customers.
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SELECTED CHANNELS of
DISTRIBUTION
LO
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WHY MARKETING NEEDS
INTERMEDIARIES
LO
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• Intermediaries perform marketing tasks faster
and cheaper than most manufacturers could
provide them.
• Marketing
intermediaries make
markets more
efficient by reducing
transactions and
contacts.
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HOW INTERMEDIARIES CREATE
EXCHANGE EFFICIENCY
LO
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TEST PREP
• What is a channel of distribution, and what
intermediaries are involved?
• Why do we need intermediaries?
• Illustrate how intermediaries create exchange
efficiency.
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WHOLESALE INTERMEDIARIES
LO
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• Wholesalers normally make B2B sales, however,
stores like Staples and Costco also have retail
functions.
- Retail sales are sales of goods and services to customers
for their own use.
- Wholesale sales are sales of goods and services to other
businesses for use in the business or resale.
• Consumers are more familiar with retailers than
wholesalers.
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ROLES of AGENTS
and BROKERS
LO
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• Agents generally maintain long-term relationships
with the clients they represent.
- Manufacturer’s agents
represent several
manufacturers in a specific
territory.
- Sales agents represent a
single client in a larger territory.
• Brokers usually represent
clients on a temporary
basis.
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RETAILING in the U.S.
LO
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• There are over 2 million retailers in the U.S., not
including websites.
• Retailers in the U.S.
employ about 5 million
people and operate
under many different
structures.
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FASTEST GROWING RETAIL
CATEGORIES
LO
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• Video games
• Sports and fitness
• Home, garden, and
furniture
• Event tickets
• Consumer electronics
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HOW to PREVENT
COUPON FRAUD
LO
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• Make sure your coupons
are unique.
• Have clear expiration
dates and rules.
• Train staff on how to spot
fraudulent coupons.
Source: Entrepreneur, www.entrepreneur.com, accessed March 2015.
Photo Credit: Walmart Stores
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HOW to PREVENT
RETURN POLICY FRAUD
LO
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• Always require receipts for
returns.
• Shred receipts so they cannot be
used to return stolen goods.
• Check for tampering.
• Have customers fill out a return
form and check details.
Photo Credit: Bill Ballentyne
Source: Entrepreneur, www.entrepreneur.com, accessed March 2015.
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TYPES of RETAIL STORES
Types
LO
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Examples
Department Store
Sears, JC Penney, Nordstom
Discount Store
Wal-Mart, Target
Supermarket
Safeway, Kroger, Albertson’s
Warehouse Club
Costco, Sam’s Club
Convenience Store
7-Eleven
Category Killer
Toys-R-Us, Bass Pro Shops, Office
Depot
Outlet Store
Nordstrom Rack, TJ Maxx, Nike
Outlet
Specialty Store
Jewelry store, shoe stores, bicycle
shops
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RETAIL DISTRIBUTION
STRATEGIES
LO
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• Intensive Distribution -- Puts products into as
many retail outlets as possible.
• Selective Distribution -- Uses only a preferred
group of the available retailers in an area.
• Exclusive Distribution -- The use of only one
retail outlet in a given geographic area.
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PICK a STRATEGY…
What’s the Correct Retail Strategy for These Products?
LO
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• Ralph Lauren Polo Shirts
• Diet Pepsi
• Rolls Royce Automobiles
• Calloway Golf Clubs
• Snickers Candy Bars
• Steinway Pianos
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FORMS of NON-STORE
RETAILING
LO
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• Electronic Retailing -- Selling goods and services
to ultimate consumers online.
• Telemarketing -- The sale of goods and services
via the telephone.
• Vending machines dispense
convenience goods when
consumers deposit sufficient
money.
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FORMS of NON-STORE
RETAILING
LO
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• Direct Selling -- Selling goods
and services to customers in
their homes or workplaces.
• Multilevel marketing uses
salespeople who work as
independent contractors.
• Direct Marketing -- Any
activity that directly links
manufacturers or intermediaries
with ultimate customers.
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SUPPLY CHAINS
LO
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• Supply Chain -- All the linked activities various
organizations must perform to move goods and
services from the source of raw materials to ultimate
consumers.
• Supply chains include: farmers, miners, suppliers
of all kinds, manufacturers, wholesalers and
retailers.
• One major concern of supply chain managers is
selecting a mode of transportation.
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COMPARING
TRANSPORTATION MODES
LO
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Mode
Cost
Speed
Dependability
Flexibilit
y
Frequency
Reach
Rail
Med.
Slow
Medium
High
Low
High
Trucks
High
Fast
High
Medium
High
Highest
Pipeline
Low
Medium
Highest
Lowest
Highest
Lowest
Ships
Lowest
Slowest
Lowest
Highest
Lowest
Low
Air
Highest
Fastest
Low
Low
Medium
Medium
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TEST PREP
• What are some of the ways in which retailers
compete?
• What kinds of products would call for each of the
different distribution strategies: intensive,
selective, and exclusive?
• Give examples of non-store retailing and describe
each.
• Which transportation mode is fastest, which is
cheapest, and which is most flexible?
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PROMOTION
in an ORGANIZATION
LO
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• Promotion Mix -- The combination of promotional
tools an organization uses. The traditional mix
includes:
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INTEGRATED MARKETING
COMMUNICATION (IMC)
LO
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• Integrated Marketing Communication (IMC) -Combines the promotional tools into one
comprehensive strategy. IMC is used to:
- Create a positive brand image.
- Meet the needs of consumers.
- Meet the strategic marketing and promotional
goals of the firm.
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ADVERTISING in the FIRM
LO
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• Advertising -- Paid, nonpersonal communication
through various media by
organizations and individuals
who are in some way
indentified in the message.
• Major goals of advertising:
- Inform
- Persuade
- Remind
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IMPACT of ADVERTISING
LO
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• Total advertising expenditures
exceed $215 billion yearly.
• Consumers benefit because
production costs of TV
programs, radio programs,
newspapers and magazines are
paid for by advertisers.
• Marketers choose ad media
that will reach the target market.
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MATCH GAME
Match the Company with the Slogan
LO
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• “Everybody doesn’t like something, but nobody
doesn’t like ___________.”
• “We bring good things to life.”
• “It takes a licking and keeps on ticking.”
• “With a name like _________, it has to be good.”
• “Good to the last drop.”
• “Betcha can’t eat just one!”
• “Because you’re worth it.”
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IT’S a DOG’S LIFE
Famous and Not-so-Famous Dogs in Advertising
Pooch
Company
Nipper
RCA
Tige
Buster Brown Shoes
Chihuahua
Taco Bell
Spuds McKenzie
Bud Light
McGruff
The Crime Dog
Duke
Bush’s Beans
Bullseye
Target
LO
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POPULAR ADVERTISING MEDIA
LO
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• TV advertising is still the dominant media.
• Digital Video Recorders (DVRs) challenge TV
advertising because viewers can skip ads.
• Product Placement -Advertisers pay to put
their products into TV
shows and movies where
the audience will see
them.
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NOT QUITE the NFL…
LO
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Sport
Cost
Why?
Equestrian
$15,000+
The demographic skews to highincome females.
Bowling
$20,000+
It’s shown on television and
lower cost than other televised
sports.
Surfing
$25,000+
The young market is responsive
to guerrilla marketing.
$50,000+
A popular sport in Europe and
Asia and great for global
companies.
Women’s Golf
Source: Inc., www.inc.com, accessed March 2015.
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PAY-PER-TWEET
• Celebrities can earn large sums
of money just buy mentioning a
product or site in their tweets.
• Do you think it is ethical for
celebrities to get paid to tweet
pre-written ads that appear to be
their own personal comments?
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SOCIAL SCAMMERS
LO
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How to Protect Yourself From Schemers
1. Be wary of requests for
money transfers -- even
from friends’ accounts.
2. Be wary when you use
applications. Don’t give
unnecessary information.
3. Use URL expanders to see
the full address of links on
friends’ pages.
Source: Kiplinger’s Personal Finance, December 2010.
Photo Credit: Paul Klintworth
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GLOBAL ADVERTISING
LO
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• Requires marketers to
develop a single product
and promotional strategy to
implement worldwide.
• Problems can arise in global
markets with using one
advertising campaign in all
countries - especially bad
translations.
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PERSONAL SELLING
LO
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• Personal Selling -- The face-to-face presentation
and promotion of a product, including the
salesperson’s search for new prospects and followup service.
• Salespeople need to listen to
customer needs, help reach
a solution and do everything
possible to make the
transaction as simple as
possible.
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BUY THIS!
Successful Selling Strategies
LO
A14-7
• Know your competition
• Understand your customer’s business
• Differentiate your product or service
• Sell to the people most likely to buy
• Build relationships
• Put the right people in the right selling spots
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WHOOPS!
Sales Slip-Ups
LO
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• Not feeling the customer’s pain
• Making money is the only goal
• Seeing sales as just a job
• Getting upset during the presentation
• Failing to properly prepare or over-preparing
• Not being yourself
• Neglecting the relationship
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STEPS in the B2C
SELLING PROCESS
LO
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USING PUBLIC RELATIONS in
PROMOTION
LO
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• Public Relations (PR) -- Evaluates public attitudes,
changes policies and procedures in response to the
public, and executes a program of action and
information to earn public understanding and
acceptance.
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PUBLICITY
LO
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• Publicity -- Any information
about an individual, product or
organization that’s distributed to
the public through the media and
is not paid for or controlled by the
seller.
• Advantages of Publicity:
- Free
- Reaches people who would not
look at an advertisement
- More believable than advertising
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DISADVANTAGES of PUBLICITY
LO
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• No control over whether the
media will use a story or when
they may release it.
• It can be good or bad.
• Once a story has been run, it is
not likely to run again.
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TEST PREP
• What are the four traditional elements of the
promotion mix?
• Define advertising and explain why advertising
today is moving from globalism to regionalism.
• What is the responsibility of the public relations
department?
• What are the advantages and disadvantages of
publicity versus advertising?
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SALES PROMOTIONS
LO
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• Sales Promotion -- The promotional tool that
stimulates consumer purchasing and dealer interest
by means of short-term activities.
• Categories of Sales
Promotions:
1. B2B Sales
Promotions
2. Consumer Sales
Promotions
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SALES PROMOTION TECHNIQUES
LO
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SOME KEY
CONSUMER PROMOTIONS
LO
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• Coupons
• Demonstrations
• Sampling
• Sweepstakes
• In-store Displays
• Contests
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CLIP THESE
Most Visited U.S. Coupon Clearing Sites
LO
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• Coupons, Inc
• EverSave
• RetailMeNot
• CouponCabin
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USING WORD-of-MOUTH
PROMOTION
LO
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• Word-of-Mouth Promotion -- People tell others
about products they have purchased.
• Word-of-Mouth is important for products like:
- Restaurants
- Daycare and Eldercare
- Car Repair Shops
- Hair Stylists
- Hotels
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WHAT ARE COMPANIES
YELPING ABOUT?
• Many companies have a website, Facebook page
or some online presence.
• However, on review sites like Yelp, they cannot
control their public image.
• The Federal Trade Commission has received over
2,000 complaints about Yelp.
• Companies can respond to reviews. But often the
damage is already done.
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EMERGING
PROMOTIONAL TOOLS
LO
A14-8
• Viral Marketing -- Paying
customers to say positive things
on the Internet or setting up
multiple selling schemes whereby
consumers get commissions.
• People who promote through
viral marketing often receive
SWAG which can include free
tickets, shirts, and other
merchandise.
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PUSH, PULL, AND PICK
PROMOTIONAL STRATEGIES
LO
A14-8
• Push Strategy -- Producers use advertising,
personal selling, sales promotion, and other tools to
get their products stocked on shelves.
• Pull Strategy -- Directs heavy advertising and sales
promotions efforts towards consumers and gets the
public to request their products from retailers.
• Pick Economy -- Refers to consumers who pick out
their products from online outlets.
A14-89
TEST PREP
• What are the sales promotion techniques used to
reach consumers?
• How does a push strategy differ from a pull
strategy?
A14-90