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marketing > lesson 8: the 4 components > Flashcards

lesson 8: the 4 components Flashcards

1
Q

5 topics that represents additional and essential concepts for marketing
(first component, solution)

A 
1 tangible vs intagible 
2 product life cycle and Boston Consultancy group matirix
3 growth strategies 
4 adoption curve 
5 branding
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2
Q

goods vs service

A

good:
- material, owned, produced, consumed, durable, standardised

service:
- immaterial but visible, not possessed, co- production, simultaneous production/ consumption, instand consumption, custimised variable

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3
Q

good and service are inseparable

-> product- service continuum

A
  • tangible dominant: good surrounded by service

- intangible dominant: service surrounded by good

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4
Q

the more intangible dominant

A

more difficult to:

  • display - control variables/ process
  • justify - transfer ownership
  • synchronise - export
  • protect
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5
Q

PLC (Theodore Levitt)

A

product life cycle:

- life of product in the market with respect to cost and sales

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6
Q

product process (of PLC)

A

1 introduction stage (expencive, stimulates awareness, create demand)

2 growth stage (growth in sales, investing in promotion to compete and maximize potential)

3 maturity stage (product is established, maintaining market share, invest wisely, product modification/ improvement-> as long as possible)

4 decline stage (market shrinks is satuated, making profit with less expense)

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7
Q

saturated

A

customers who buys the product have already bought it

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8
Q

product process stages are tied to

A
  • specific business cycles
  • sudden events
  • seasonal factors
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9
Q

PLC framework (holds true for)

A
  • long term, for industry segment

- short term, for brands and organisations

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10
Q

BCG matrix

A

classifies brands or products into one of four quadrants that are defined by the intersection of two market metrics

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11
Q

2 market metrics

A
  1. market growth rate (market opportunity/ potential)

2. relative market share (competitive strength)

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12
Q

4 quadrants (of BCG matrix)

A
  • stars (growth)
  • question marks (development and intro)
  • cash cow (maturity and saturation)
  • dog (decline)
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12
Q

4 quadrants (of BCG matrix)

A
  • stars (growth)
  • question marks (development and intro)
  • cash cow (maturity and saturation)
  • dog (decline)
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13
Q

cows for tomorrow

A

cash cows bring in financial means for creating stars and question marks

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14
Q

product adoption curve (Everett Rogers)

A

procentige acceptance of a product per stage, the number of customers buying new technology spread over time after launch

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15
Q

time line of product adoption (curve) model

A 
1 innovators
2 early adopters 
3 early majority 
4 late majority 
5 Laggards
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16
Q

innovators

A

the first poeple who invest in the product, wants to keep up with new technology (are rushed)

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17
Q

early adopters

A

have waited to buy the product until they collected enough information

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18
Q

early majority

A

are pragmatic, only buys something after it has bin road tested, proven its value

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19
Q

late majority

A

widespread use but people who were still skeptical of the product buys the product after worries dies

20
Q

Laggards

A

extreme skeptics or poeple who only heard about the product now, buys it later in product lifecycle

21
Q

the CHASM (Geoffrey Moore)

A

complements adoption curve, by trying to explain why innovative launges where not succesfull
(falls in between early adapters and early majority)

22
Q

2 groups in the chasm

A
  • tech enthusiasts/ visionaries: care about product qualities
  • pragmatists: care about reliable solutions
23
Q

profit comes when (chasm)

A

majority of customers buys the product if the launch stops before crossing the chasm there are disastrous financial results

24
Q

to create profit (chasm) Moore recommended

A
  • create whole product
  • create appropriate position
  • price relatice to competing products
  • distribut through right channels
25
Q

Product growth strategies (Harry Igor Ansoff)

A

provides framework to help marketers devise product management strategies for future help

26
Q

ingredients that defines a brand

A
  • name (emotional loaded)
  • language (worlds belonging)
  • image
  • colour, shape, sound, smell, taste (linked to it)
  • touch (experience of good)
  • ritual (habit)
  • reputation (beliefs)
  • packaging (info,…)
27
Q

Branding strategies;

David Aakers’ 2 main strategies

A

1 House of Brands: each product is launched as a separate brand (mutli- branding)

2 Branded House: dominant brand name with sub- brands (mono- brand)

28
Q

brand maintainment strategies: STRETCHING (3)

A
  • product/ line stretching: intorduction, launch of new varient of product
  • brand stretching: extending to an other related category
  • image stretching: extending to an other unrelated category
29
Q

brand maintainment strategies: CO-BRANDING (3)

A
  • support branding: supports use non- competitive brand with its customers
  • ingredient/ component branding: end product shows composition of mutlible brands
  • joint branding: 2non-competitive brands intoduce a new product/ brand together
30
Q

international product management (2)

A
  • same local: same maket tools and same models used

- different local: (different)

31
Q

2strategies of international product management

A
  • etic: we standardize our product, it is the same for all international audiences
  • emic: audience want different things we adapt

can all be a choice, a must (under pressure of values and norms) or an evolution

32
Q

translated brand names

A

to change/ reinstall meaning of the name so it would not be miss interpetted

33
Q

4 topics essential to manages the fourth component, access

A
  • distribution of channels
  • push and pull strategies
  • short, long, owned, outsourced, physical, digital channels
  • mono, multi, omni channel strategies (the routes to markets)
34
Q

distribution channels

A

sets of interdepended but independent organisations partispating in process, a pathway a product follows

35
Q

functions and flows of distrubution channels

A
  • product flow: time and place utility
  • service flow: sale and post purchase service
  • money flow: retailers taking, sharing risks or transfer clients
  • information flow: direct contact end consumer, gives feedback customer experience,…
36
Q

push strategy

A

uses manufactures sales force, trade promotion money to induce intermediaries to carry, promote and sell the product to end users

37
Q

pull strategies

A

manufactures uses advertising, promotion and other forms of communication to persuade consumers to demand the product from intermediaries

38
Q

short or long channels

A

onbtaining info end user and to exercise control is harder when there are more channel levels
(higher cost, impact expertise, price)

39
Q

owned or outsourced

A
  • owned: controled, selling organisation organises and controles distribution by themselfs
  • outsourced: dependable, selling organisations depends on agents, brokers, wholesalers,.. to sell
40
Q

physical or digital

A
  • physical: in store/ bricks, face to face, 5 sences are activated, experience of exporing (adv: avoide online inconveniences)
  • digital: onine/ clicks, cheaper, ease order, home deliver, compare offers (adv: avoid in store incon.)
41
Q

RTM

A

Route- To- Market
- strategy aiming to align and optimize communication disribution and sales

  • how to deliver the right target, right product, right place, in the right way at the least costs
42
Q

different RTM channels

A
  • mono (one channel atracts multiple groups of segments)
  • multi (highly exclusive, a targeted group all prefer different channels)
  • cross (low exclusive, targeted customers brows trough one channel and buys in an other)
  • omni (targeted customers brows, research and purchase all throught several channels)
43
Q

3 topics of the second component, interaction

A

1 communication objectives
2 communication mix
3 content

44
Q

communication objectives

A

(what do you want to obtain with target)
- illustated sequence: growth communication sequence, level up favourable level

  • reversed sequence: crisis communication sequence, turn the tide into growth
45
Q

communication mix , the 8 major modes of communication

A 
1 adverising (promotion)
2 sales pormotion (short term)
3 event and experience (sponsered activities)
4 public relations and publicity (program to protect image)
5 online and social media (awareness)
6 mobile communication
7 direct and database communication 
8 personal selling (face to face)
46
Q

communication content

A

(info or experience directed to end user or audience via medium)

  • info provident trough medium
  • the way info is presented
  • experience it created
47
Q

2 dimentions of participatin and integration (content)

A

integeration

  • absorption: content is brought to customer
  • immersion: customer is part of content

participation

  • passive: customer undergoes the content
  • active: customer partivipate in the content

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