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Marketing Principles and Strategies Overview

Apr 22, 2025

BUSI 406 - Principles of Marketing (Final Exam)

Chapter 8: Product

Definition and Consumer Perception

  • Product: Need-satisfying offering of a firm.
  • Viewed by consumers in terms of total satisfaction, including customer service and warranty.

Quality and Services

  • Quality: Product's ability to satisfy customer needs.
  • Services are intangible, requiring referrals and cues (e.g., diplomas for lawyers).
  • Service quality can vary and services are perishable.

Product Assortment

  • Product Assortment: All product lines and individual products a firm sells.
  • Product Line: Closely related individual products.
  • Individual Product: Single product within a line.

Branding

  • Branding uses names, symbols, or designs to identify a product.
  • Brand Name: Word or symbol representing a brand.
  • Trademark: Legally registered brand sign.
  • Successful branding conditions include easy labeling, quality maintenance, and economies of scale.

Brand Familiarity and Equity

  • Levels: Rejection, Non-recognition, Recognition, Preference, and Insistence.
  • Brand Equity: Brand's market strength.
  • Lanham Act: Protects brand marks.

Types of Brands

  • Family Brand: Same name for various products.
  • Licensed Brand: Use of a brand for a fee.
  • Individual Brand: Unique names for products.
  • Generic Products: No brand, low price.
  • Manufacturer vs. Dealer Brands: Created by producers vs. intermediaries.

Packaging and Warranties

  • Packaging: Promotes, protects, and enhances products.
  • Warranties: Seller promises regarding the product, influenced by the Magnuson-Moss Act.

Consumer vs. Business Products

  • Consumer Products: For final consumers.
  • Business Products: For production use.
  • Consumer product classes: Convenience, Shopping, Specialty, Unsought.

Chapter 9: Product Life Cycle

Stages and Marketing Mix

  • Four Stages: Market introduction, Growth, Maturity, and Decline.
  • Marketing mix changes throughout lifecycle.

New Product Development Process

  1. Idea Generation
  2. Screening
  3. Idea Evaluation
  4. Development
  5. Commercialization

Management and Quality

  • Total Quality Management (TQM): Organization-wide quality concern.
  • Empowerment: Giving employees problem-solving authority.

Chapter 10: Place

Distribution Channels

  • Direct vs. Indirect Distribution
  • Regrouping Activities: Accumulating, Bulk-breaking, Sorting, and Assorting.
  • Channel Conflicts: Vertical and Horizontal.
  • Channel Captain: Manages channel activities.

Market Exposure

  • Types: Intensive, Selective, and Exclusive Distribution.
  • Multichannel Distribution: Using multiple competing channels.

International Market Strategies

  • Exporting, Licensing, Management Contracting, Joint Ventures, Direct Investment.

Chapter 11: Logistics

Physical Distribution

  • Customer Service Level: Delivery speed and reliability.
  • Total Cost Approach: Evaluating distribution systems.
  • Supply Chain: Complete firms and logistics activities.

Transporting and Storing

  • Transport methods: Rail, Truck, Water, Containerization.
  • Storing: Holding goods for availability.

Chapter 12: Retailing

Retail Formats

  • Types: General Stores, Specialty Shops, Department Stores, Supermarkets, Mass-merchandisers.
  • Wheel of Retailing Theory: Evolution of retail strategy.

Wholesaling

  • Wholesalers: Do not sell in large amounts to final consumers.
  • Types: Service Wholesalers, Limited-function Wholesalers.

Chapter 13: Promotion

Methods and Strategies

  • Personal Selling: Direct communication.
  • Mass Selling: Advertising and Publicity.
  • Sales Promotion: Stimulates purchases.

Promotion Management

  • Integrated Marketing Communications: Consistency across all communication.
  • Promotion Objectives: Informing, Persuading, Reminding.

Chapter 14: Personal Selling

Roles and Tasks

  • Basic Tasks: Order-getting, Order-taking, Supporting.
  • Selling Approaches: Consultative and Selling Formula.

Chapter 15: Advertising

Objectives and Strategies

  • Advertising Objectives: Specific targets.
  • Product Advertising vs. Institutional Advertising.
  • Media Selection: Target audience considerations.

Regulation

  • Federal Trade Commission (FTC): Controls unfair practices.

Chapter 16: Pricing

Policies and Strategies

  • Pricing Objectives: Target Return, Profit Maximization, Sales Oriented.
  • Price Flexibility and Discounts: Quantity, Seasonal, Cash Discounts.
  • Allowances: Advertising, Stocking, Push Money.

Legal and Ethical Considerations

  • Unfair Practices: Price Fixing, Discrimination.

Chapter 17: Cost and Demand Oriented Pricing

Markup and Analysis

  • Markup: Cost-to-selling price additions.
  • Break-even Analysis: Cost vs. revenue evaluation.
  • Marginal Analysis: Price and quantity profitability.