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Market Life Cycle: 4P Choices
MARKETINTRODUCTION
MARKETGROWTH
MARKETMATURITY
MARKETDECLINE
+
-
MARKETSATURATION
0
$Pr
oduc
tPl
ace
Prom
otion
Pric
e
One or Few Various - lookfor best productBuild brandfamiliarity
Little differentiationBattle of theBrands
Some dropout
Build Value ChainsMaybe selective distribution
Eliminate costs, find betterlow cost channels
Pioneering, InformingAwareness, Build brand
Informing & PersuadingBuild selective demandDifferentiate brand
Persuade &Remind
Skimming orPenetration
Add value orMeet competition
Price dealing and price cutting
No productdifferentiationOther ways todifferentiate?
Consolidate channels
Value or Penetration
TIME
PERFORMANCECUSTOMER
SERVICE PRICE
PROCESSES
PEOPLEPLACE
PRODUCT PROMOTION
Relationship Marketing Mix – Marketing Drivers
Product• expand the line• change performance, quality or features• consolidate the line• standardize design• positioning• change the mix• branding
Price• change the price, terms or conditions• skimming policies• penetration policies
Summary of Typical Marketing Strategies
Summary of Typical Marketing Strategies
Promotion• change advertising or promotion• change selling
Place• change distribution• change service• change channels• change the degree of forward integration
Summary of Typical Marketing Strategies
People• conduct skills analysis and retrain/recruit as appropriate• change Account Management structure to Account Relationship Managers
Processes• change service development process• change service delivery process
Customer Service• change service levels by segment• review and improve communications with customers
Buy-Stage
Effectiveness of Marketing Communication Tool
Low Medium High
1. Anticipation or recognition of a problem and general solution.
Personal Selling Advertising
2. Determination of characteristics and quantity of needed item.
3. Description of characteristics and quantity of needed item.
4. Search for and qualification of potential sources.
5. Acquisition and analysis of proposals.
6. Evaluation of proposals and selection of supplier(s).
7. Selection of an order routine.
8. Performance feedback and evaluation.
= Web SiteFigure 1: Buying and Selling Processes and the Web site as part of the Marketing Communication Mix
Illustrative Product Strategy at Each PLC Stage
Marketing strategy Types of brand strategies considerations
Type
Objectives
Product strategy
Advertising objectives
Distribution
Price
Brand development
Establish market position
Assure high quality
Build brand awareness
Build distribution network
Skimming or penetration strategy
Brand reinforcement
Expand target market
Identity weakness
Provide information
Solidify distribution relationships
Meet competition
Brand repositioning
Seek new market segments
Adjust size, color, package
Use imagery to differentiate from competitors
Maintain distribution
Use price deals
Brand modification
Prepare for re-entry
Modify features
Educate on changes
Re-establish and deliver new version
Maintain price
Phase in life cycle Introduction Growth Maturity Decline