Marketing Evaluation

MKT 113 Introduction to MarketingModule 8

Value Creation

Current Events Analysis Topics

Story via http://www.forbes.com/sites/antonysavvas/2013/11/11/kpmg-launches-big-data-analytics-investment-arm-to-gain-rapid-market-entry/

Branding and Packaging DecisionsReadings and Learning Outcomes

• Chapter 14 Customer Satisfaction, Loyalty, and Empowerment• Measuring Marketing: 110+ Key Metrics Every Marketer

Needs http://site.ebrary.com.ezproxy.snhu.edu/lib/snhu/docDetail.action?docID=10629615

1. Identify marketing metrics used to measure integrated marketing communications (IMC) success

2. Discuss the principles and techniques used to track and measure the success of a marketing plan

3. Understand the economic and accounting principles related to profitability and profit/loss analysis

4. Understand the role of marketing metrics in the ongoing evaluation of business and marketing planning

Products | Goods vs. Services

TANGIBLE = Packaging | INTANGIBLE = Comfort

Core Product | Augmented Product

Service Dominant Approach to Marketing

Product Level Terminology

ConvenienceLittle effort in

shopping. Bread is an

example

ShoppingCompare products

and selectConsumers often care about brand

names

UnsoughtProducts that buyers do not

want to shop for until they need

them

SpecialtyHighly

differentiated. Available through limited channels

Consumer Offerings Four General Categories

• BRAND—is a name, picture, design, or symbol, or combination of those items, used by a seller to identify its offerings and to differentiate them from competitors’ offerings.

• BRANDING—is the set of activities designed to create a brand and position it in the minds of consumers.

• BRAND NAME—is the spoken part of a brand’s identity.

• BRAND MARK—is the symbol associated with a brand.

• BRAND EXTENSION – involves utilizing an existing brand name or brand mark for a new product category.

• CANNIBALIZATION—occurs when a firm’s new offering eats into the sales of one of its older offerings.

Branding

New Offering Development Process

1) Idea Generation (Research and Development)

2) Idea Screening (Good Fit?)

3) Feature Specification

4) Development (Prototype)

5) Testing (Test Market | Communication Plan)

6) Launch (Commercialization)

7) Evaluation (Monitor Progress)

10

Product Life Cycle

Modifying Products to Extend Maturity

• Redesign and repackage

Packaging

• Adding new features that extend use

Quality

• Increasing amount purchased for same price

Quantity

Individual New Offering Proposal• What is your company?

• What is the company’s Mission Statement?

• What are their major products and brands?

• Evaluate their SWOT Analysis.

• Who are their top competition?

• What is the best opportunity for your company?

Individual New Offering Proposal• New Offering Description/Justification

• New Offering Features (Characteristics)

• New Offering Benefits (Target Audience and How do they Benefit?)

• Price (What price strategy will be used?)

Have a GreatSNHU Day.

Professor Lynch | #MKT113Topics