CHAPTER 12: MARKETING STRATEGY

What are the 7 steps, in order, of product dev. strategy?
Idea generation, new idea screening, concept testing, business analysis, product development, test marketing, commercialization
What are the three consumer products?
Convenience, shopping, and specialty
What are the seven business products?
Raw materials, major equipment, accessory equipment, components parts, processed materials, supplies, industrial services
Product Line
group of closely related products which are treated as a unit and involve similar marketing strategy
Product Mix
All products offered by an organization
Identifying Products….
Brand by packaging. Labeling by quality
Four steps of pricing a product
identify target customers, identifying&analyze competition, determine competitive advantage, and set product value based on CA
New product pricing
Highest and Lowest
Psychological Pricing
Emotional
Reference Pricing
Comparative
Discount Pricing
Move or Push
Three intensity levels of marketing coverage
intensive, selective, exclusive
Three physical product distribution steps
Transportation, warehousing, materials handling
Five Promotion Strategies
Advertising, publicity, personal sales, sales promotions, and promotional positioning
What are the three consumer products?