Marketing week 1-5

Marketing week 1-5

1. different types of marketing domains

   • -consumer -business -non profit -government B2B AND B2C

2. Total product is made up of.....

   • -The substance -The service -the symbol and... price!all these 3 attributes need to meet customer expectations. then they will come back! do the benefits to the customer out way the costs to the customer? the cost benefit balance can be used.  

3. marketing is about winning and keeping customer

   • this is called relationship marketing

4. the total product experience pipe

   • customers in leads to them experiencing the total product customers out

5. does total product meet customer expectations?

   • is total product > or = expected product Is the customer satisifed with the total product?

6. going to market with a total product is about...

   • making promises keeping promises and enabling promises and..always deliver on the promise!

7. GAPS model

   • does total product meet perceived total product?

8. Retention is argued to be a route to better revenues and returns

9. services help to differentiate core products by..

   • facilitating use of the core service and enhancing the value and appeal of the total product.
   • e.g. total product is a hotel room
     • with the hotel room you get lots of additonal services such as baggage, valet parking and room service.

10. if demand of a product is too high then service may not be able to cope

    • a solution to this problem would be to manage demand and manage capacity

11. people are part of the product therefore service is very important

12. 5 dimensions of service quality

    • -Reliability -Assurance -Tangibles -Empathy -Reponsiveness

13. marketing channels

14. What makes the substance?

    • -materials and components such as raw materials and parts to make items.  -capital items such as machines that help production -supplies such as operating supplies. key terms: -individual product -Product line -Product range -Product mix
    • dimensions of substance
      • style design features performance -durability warranty reliability

15. stages of product life cycle

    • Introduction Growth Maturity Decline

16. A brand is a promise!

17. brand elements

    • brand names urls slogas logos charecters symbols

18. pricing.....do the benefits outway the cost of the total product?

19. Pricing tripod

    • cost
      • fixed costs variable costs total costs average unit costs
      • compeition
        • pricing strategy may affect the nature of the competition it faces how strong are the competition?
        • value to customer
          •    §Reverses the cost based pricing process §Uses buyers’ perceptions of value, not the sellers’ cost as the key to pricing §Company sets the target price based on customer value thinking §Target value and price then drive decisions about product design, and costs §Pricing begins with assessment of consumer needs and perceptions – price is set to match perceived value   
    • Economic Man
      • Man is sometimes rational in his decisions He engages in utilitarian exchanges. e.g every item has a utility, (has a usefulness to the person)

20. Segmented pricing

    • types of segmented pricing:   1. Customer-segment [SSDP] 2. Product-form [SSDL] 3. Location pricing [SSDP] 4. Time pricing [SSDT]  

21. dynamic pricing