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Marketing 301 Final Winterich

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What things are included in promotions?
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1. Advertising 2. Public Relations (PR) 3. Personal Selling (sales force) 4. Sales Promotions (temporary reductions in price such as coupons and sales) 5. Direct / Digital Marketing
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What are companies focusing less on and more on?
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– Companies are focusing less on advertising and more on PR and Digital.
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Goals of the Promotion Mix
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– communicate customer value and build customer relationships – deliver a clear, consistent, and compelling message (Ex: “Have a Break” Kit-Kat song)
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Advertising Key Characteristics
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– Paid – Non Personal Communication – Identified Sponsor – 40% advertising dollars spent on TV commercials – “Who is going to see this?”
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New Advertising Trends
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– Narrowcasting – Madison and Vine
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Narrowcasting
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– Due to technology allowing marketers to better understand where people get their entertainment (and how they behave), they can now target their advertising more effectively – Goes hand in hand with niche marketing – Delivers custom-tailored ads to people whose lives those ads would apply to – Ex: ads on Facebook, iTunes recommendations
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Madison and Vine
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– Product Placement – Merges advertisement and entertainment – Ex: American Idol and Coke; E.T. and Reeses Pieces (80% sales boost from movie); Top Gun and Ray-Ban (40% Aviator shades sales boost) – People aren’t tuning into commercials anymore, so advertising in TV and Movies is becoming more valuable.
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Informative Advertising
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– Good for introducing a new product category – All about MAXIMIZING AWARENESS
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Persuasive Advertising
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– Build secondary demand (preferences) – Good for direct and indirect brand comparisons – Ex: Verizon Wireless says that they are better and more reliable than AT&T
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Reminder Advertising
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– Goal is to INCREASE THE FREQUENCY OF PURCHASES – Used for products that have reached maturity or decline stage – Ex: Energizer Bunny
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4 Methods for Setting the Advertising Budget
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1. Affordable Method 2. Percentage-of-Sales Method 3. Competitive-Parity Method 4. Objective-and-Task Method
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Affordable Method
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– What the customer can afford – Used a lot with smaller businesses or brands
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Percentage-of-Sales Method
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– Forecast sales and set a percentage of that to advertise
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Competitive-Parity Method
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– Copying or matching competitors budget – Not used too much anymore
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Objective-and-Task Method
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– For large companies, this is probably the BEST way to budget advertising expenditures – 3 Step Process: 1. Define specific objectives 2. Determine which tasks will help you achieve those objectives 3. Estimate the costs of each task – This is very difficult to do without good data.
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Advertising Agencies
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– A lot of companies source their advertising to advertising agencies so that large companies (Ex: P&G) can focus on their goods
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The “Big Idea”
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– Compelling creative concept – Many companies view this “Big Idea” in different ways
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Different Ways of Looking at The “Big Idea”
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1. Unique Selling Proposition (USP)- Rosser Reeves 2. Inherent Drama- Leo Burnett 3. Brand Image- David Ogilvy
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Unique Selling Proposition (USP)
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– Purpose was to sell, not to be creative (what makes the product unique?)
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Inherent Drama
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– The characteristic of the product that makes the consumer purchase it – The “soft sell” – Build favorable, positive emotions to brand – In every brand, there is a single factor that separates it from all other brands. And, if there isn’t, then it won’t be on the market for very long. Good advertising teams know how to bring that inherent drama to life. – Many ad campaigns try to artificially manufacture this inherent drama, leaving the audience with superficial, forced feeling about a brand rather than what naturally should occur.
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Brand Image
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– Human personality to brand – Ogilvy and Mather popularized term “Brand Image”
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Ad Execution Styles
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– Slice of Life – Lifestyle – Fantasy – Mood/Image – Musical – Personality Symbol – Technical Expertise – Scientific Evidence – Testimonial – Consumer-Generated Messages
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Slice of Life
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– Showing the “typical” person/people using the product in a normal setting – There is often a little humor in ad
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Lifestyle
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– How the product fits with a particular lifestyle – Ex: Redbull commercial
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Fantasy
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– Creates a fantasy around the product or its use – Ex: Jimmy Dean “Space Orbit” Ad
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Mood/Image
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– Build a mood or image around a product (i.e. beauty, love, serenity, etc.) -Ex: Google “Parisian Love” Ad
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Musical
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– Shows someone singing about a product – Ex: Carlton Drought “Big Ad”
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Personality Symbol
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– Character that represents a product – Ex: “Terry Tate: Office Linebacker” Reebok Ad
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Technical Expertise
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– Illustrate company expertise – Ex: Honda “The Cog” commercial
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Scientific Evidence
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– Present survey or scientific data showing that the brand is better than other brands – Ex: Dyson vacuum cleaner ads
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Testimonial
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– Highly believable or likable source endorsing the product – Ex: Kelly Ripa or Mike Rowe star in many commercials
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Consumer-Generated Messages
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– Made with actual clips shot by customers and regular people that a company uses – Ex: McDonalds “McNuggets Rap” commercial made from a Youtube video; Target “Acceptance” commercial made with clips of kids getting accepted into college
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Maslow’s Hierarchy of Needs (with examples)
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Top: Self-Actualization needs (Army: Be all you can be) Esteem needs (BMW) Social needs (Match.com) Safety needs (Volvo) Bottom: Physiological needs (Snickers)
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Media Decisions: Key Concepts
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– Media/Medium: TV, Radio, Print, Digital, etc. – Media Vehicles: Networks vs. Cable Channel, Specific Show, Sports Illustrated vs. Guns & Ammo mag., etc. – Media Scheduling: continuity, pulsing, flighting (seasonal)— *see notes for chart*
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Main area where TV Ads still work today
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Sports Games
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Media Decisions: Key Concepts (cont.)
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– Reach: percentage of target market exposed to ad during a given period of time – Frequency: Number of times a person in the target market is exposed to ad – Media Impact: Qualitative value of an exposure through a given medium (How effective was it?)
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What 2 parts of the promotion mix are becoming intertwined in today’s world?
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Advertising and PR
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Public Relations (PR)
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– Building good relations with the company’s various publics – Obtain favorable publicity – Build up a good corporate image – Ex: “Will it Blend?” Youtube videos, TNT “We Know Drama”
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Salespeople have multiple tasks:
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– Create sales – Build and Maintain Relationships – “Boundary Spanning” – Educate Customers – Bring Information to the Company
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Major Steps in the Selling Process
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1. Prospecting and Qualifying 2. Preapproach 3. Approach 4. Presentation and Demonstration 5. Handling Objections 6. Closing 7. Follow-Up
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Prospecting and Qualifying
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– Obtain leads and scout out qualified prospects – Use: Referrals, Directories, Cold Calling – Qualify leads through a screening process
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Preapproach
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– Learn as much as possible about a prospective customer before making a sales call – Establish your call objectives: – To make an immediate sale? – To gather information only? – To qualify the prospect? – Decide on the best approach (how and when to contact the person)
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Approach
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– Salesperson meets the customer for the first time – Iron out the following: – Salesperson’s appearance – Opening lines – Key questions about the buyer’s needs – Show a display or sample to attract attention or curiosity
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Presentation and Demonstration
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– Salesperson tells the product “story”, highlighting the customer benefits – Need Satisfaction Approach: – Show solutions-results – Good Listening skills – “Magic Wand” Question – “Customer-Solution” Approach
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Total Product Concept (TPC)
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– Core Benefit -Actual Product: features, design, packaging, quality level, brand name – Augmented Product: After-sale service, warranty, installation, delivery and credit
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Handling Objections
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– Salesperson seeks out, clarifies, and overcomes customer objections to buying – Seek out hidden objections – Ask buyer to clarify objections – Tactics: Salesperson is in control (has script) – Establish a relationship (similarities etc.) – Use emotion – Refer to buyer’s core values – Reduce the customer’s risk of buying – Give sense of urgency
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Closing
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– The salesperson asks the customer for the order -Tactics: – Directly ask for the order – Review points of agreement – Offer to help write up the order – Ask whether the buyer wants this model or that one – Give a sense of urgency to buy – ABC (Always Be Closing)
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Follow-Up
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– Follow-up after the sale to ensure customer satisfaction and repeat business
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Ultimate goal of marketing?
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– To maximize revenues
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Ultimate goal of business?
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– Long-term survival
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Keys Talents of Successful Salespeople
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– Intrinsic Motivation – Disciplined Work Style – Ability to Close a Sale – Ability to build a relationship with customers
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Territorial Sales Force Structure
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– Salesperson assigned to exclusive area geographically and sells full line of products – Ex: Cambells
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Product Sales Force Structure
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– Sales force sells only certain product lines – Ex: GE – A sales force organization under which salespeople specialize in selling only a portion of the company’s products or lines
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Customer Sales Force Structure
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– Sales force organized by customer or industry – Ex: Black & Decker; Whirlpool – A sales force organization under which salespeople specialize in selling only to certain customers or industries
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Complex Sales Force Structure
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– Combination of several of the other sales force structures – Most common for nationwide companies
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Sales Force Evaluation
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– Most information about sales force activities comes from reports such as sales reports, call reports, and expense reports – Management uses this information to evaluate, then offers both formal and informal feedback – Sales people are good at reporting sales reports, contacts reports – Sales People are bad at competitive information, complete expense reports, details of promises made
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Sales Promotions
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– Offer incentives to buy now or buy more – Effects are usually short-lived – Invites and rewards quick customer response – Immediate Sales – Temporary boost to market share
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Advertisement Differences from Sales Promotions
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– Long-term – Works on image over time – Gives a company position in the market
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B2C Sales Promotion Techniques
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– Sampling – Couponing – Rebates – Premiums – Advertising Specialities – Patronage Rewards – Point-of-purchase promotions – Contests and sweepstakes – Events
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B2B Sales Promotion Techniques
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– Trade Promotions – Price Discounting – Allowance – Business Promotions – Conventions and Trade Shows – Sales Contests
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Direct Marketing
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– Direct Communications with carefully targeted individual consumers to obtain an immediate response – Companies can tailor and time offers to narrow segments in a low-cost, efficient way – Ex: Facebook can sell your info and you will then see ads relevant to you on Facebook
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Benefits of Direct Marketing to Buyers
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– convenient, easy, private – access to products and information – interactive and immediate
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Benefits of Direct Marketing to Sellers
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– Tool for building relationships – low-cost, efficient, speedy way to reach markets – Lower costs, improved efficiency and speedier way of handling logistics functions – Flexibility
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Direct-Mail Marketing
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– Sending a person an offer, reminder, announcement, or other item to their home – Benefits: – Permits high target market selectivity – Personalization – Flexibility – Yields better prospects than using mass media (advertising) – Easy to measure results – Ex: GGRP Cardboard Record Player campaign – 90% response rate, took off virally as well – Ex: Chik-Fil-A free sandwich coupons – had to enter email on website address to claim – Ex: Plaft Auto personal home direct mail for dream car
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Catalog Marketing
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– Print catalogs are still the primary medium, though web-bases catalogs are growing rapidly (Neimann Marcus, L.L. Bean, Target)
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Benefits and Problems of Web Catalogs
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Benefits – Cost savings – Amount of space/merchandise – Real-time merchandising – Interactive features Problems – passive
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Direct Response TV
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– Direct marketing via TV, which elicits a direct response (i.e. to order the product shown) – 60-120 seconds with number to call or website to visit – Infomercials are 30 minute or longer advertising program for a single product – Home shopping channels (HSN, QVC) are dedicated to selling multiple brands, items, and services
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Online Marketing
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– Fastest growing form of direct marketing – Most companies still want “brick and mortar” (physical) stores – Some companies (ex: Kohls) are “click and mortar” (online and physical stores) – Few companies are “click only” (online) (Amazon is this and is an outlier because one of very few companies that does not have a physical store)
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Forms of Online Advertising
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– Alliances (Expedia has deals w/ certain airlines/hotels) – Affiliate Programs (Mommy Blog Examples) – Viral or Buzz Marketing (Youtube & Twitter) – Banner Ads (Side and Bottom of screen on websites) – Interstitials (Pop-up ads, dwindling b/c no one clicks) – Search-Related Ads (At top of Google search) (SEO – Search Engine Optimization) – Content Sponsorships (native advertising- the ad experience follows the natural form and function of the user experience in which it is placed.) (Ex: ads that show up in the middle of your Twitter, Instagram, and Facebook feeds.)
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Merging of Direct Marketing + Sales Promotions (Part of IMC)
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– New Digital Technologies – Smartphones – Social Media Marketing – Ex: Home Plus digital food shopping; Emart (Home Plus competitor) created a “Sunny Sale” promotion
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What is IMC?
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– Integrated Marketing Communications – An approach to achieving the objectives of a marketing campaign, through a well coordinated use of different promotional methods that are intended to reinforce each other.
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What is Price?
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Simple definition: – The amount of money charged for a product or service – Easiest part of the marketing mix to change More Accurate (Current) Definition: – the sum of all of the things that customers give up to gain the benefits of having or using a product or service (e.g. Money, time, convenience ,travel, delivery, installation, training, opportunity costs) – “Value-Based” Pricing (Setting the price at what the customer would perceive the value of something to be)
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Traditional Pricing Approaches
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Cost-Based Pricing – calculate costs to produce, add markup to get price Competition-Based Pricing – look at what competition is doing, copy to get price The underlying assumptions are problematic. Factor-in WTP (Willingness to Pay)
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Value and Pricing
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– Must define what is being sold (and core benefit) – Financial Value (cost savings, opportunity costs, etc.) – Emotional Value (status, safety, sense of belonging) – Customers must believe that the value delivered is greater than the price they pay before they buy. – Ex: At the end of the day, consumers of Coke are not just buying a cola, they are “Opening Happiness”
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Willingness to Pay (WTP)
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– When you start to factor in customer perceptions to pricing strategy, you are looking at WTP
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How Do You Figure Out WTP?
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– Market Research
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The Nature of Price
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– Easy to change, easiest of marketing mix to adjust – Directly Related to revenue generation and quantities – Symbolic Value to customers – Key component of the profit equation (Profit = Total Revenues – Total Costs)
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New Product Pricing with Price Skimming
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Price Skimming – Setting a high price for a new product and gradually decreasing the price over time – Ex: 42″ flatscreen TV costed $15,000 in 1990. Now, much better 42″ TVs cost less than $400 – Ex: Apple products lower price gradually as newer and updated version of these products are released each year.
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3 Conditions Necessary for Price Skimming
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1. The product/brand’s image must support the initial high price – a large enough segment must be willing to pay. 2. The costs associated with producing a smaller volume cannot be so high that they cancel out the advantage of charging more. 3. Need to be in a product category where there are few current and/or potential competitors that can come along and undercut your prices.
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New Product Pricing with Market Penetration Pricing
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Market Penetration Pricing – Setting a price lower than the competition in order to establish market share. Over time, you can hopefully raise those prices or develop brand extensions with high prices. – Ex: Dollar Shave Club originally started with just $1/month razors, but now they offer more and better options for higher prices – Ex: Android phones – Ex: IKEA
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3 Conditions Necessary for Penetration Pricing
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1. The market must be price sensitive. (Where the demand for a good or service moves significantly up or down in response to lower or higher prices.) 2. Production and distribution costs must decrease as sales volume increases. 3. The low price you are offering must act as a barrier to entry for other competitors.
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Pricing and Product Mixes
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1. Product Line Pricing 2. Optional-Product Pricing 3. Captive-Product Pricing 4. By-Product Pricing 5. Product Bundle Pricing
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Product Line Pricing
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– Setting various prices across the entire product line – Ex: Apple and their MacBook line at different prices
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Optional Product Pricing
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– Pricing optional or accessory products sold with the main product – Ex: Cars have many different optional add-on products – Ex: Planes charge extra for Wifi and other things
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Captive Product Pricing
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– Pricing separate products that must be used along with the main product – Ex: Wii lost money through the sale of the individual console, but made money back through the sale of many accessories and games – Ex: Gillette razors are not too expensive at original purchase, but more razors cartridge refills become expensive – Ex: Doorbuster deals hope to entice you to buy other things on top of a great deal to make their money back
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“Loss Leader” (part of Captive Product Pricing)
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– a product that a company actually loses money on when it is sold, but makes the money back with the sale of those complimentary products. (Ex: Wii)
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By-Product Pricing
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– Selling the by-products from the production of your primary product to create additional revenue streams – Sometimes the revenues earned through this strategy can be used to lower the price of your primary product; other times, it can be just used to increase company revenues/profits – Ex: Oreos by-products and leftover are sold to make Cookies & Cream Ice Cream – Ex: Extra wood from hardwood flooring companies.
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Bundle Pricing
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– Combing multiple products together at a price point that is less than the total of purchasing each of those products separately. – Ex: Xfinity Triple Play Bundle – Ex: Camera bundles with cases and memory cards
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Price Adjustment Strategies
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1. Discount Pricing 2. Segmented Pricing 3. Psychological Pricing 4. Promotional Pricing 5. Geographical Pricing 6. Dynamic Pricing
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Discount Pricing
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– Reducing prices to reward customer responses – Buying early / in cash (2/10, n30) – Helping promote a product – Buying large quantities at once – Buying during off season (seasonal discount) – Other allowances – Typically more applicable for B2B markets
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Segmented Pricing
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– Adjusted prices to allow for differences in who is purchasing the product offering, and their perceptions of value. 1. Customer-Segment Pricing: different movie prices for students, elderly, etc. 2. Product Form Pricing: More $ for movie in iMax/3D 3. Location-Based Pricing: Movie viewing costs less in State College than in NYC 4. Time-Based Pricing: Less $ to see a movie in the morning than a primetime night screening
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Psychological Pricing
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– Focuses on consumer psychology, not just economics – WTP & consumer perceptions are key in this strategy – i.e., price is a signal of quality – Reference prices: establish notion of what to pay – Odd-Even pricing: $9.99 vs. $10.00 – Done b/c of psychological research – Ex: Corona is the Natty Light of Mexico, but seen as better quality in U.S. b/c it is priced higher – Ex: Psychological impact of saving $10 is greater at lower prices than higher prices – Ex: Breadmaker example
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Promotional Pricing
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– Temporarily reducing prices to increase short-run sales – Price and Promotion must be working hand in hand for this strategy to be used – Coupons and Sales – Limited Time Offers – Rebates – Low Interest Financing – Extended Warranties
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Geographical Pricing
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– Charging different prices to consumers who are located in different geographic locations – More prevalent in B2B, but in today’s age of internet retailers, it is also relevant in B2C – Most often employed as a strategy due to transportation / logistics costs – More likely to apply to packaged goods rather than services, because the freight costs are higher when you have to transport a product further (in most cases)
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Dynamic Pricing
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– Adjusting pricing continually in order to maximize revenues – Increasingly prevalent in the internet age – Typically works best when: 1. There are a fixed amount of resources available for sale 2. The resources for sale are perishable 3. Different customer segments are willing to pay a different price – Ex: Airline tickets are highly perishable. Airlines’ key segment are business travelers b/c they book last minute, so prices are raised as departure time nears
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Actions That Can be Taken to Change Prices
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1. Reduce price 2. Raise perceived value (at same price) 3. Improve quality and raise price 4. Lauch low-price “righting (fighting) brand”: Lower cost brand created from company that owns a higher cost brand to take out competitors that are trying to beat the higher priced competition by offering lower costs to consumers.
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Public Pricing Policy Protects Competitors from:
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– Pricefixing: talking with competitors to set prices – Ex: Apple lost a court case b/c they conspired to fix the prices of ebooks when it launched its original iPad and iBook store in January 2010. – Predatory Pricing: Selling below cost with the intention of punishing a competitor or putting them out of business. There would be a threat of monopolies forming if companies were allowed to greatly undercut all competitors.
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Public Pricing Policy Protects Consumers from:
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– Price Discrimination: ensure same price to customers at given level of trade – Price Maintenance: Requiring dealers to charge a specified retail price – Deceptive Pricing: Seller states price that may mislead consumers (Ex: a fake going-out-of-business sale)
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Distribution
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– The decisions and activities that make products available to customers when and where they want to purchase them
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Marketing Channel
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– A group of individuals and organizations that directs the flow of products from producers to consumers
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Marketing Channels from the Retail Perspective: “The Old Way”
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Producer —> Retail Outlet —> Consumers
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Marketing Channels from the Retail Perspective: “The Newer Way”
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Producer—> Wholesaler—> Retail Outlet—> Consumers
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Marketing Channels from the Retail Perspective: “The NEWEST and Most Efficient Way”
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Producer–>Distribution Center–>Ret. Out.–>Consumer – Distribution Center cuts the middle man out – Ex: Wal-Mart
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Conventional Marketing Channel
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1. Producer —> 2. Wholesaler —> 3. Retailer —> 4. Consumer
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Vertical Marketing Channel
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1. Producer, Wholesaler, Retailer —> 2. Consumer – All people work together to get the product to the consumer. – Producer, Wholesaler, and Retailer are treated as equals
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Types of Vertical Marketing Systems
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1. Corporate VMS 2. Contractual VMS 3. Administered VMS
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Corporate VMS
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– Corporation owns production and distribution – Coordination and conflict through regular organizational channels – Ex: Wegmans: Bakery Dept. is in-store. They take ownership of their product offering – Ex: Sheetz: Owns 2 bakeries and now controls them. No longer has to source baked goods. – Ex: Zara: Tightly controlled manufacturing, distribution functions, etc
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Contractual VMS
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– Individual firms join together through extensive contracts – Includes “Franchise” organizations – Ex: Foxconn: Manufactures for Apple b/c Apple is essentially a MKTG company. Have strict contractual agreement to produce what Apple tells them. – Ex: Wegmans: Franchise out sushi b/c they didn’t want control of this department. They rent out their sushi space to other companies to sell. -Ex: McDonalds: Franchises restaurants to idiv. owners. The franchise agreement is form of Contract. VMS
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Administered VMS
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– Leadership through the size and power of dominant channel members (a.k.a. “channel captains”) – Ex: Wal-Mart, Best Buy, Home Depot, Petsmart, Target
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Horizontal Marketing System
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– 2 or more companies at one level join together to follow a new marketing opportunity. (Main difference between Horizontal and Vertical) – Joint Ventures are a Horizontal Marketing System – Ex: Fox + NBC + Disney = HULU was formed – Ex: Starbucks + TATA Coffee = India coffee marketplace
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Factors That go into Channel Selection
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1. Customer Characteristics 2. Product Attributes 3. Type of Organization 4. Competition 5. Marketing Environmental Forces 6. Characteristics of Intermediaries
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Intensive / Extensive Distribution
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– Stocking the products in as many outlets as possible
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Selective Distribution
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– The use of more than one, but fewer than all, of the intermediaries who are willing to carry the company’s products
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Exclusive Distribution
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– Giving a limited number of dealers the exclusive right to distribute the company’s products in their territories
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Physical Distribution
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– Also known as “Logistics” – Things to consider: – Mode Selection: truck, railroad, ocean, air, pipeline – Private Fleets (owned) vs. Contract Carriers (hired) – Inventory Management
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Major Logistics Functions
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1. Transportation 2. Warehousing 3. Inventory Management 4. Logistics Information Management
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Supply Chain Management
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– Refers to long-term partnerships among marketing-channel members that reduce inefficiencies, costs, and redundancies in the marketing channel and develop innovative approaches to satisfy customers
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Retailing
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– Includes all the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use. – $4.5 Trillion in Sales – Categorized based on: amount of service, product line, relative prices
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General Merchandise Retailers
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– Department Stores (Macy’s) – Discount Stores (Nike Factory Stores) – Convenience Stores (7 Eleven, Wawa) – Supermarkets (Wegmans) – Superstores (Target, Wal-Mart) – Warehouse Clubs (pay for membership) (Costco) – Warehouse Showrooms (IKEA)
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Specialty Retailers
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– Traditional (Footlocker, RadioShack, Bath+Body Works) – Category Killers (Best Buy, Lowe’s, Petco) – Off-Price Retailers (T.J. Maxx, Ross)
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Key Trends in Retailing
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– Growth of Non-Store Retailing (Internet) – Retail Convergence – Global Expansion of Megaretailers – Growing Importance of Retail Technology – Retail Stores as “Communities” or “Hangouts” (Ex: offer free Wifi)