marketing

• New product


  A new invention or new creation based on a combination of current products
• Marketing


  The activity, set of institutions, processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large
• Marketing

  • Involves many different activities and strategies
  • Is not just about selling, advertising and salespeople
• Characteristics of new products

  • Relative advantage
  • Compatibility
  • Complexity
  • Divisibility
  • Communicability
• Digital media, marketing metrics and ethical marketing are vital to the successful implementation of a marketing strategy
• Types of new products

  • New to World
  • New to Category
  • Line Extension
  • Repositioned Product
  • Improved Product
• Marketing philosophies (orientations)

  • Production orientation
  • Sales orientation
  • Product orientation
  • Market orientation
  • Societal marketing orientation
  • Relationship marketing orientation
• Marketing channel

  The way in which we get the right product to the right consumer at the right time
• New product development process

  1. Idea generation

  2. Idea screening

  3. Concept testing

  4. Concept development

  5. Profitability analysis

  6. Product development

  7. Test marketing

  8. Commercialisation

  
• Product orientation

  Marketers focus on the quality, performance and the attributes of the product
• Market orientation

  Altering products/services for consumer wants and needs
• Marketing channels

  • Also known as the channel of distribution which involves different channel members
• Consumer adoption process

  • Innovators
  • Early adopters
  • Early majority
  • Late majority
  • Laggards

  
• Marketers have overcome the place barrier
• Societal marketing orientation

  Company acting in best interest of the consumer or society as a whole
• Product

  The offering that a company puts on the market for its customers to satisfy a need or a want
• Main activities carried out in the distribution of goods

  1. Order processing

  2. Inventory management

  3. Warehousing

  4. Transportation
• Relationship marketing orientation

  Takes consumer loyalty into consideration
• Needs

  Something a consumer requires in order to survive
• Product offering

  A combination of various elements that need to include and satisfy certain attributes
• Marketing channels

  • Simplify the exchange process by reducing the number of contacts needed for the sale of goods
  • Sort the goods by regulating differences in the market's assortment of goods and services
  • Standardise the transactions by setting expectations for products and transfer processes
  • Bring together buyers and sellers in one place
• Wants

  A desire for the product or service, which is not empirical to survival
• Three main types of functions performed by the channel intermediary


  • Transactional functions
  • Logistical functions
  • Facilitating functions
• Product attributes


  • Product features
  • Quality
  • Style and design
• Transactional functions

  Contacting potential buyers (consumers) and promoting goods to them and trying to make a sale, negotiating the purchase of the goods, and taking the risk of owning goods
• Benefits

  What the consumer really buys the product for
• Product concept/offering layers

  • Core benefit
  • Generic (basic) product
  • Expected product
  • Augmented product
  • Potential product
• Logistical functions


  Distributing the goods, maintaining inventories, storing the goods, sorting the goods in bulk breaking and grouping similar goods together
• Demands


  Buying power such as income
• Product classifications


  • Convenience products
  • Shopping products
  • Speciality products
• Desire

  Consumer wants something but can't afford it
• Facilitating functions

  Doing research on buyers and consumers, and providing financing to channel intermediaries
• Branding

  Brand name, brand marks, symbols, design, colouring that can be recognised by consumers

  
• Packaging functions

  • Protection
  • Reusability
  • Ease of use
  • Communication
  • Distribution
  • Product development
  • Differentiation
  • Consumer affluence
  • Market segmentation
• Maslow's hierarchy of needs shows the different levels of consumer needs
• Three main factors that influence the decision as to which channel to use

  • Product characteristics
  • Consumer or buyer considerations
  • Market characteristics
• Labelling

  • Who made it
  • Where was it made
  • When was it made
  • What does it contain
  • How is it to be used
  • How can it be used safely
• Main channel combinations in the consumer market

  • Direct channel
  • Agent channel
  • Producer-retailer channel
  • Producer-wholesaler-retailer channel
  • Producer-agent-wholesaler-retailer channel
• Roles of marketing within the organisation

  • Determining what customers need or want and whether they are satisfied
  • Shape the organisation (including its products and services) in the mind of consumers
  • Promotion, managing campaigns and developing content
  • Managing relations (i.e. between the customer and organisation)
  • Analysing the performance of the organisation's marketing efforts
• Direct channel

  The producer deals directly with the consumer