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Business a changing world 7e by ferrell chap013

13-1


Business in a
Changing World

Chapter 13

Dimensions of Marketing Strategy

2
McGraw-Hill/Irwin

Copyright © 2009 by the McGraw-Hill Companies, Inc. All rights


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Concord Music Group (CMG):
A savvy flair for marketing.


Merger between Concord Records and Fantasy
Records in 2004; added Telarc Records in 2005.
Together, largest and fastest growing independent
music companies in the world.
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The Marketing Mix

Key to developing marketing strategy
•Maintain right mix
•satisfy target market
•Long-term customer relations

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The Marketing Mix
Competitive Advantage
Dimension of value surpassing all others:
•Wal-Mart – price
•Procter & Gamble – top consumer brands
•Domino’s Pizza – distribution via home delivery
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The Marketing Mix

Product Strategy –
•Fred Smith and Federal Express
•Professor said “Smith’s idea would never fly”
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Product Strategy

Developing New Products – Multi-step process
•Idea development
•Screening of new ideas
•Business analysis
•Product development
•Test marketing
•Commercialization
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Product Development

Test marketing –
a trial mini-launch of a new product in limited
areas that represent the potential market.

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Product Development

Commercialization –
The full introduction of a complete marketing
strategy and the launch of the product for
commercial success.

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Product Development

ACNielsen Market Decisions
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Classifying Products

Consumer Products
•Convenience products
•Shopping products
•Specialty products

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Classifying Products
Business Products







Raw materials
Major equipment
Accessory equipment
Component parts
Processed materials
Industrial services

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Marketing Mix
Product line–
Group of closely related products that are treated as a
unit because of a similar marketing strategy,
production, or end-use
Product Mix –
All the products offered by the company

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Product Life-Cycle

The Life Cycle of a Product
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Product Life Cycle

45 years of strong sales – Mattel’s Barbie doll’s life
cycle is waning. Today, edgier dolls like Bratz dolls
give Barbie a run for her money.

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Product Life Cycle

U.S. Hybrid
Vehicle Sales
1999-2008

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Identifying Products

Branding – process of identifying products
•Name
•Term
•Symbol
•Design
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Branding

The Most Valuable Brands in the World
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Brands
Manufacturer brands – initiated and owned by the
manufacturer to identify products from production
to point of purchase.
Private distributor brands – cost less than
manufacturer brands; owned and controlled by
wholesaler or retailer
Generic brands – no brand name often come in simple
packages and carry their generic name.
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Packaging
External container holds & describes the product:
•Protection
•Economy
•Convenience
•Promotion

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Brands

Coca-Cola is the most valuable brand in the world
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Branding

Labeling (often by law):
•Ingredients or content
•Nutrition facts (calories, fat, etc.)
•Care instructions
•Suggestions or use (such as recipes)
•The manufacturer’s address and toll-free number
•Web site
•Other useful information
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Product Quality

Product quality -Degree to which a good, service, or idea
meets the demands and requirements of
customers
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Quality
1

AirTran

2

JetBlue

3

Southwest

4

Northwest

5

Frontier

6

Continental

7

Alaska

8

United

9

American

10

Delta

Customer Satisfaction with Airlines
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