Marketing Final Review Analysis Essay Example
Marketing Final Review Analysis Essay Example

Marketing Final Review Analysis Essay Example

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  • Pages: 11 (2806 words)
  • Published: December 18, 2017
  • Type: Research Paper
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A decision support system (ADS) provides marketing managers with instant access to data and the ability to manipulate it for making marketing decisions. ADS has four key characteristics that are particularly advantageous for marketing managers: interactivity, flexibility, focus on exploration, and ease of accessibility. Decision support systems enable managers to swiftly access information without external help. They also empower users to manipulate data in diverse manners and consider hypothetical scenarios. Furthermore, they are designed to be user-friendly even for individuals with limited computer experience.

Marketing Research & Import

To Marketing Decision Making

Marketing research involves gathering and analyzing data to address marketing issues. It aids in evaluating the effectiveness of strategies, determining reasons for potential failures, and examining various market segments. Managers can utilize the research

...

findings to retain their existing customers.

Marketing research enables management to take a proactive approach by identifying emerging patterns in society and the economy. The marketing research project consists of several steps. Firstly, the researcher and decision maker must reach an agreement on a problem statement or a set of research objectives. Then, the researcher develops an overall research design to outline how primary data will be collected and analyzed.

Prior to data collection, the researcher determines whether the group to be interviewed will consist of a probability or invariable sample. Data collection is often delegated to field service firms. The gathered data is subsequently subjected to statistical analysis by the researcher. Following this, the researcher creates and delivers both oral and written reports, including conclusions and recommendations, to management. As a final step, the researcher evaluates the implementation of the recommendations and considers ways to enhance projec

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success.

The Internet has revolutionized marketing research, especially in finding secondary data. It has made the process simpler and more efficient, allowing researchers to find relevant information with greater effectiveness. Additionally, online surveys have gained popularity due to their quick creation, real-time results, cost-effectiveness, and ability for easy personalization. Furthermore, the Internet is frequently utilized to reach respondents who are challenging to contact through other methods. It can also be used for conducting focus groups, testing research proposals and reports, as well as promoting collaboration between clients and research suppliers.

The emergence of text-message-based research and blobbing assignments in marketing allows for rapid feedback through text messaging or in-depth information over an extended period of time.

Increasing Significance

Of scanner-Based Research

A scanner-based research system allows marketers to track a market panel's exposure and response to various factors like advertising, coupons, store displays, packaging, and price. By analyzing these factors in relation to the panel's subsequent purchasing behavior, marketers gain valuable insight into sales and marketing strategies.

When is it necessary to conduct Marketing Research?

Managers should only pursue additional decision-making information if its expected value outweighs the cost of acquisition. To determine the need for conducting marketing research, it is crucial to have a Customer Relationship Management system in place as part of an operational marketing decision support system. When analyzed, competitive intelligence becomes decision-making intelligence that impacts the organization.

Competitive intelligence (CI) assists managers in evaluating their competition and vendors, resulting in fewer surprises. CI is a vital component of a solid marketing strategy, aiding companies in addressing competitive threats and minimizing unnecessary expenses.

Product

In an exchange, a person or organization

receives a product, whether desired or not. The main aim of purchasing decisions is to acquire the tangible and intangible benefits linked to the product. Tangible factors comprise of packaging, style, color, size, and features.

In any marketing mix, the crucial element for an organization is its product offering which includes intangible qualities such as service, the retailer's image, the manufacturer's reputation, and the social status associated with a product.

Classify Consumer Products

Consumer products can be categorized into different types: convenience products, shopping products, specialty products, and unsought products. Convenience products are easily affordable and simple to purchase. Shopping products can be classified as either homogeneous or heterogeneous. Homogeneous products primarily differ in terms of their price and features.

Consumers are drawn to heterogeneous products because of their unique characteristics, while specialty products cater to specific customers who highly value their exclusive advantages. On the other hand, unsought products include new or ignored items that require intensive selling efforts.



Product Item, Line, Mix

A product item is a unique version of a product that can be identified as a separate offering among an organization's products. On the other hand, a product line refers to a collection of closely related products provided by an organization.

The product mix of an organization includes all the products it sells, with the width indicating the number of product lines offered. Moreover, the depth refers to the number of products within a specific line. Alterations to existing products can be made by adjusting their quality, functional characteristics, or style. Additionally, introducing new products to existing lines is known as product line extension.

Branding's Marketing Applications

A

brand is a name, term, or symbol that identifies and differentiates a company's products. Established brands encourage customer loyalty and help new products succeed.

When developing branding strategies, one must make decisions regarding various types of brands - individual brands, family brands, manufacturers' brands, and private brands.

Marketing Uses of Packaging & Labeling

Packaging serves multiple functions, including containing and protecting products, promoting them, enabling convenient storage and use, and contributing to recycling and environmental preservation. As a promotional tool, packaging plays a vital role in identifying the brand and its distinct features. Additionally, it helps differentiate a product from competitors and establish connections with other products by the same manufacturer.

The label plays a crucial role in the package by serving persuasive and informational purposes. Essentially, it is the final opportunity for marketers to sway buyers before they decide to make a purchase. Global Issues in Branding discusses various concerns related to branding and packaging. This includes implementing a brand-name policy, translating labels, meeting labeling requirements in different countries, ensuring packages align with host-country cultures aesthetically, and providing package sizes that are popular in host countries.

Importance of Product Warranties

Product warranties are vital for consumers as they provide protection and assist in evaluating product quality. An express warranty is a written guarantee, whereas an implied warranty is an unwritten guarantee.

New Products & 6 Categories of New Products

can beand unified as:

There are New Products available, which can be classified into 6 different categories.

In order to maintain growth and profitability, a business must introduce new products. These products can fall into various categories like discontinuous innovations (new-to-the-world), additions to existing

product lines, improvements or revisions of current products, repositioned products, or lower-priced options. It is crucial for a company to pursue innovation in order to sustain or improve its profits.

Steps in the New Product Diversification Process

To start, a company develops a strategy for new products by specifying their traits and functions. Following that, different sources such as customers, employees, distributors, competitors, vendors, and internal R personnel generate innovative product ideas. These ideas are then evaluated by a designated group to determine their feasibility. If a product idea successfully passes this stage, it undergoes business analysis to assess its potential profitability. If the concept seems viable, it progresses to the development phase where the technical and economic feasibility of the manufacturing process is evaluated.

The development hash involves laboratory and use testing of a product to ensure performance and safety. Once the product is tested and refined, it is introduced in a test market to assess consumer response and marketing strategies. Successful products from the test market are then centralized, which includes starting production, building inventories, shipping to distributors, training sales force, announcing the product to the trade, and advertising to consumers.

Global Issues in New Prod

Dive, a marketer, aims to create customizable products that can cater to local requirements rather than developing a standard product for global sales. In addition, smart global marketers actively search for exceptional product concepts globally. The diffusion process entails the dissemination of new products from the producer to prospective adopters. These adopters can be categorized into five groups: innovators, early adopters, the early majority, the late majority, and laggards.

Product characteristics such as complexity,

compatibility with existing social values, relative advantage over competitors, visibility, and tractability influence the rate at which it is adopted. The spread of the product is influenced by both word-of-mouth communication and marketing efforts.

The concept of Product Life Cycles deals with the different stages a product goes through in its lifespan.

All brands and product categories have a life cycle consisting of four stages: introduction, growth, maturity, and decline. The speed at which products progress through these stages can vary significantly.

The product life-cycle concept is utilized by marketing managers as an analytical tool for predicting a product's future and creating successful marketing strategies. Supply chain ; management (SCM) provides numerous benefits, including the coordination and integration of all activities performed by supply chain members in a seamless process from source to consumption. These benefits encompass reduced inventory, transportation, and warehousing. Additionally, the integration of the supply chain holds significance in both internal and external contexts.

Successful companies prioritize demand-supply integration as they understand the importance of internal coordination. Companies that follow an ADS philosophy excel in their industry because each division within the company operates on the same page. Furthermore, firms aiming to provide superior service to customers strive for five types of external integration: relationship, measurement, technology and planning, material and service supplier, and customer integration. These integrations significantly impact supply chain management and ultimately benefit the end customer. Leading supply chain companies prioritize key processes that enhance their SCM effectiveness.

  • customer relationship management,
  • customer service management,
  • demand management,
  • order fulfillment,
  • manufacturing flow management,
  • supplier

relationship management,

  • product development and centralization, and
  • turns management.
  • When firms implement effective supply chain management, all of these processes are seamlessly connected throughout the supply chain. These processes consist of interconnected activities that supply chain partners consistently prioritize to provide value to the customer. Functional areas that influence supply chain success include the supply chain team and the logistics information system, which work together to coordinate the movement of goods, services, and information from the source to the consumer. Supply chain teams usually span multiple organizational boundaries and involve all parties involved in bringing products to market.

    The logistics supply chain is made up of various interconnected and integrated logistical components:

    • sourcing and procurement,
    • inventory control,
    • order processing,
    • production,
    • warehousing,
    • transportation, and
    • maintaining supply chain technology.

    The logistics information system connects and integrates all the logistics functions in the supply chain, while smart RIFF tags contribute as advanced computer technology to managing supply chains.

    New technology

    Supply chain managers today are confronted with various emerging trends in supply chain management (SCM), such as logistics outsourcing, secure supply chain implementation, risk reduction in the supply chain, and the creation of sustainable supply chains. These trends compel managers to adjust and revise their supply chain processes. Additionally, electronic distribution is frequently altered to improve integration and tracking capabilities in SCM.


    Marketing channels and their intermediaries play a significant role.

    The purpose of a marketing channel is to assist channel members in moving

    products to the final nonuser. Intermediaries within the channel aid in the distribution process by offering specialization and division of labor, resolving discrepancies, and ensuring contact efficiency. Retailers, on the other hand, are the specific firms in the channel whose main role involves selling directly to consumers.

    Channel structures ; strategies

    When selling products, producers have the option of using a direct channel to reach consumers or utilizing an agent/broker channel. The distribution of consumer products typically follows the same pattern as the retailer and wholesaler channels. In some cases, dual distribution is used to leverage existing channels through alliances. Managers must decide on the intensity of distribution, which can be intensive, selective, or exclusive.

    The various types of channel relationships have distinct roles and come with their own benefits and drawbacks. Integrated relationships are strongly connected and straightforward but lack flexibility. Cooperative relationships provide a sense of balance and stability but may not be viable in the long run. On the other hand, arm's-length relationships can fulfill immediate or special requirements but have the potential for exploitation. Managers should also consider the constant social factors that impact their relationships.

    Import

    The retail industry, which includes small retailers and influential players like Walter, is a major contributor to the U.S. economy. It accounts for about two-thirds of the country's gross domestic product (GDP) and is a significant employer.

    Classifications and types of retailers and differences.

    There is a reevaluation of operational models.

    Retail establishments can be classified according to ownership, level of service, product assortment, and price. There are different types of stores: department stores, specialty stores, supermarkets, drugstores, convenience stores, discount stores, specialty discount

    stores, off-price retailers, and sometimes restaurants.

    The rapid expansion of online retailing, as opposed to traditional in-store retailing, can be attributed to consumers seeking convenience. Currently, two primary types of franchising methods are employed: product and trade name franchising, and business format franchising. Mac. Dive tasks are part of this process.

    Retail marketing strategy

    The main activities in strategic retailing involve identifying and choosing a target market and creating the retailing mix to effectively satisfy the requirements of the selected target market. The process of identifying a target market in retailing starts with market segmentation.

    The retailing mix includes six AS, which are the four As of the marketing mix along with presentation and personnel. The roles of CRM and customer data in retailer decision making involve using the data collected in CRM databases to gain a deeper understanding of their customers. In terms of retail and channel management, M-commerce allows consumers to connect to the Internet and shop using wireless mobile devices. Moreover, advertising through DVD aids marketers in increasing or preserving brand awareness and market share among consumers.

    Generally, advertising expenditure is higher for new brands with a small market share compared to established ones. The primary objective of advertising for brands with a significant market share is to sustain their position in the market. Advertising greatly influences consumers' daily lives and purchasing decisions. While it may not significantly transform deeply ingrained consumer attitudes and values, advertising has the power to convert a consumer's negative perception of a product into a positive one. Furthermore, advertising can also modify how consumers perceive various attributes of a brand.

    Advertisers can modify their appeal to respond

    to consumers' evolving needs and gain a competitive edge by emphasizing various brand attributes.

    Mac. Types of DVD

    Advertising refers to any nonparallel, paid communication in which the sponsor or company is identified. There are two main types of advertising: institutional advertising and product advertising. Institutional advertising aims to establish a positive company image among the general public, investment community, customers, and employees.

    The product is divided into three main categories: pioneering, competitive, and comparative. The advertising approach used to promote a product depends on its position in the product life cycle. Specifically, before starting the creative work for an advertising campaign for DCE, Dive, and DVD, it is crucial to establish the goals or objectives that the advertising should accomplish. The objectives for a particular advertising campaign depend on the overall corporate objectives as well as the specific product being advertised. These objectives are often determined using the DOGMA approach.

    After defining objectives, the creative work can begin. This includes identifying the benefits of the product, developing potential advertising appeals, evaluating and selecting the most effective appeals, executing the advertising message, and assessing the overall effectiveness of the campaign. Media evaluation and selection techniques are essential in the advertising campaign process. Various forms of advertising media are available, including newspapers, magazines, radio, television, the Internet, and outdoor media like billboards and bus panels.

    Recent advertising media trends encompass various forms such as shopping carts, computer screen savers, DVD's, CDC, interactive kiosks, advertisements before movies, posters on bathroom stalls, and "advertisement." Promotion managers consider several variables when selecting the media mix for an advertising campaign, including cost per contact, reach, frequency, characteristics of the

    target audience, flexibility of the medium, noise level, and the medium's lifespan. Once the media mix is chosen, a media schedule is created to determine when and where the advertisement will be displayed.

    The role of public relations (PR) in the promotional mix is crucial as it helps enhance a firm's image and promote its products. PR tools such as new-product publicity, product placement, consumer education, sponsorship, and company websites are commonly used. Additionally, managing unfavorable publicity is equally important to minimize damage to a firm's image. Sales promotion is another aspect that marketing managers can utilize to enhance the effectiveness of their promotional efforts.

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