MB123Marketing Week 5

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MB123Marketing Week 5Dr Leanne BreretonConsultation:• Mondays before class 9:00-10:00amvia Zoom• Contact Details:[email protected]• Ensure you include your name onyour email.☺Today’s agenda
10:0010:1011:0011:1011:4512:0012:551:00
Welcome! Any questions? ☺Lecture Part 1Short 10 min. breakLecture Part 2Short 15 min. breakTutorial activitiesNext week, Questions…See you next week!
Unless stated otherwise, all images free from Pixabayhttps://pixabay.com/imagesProducts: Goods & Services, and BrandsWeek 5 Learning OutcomesHaving completed this class, you should be able to:1. Describe the marketing mix and understand the need for an integratedapproach.2. Define product, product lines, and product mixes and describe productbased decisions.3. Describe the product life cycle and explain how it needs to be managed4. Identify the four characteristics that affect the marketing of a service andthe additional marketing considerations that services require.5. Explain branding strategy and how companies build and manage theirbrands.Week 5 Lecture Part 1Developing, creating and managing offeringsMarketing strategy: key questions –• Which customers will you serve?• How will you serve them?• How will you serve them betterthan the competition?The Strategy (Section IV of your plan)Focus on:a. the strategyb. the offering:Designing a customer value-drivenmarketing strategy.The 4 major steps in designing a strategy:1. Divide the total market into smaller segments.2. Select the segment/s to enter or target.3. Differentiate the market offering to create superiorcustomer value.4. Position the market offering in the minds of thetarget customers.(Kotler & Armstrong, 2018, p. 212)ProductsGoods and servicesWhat is a Product?Goods “(or products) are anythingthat can be offered in a market forattention, acquisition, use, orconsumption that might satisfy aneed or want” (Kotler & Armstrong,2018, p.244).Service is a product that consists ofactivities, benefits, or satisfactions andthat is essentially intangible and doesnot result in the ownership of anything(Kotler & Armstrong, 2018, p.244)..Product Life Cycles• Product Life Cycle Explained | Apple iPhone & Coca ColaExamples• https://www.youtube.com/watch?v=ob5KWs3I3aYProduct levelsThree Levels of ProductAugmented product
Actual product
Core benefit/s orcustomer value(Kotler & Armstrong, 2018)What is the customer reallybuying? What are the perceivedbenefits of this product?Additional customerservices and benefits.Where a core benefitbecomes an actual product.Discuss: Bing Lee Refrigerators• What is the core benefit/s?• What is the actual product?• What is the augmented product?• Bing Lee Advertisement• Bing Lee websiteIs this a push or pull strategy forthe refrigerator brands?Types of productsConvenience Shopping Speciality UnsoughtCustomer Purchase FrequencyPriceDistributionTargeted promotionLow High(Kotler & Armstrong, 2018)Where do durable products fit?Services marketingInternal, external and interactiveServices Marketing: a comparisonWatch the video:The 7 Ps of Services MarketingServices Marketing1. Characteristics of Services (as distinct from goods orproducts)a. Intangibility – not seen, tasted, felt or heard beforepurchaseb. Inseparability – not able to separated from providersc. Variability – quality depends on provider – when, whatand howd. Perishability – cannot be stored for later sale or use2. In your break out rooms, discuss a recent serviceexperience. Describe the experience in terms of thefour characteristics.3. One group member to share description in the class.Services MarketingService Marketing Triangleexplained with examplesSource: QuizletBreakTake 10 mins!Part 2Product & Service DecisionsProduct lines and product mixesIndividual product decisions• Product attributes• Branding• Packaging• Labelling & logos• Product support services(Kotler & Armstrong, 2018)Product attributesAssessed based on the valueto the customer versus itscost to the companyCompetitive tool fordifferentiating a productfrom competitors’ products(Kotler & Armstrong, 2018)Product and Service Decisions – style & design• Style describes the appearance of the product.• Design contributes to a product’s usefulness as well as to its looks.(Kotler & Armstrong, 2018)Product and Service Decisions – Brand• Brand is the name,term, sign, or design ora combination of these,that identifies themaker or seller of aproduct or service.(Kotler & Armstrong, 2018)Product and Service Decisions – Packaging & Labels• Packaging involvesdesigning and producingthe container orwrapper for a product.• Labels identify theproduct or brand,describe attributes, andprovide promotion.(Kotler & Armstrong, 2018)Product and Service Decisions – product support• Product supportservices augment actualproducts.(Kotler & Armstrong, 2018)IKEA Product WarrantyProduct Line DecisionsProduct line is a group ofproducts that are closelyrelated because they functionin a similar manner, are soldto the same customer groups,are marketed through thesame types of outlets, or fallwithin given price ranges.Toyota Corolla Hatch RangeTresemme Hair Products(Kotler & Armstrong, 2018)Product Mix DecisionsProduct mix consists of all the product lines and items that a particular seller offersfor sale.• Width: the number of different product lines• Length: the total number of items a company carries within its product lines• Depth: the number of versions offered of each product in the line• Consistency: how closely related the are the various product lines in terms of enduse, production requirements, distribution channels etc.(Kotler & Armstrong, 2018)L’Oréal Product MixL’Oréal Paris Elvive RapidReviver Deep ConditionerL’Oréal Paris Total Repair 5 |Win Over Damaged HairBrand managementPositioning & StrategyBrand strategy – building strong brandsBrand PositioningMarketers can positionbrands at any of three levels.• Attributes• Benefits• Beliefs and values• Smiths Chips – HappyTogether• A Softer, Gentler Hug• Dairy Farmers Milk – TV Ad –Australia 1997Brand Development Strategies• Line extension – existing product category and existing brand name• Brand extension – new product category and existing brand name• Multibrands – existing product category and existing brand name• New brands – new product category and new brand name(Kotler & Armstrong, 2018)Where does your product category fit currently?Do you recommend any changes?BreakTake 15 mins!TutorialWorking in your teamsManaging the Marketing EffortI. Executivesummaryll. The Business III. The MarketChallengeIV. The(marketing)StrategyV. Budget VI. ConclusionAssessment 2B!Today’sFocus:the productpart of theseelements!Elements of a Marketing PlanApply your learning today …In the tutorial, you will commence work on your Marketing Plan, usingthe information provided today to:1. Describe the product in its current market (product review)2. Review your product against the list of product and servicedecisions, product line and product mix.3. Recommend your product strategy for the target marketa) State your recommendation/s.b) Justify your recommendation/s4. Questions?I will be available onZoom from 4:00-5:00pmfor any questions orassistance required.1. Product Review Tasks1. The three levels of product (refer slide 11)a. Draw the three levels of product adding descriptors of your product.b. Do you recommend any changes? Justify your recommendations.2. Product review (refer slide 17-26, 32)a. Product attributesb. Branding and Product mixc. Packagingd. Labelling & logose. Product support services3. Do you recommend any changes?4. Justify your recommendations.Where are you at?• Create the document on Googledocs so all the team can input.• Answer the questions as well as youcan given the information that youcan access. For example:• Research – desk top for relevantindustry reports, journal articles,statistics, and/or asking family andfriends (primary research).• Ensure your plan is well justified andNOT an opinion piece. You need tojustify your recommendations!Source: Principles of Marketing, 2015Source: Pixabay free imagesQuestions?ConclusionNext week, questions, references …Next week: WEEK 6 Week 6• Pricing and Pricing strategies• Remember to complete yourpreparation!• Submit your assessment 2Aby 11:59PM on Friday 27AugustWeek 7➢Mid-semester breakWeek 8➢Marketing channels(place)Source: Pixabay free imagesComing up:Assessment 2A!Individual Reportdue in Week 6!Source: Pixabay free imagesHave a greatweek!ReferencesKotler P and Armstrong G 2018 Principles of Marketing 17th edn.Pearson, London.Principles of Marketing (2015). Minneapolis: University of MinnesotaLibraries Publishing.

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