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Marketing Mix: Product
MGTA02: Managing Business Organisation
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MGTA02 – Managing the Business
Week 3 Agenda
1. Review Chap 2: Marketing Intro
2. The 1st “P” – Product
3. PLC Brief
4. BCG Matrix
Review: The Marketing Concept
Businesses must focus on customers
Customers provide revenue
Revenue leads to profit
Review: Target Markets
But … to do that
The business must identify
Who is the customer?
Review: Segmentation
Identify ways in which similar people, with similar characteristics are likely to want the same goods and services
e.g. segmentation by:
demography
psychography
behavioural
Being lonely = smoking 15 cigarettes per day – Dr.
– The honourable
minister of loneliness – UK (2018)
Need someone to talk to?
Japan working on robot assistants/companions for…
Guess who might need those robots??
Review: Market Research
Find out what target customers
need and want
Secondary vs. Primary Research
Observation vs. Communication
Quantitative Data vs. Qualitative Data
Marketing Myopia
Marketing Myopia
Marketing and Colour
Real Marketing 101
Review: The Marketing Mix
Research to discover consumers’
tastes, preferences and needs:
the “marketing mix”
Marketing Mix
Brand name
List price
Allowances
Payment Period
Credit Terms
Advertising
Personal Selling
Sales Promotion
Public relations
Assortments
Transportation
MGTA02 – Week 3
(the 1st “P”)
Please read chapter 3
Product: Key Learning Points from MGTA01
1 Product as Value Package
(function + features + benefits)
2 Product: Different types
(industrial vs. consumer)
(convenience, shopping, specialty)
3 Product Life Cycle Theory
(intro, growth, maturity, decline)
PLC- Class Activity
Internet Telephones (WAP or 3G).
Tablet computers.
Play Station 2.
Sega Megadrive.
Fax machines.
Floppy Disk.
Pocket Watch
Video Calling Software
Desktop Computers
Flat Screen TV
Paper printed books
DVD Writer
White Board Markers
Product Development Process
Characteristics of Successful Product Development
Consumer-based: Customer loyalty, and market share
Financial-based: Cost & Expense. (Can this organization make money?)
Technical & Process-based: TTM
(Time-to-Market), quality
Diffusion of Innovation (Rogers, 1962)
going live after Tuesday class
See you next week…
Thanks. See you next week
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