Marketing Your Product

Overview

Crack the code of successful product marketing!

Plan for business success
Get updated information on the Internet
Develop the competitive edge
Understand your customers
Marketing is more than just advertising; it helps you decide if you are developing the right product for the right target market and using the right media and distribution ...

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Overview

Crack the code of successful product marketing!

Plan for business success
Get updated information on the Internet
Develop the competitive edge
Understand your customers
Marketing is more than just advertising; it helps you decide if you are developing the right product for the right target market and using the right media and distribution methods.Marketing Your Product explains how a company can carve a niche for its product in today’s competitive consumer environment. It describes customer’s buying impulses, how products satisfy those impulses, how to inform customers about your product, and what it takes to get your products to consumers.
This book answers questions such as:

What is marketing?
How do you plan a marketing strategy?
How do you do your own market research?
Which media should you use to market your product?
Why do people choose one product over another?
How do you price to sell?
How can you use the Internet to market your product?
What should you know about global marketing?
What legal considerations must you be aware of?
The CD-ROM contains more than two dozen forms to help you get started. All forms are provided in MS Word and PDF formats.

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Product Details

  • ISBN-13: 9781551808598
  • Publisher: Self-Counsel Press, Inc.
  • Publication date: 9/15/2009
  • Series: 101 for Small Business Series
  • Edition description: 5th Edition
  • Edition number: 5
  • Pages: 192
  • Product dimensions: 8.20 (w) x 9.70 (h) x 0.50 (d)

Meet the Author

Donald Cyr, MBA, is an experienced marketer and educator who has taught courses on strategic marketing for executives and businesspeople. Douglas Gray, LLB, is a lawyer, consultant and businessman. He gives business and marketing seminars and presentations throughout the US and Canada.

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Table of Contents

CONTENTS
ACKNOWLEDGEMENTS xv
INTRODUCTION xvii
1 WHAT IS MARKETING? 1
1. MARKETING 1
1.1 Understanding customer needs and desires 1
1.2 Selecting and developing a product 2
1.3 Developing a communication program 2
1.4 Getting your product to your customer 2
2. MARKETING MIX 2
2.1 Product 2
2.2 Price 2
2.3 Place 2
2.4 Promotion 2
3. SELLING VERSUS MARKETING 2
4. PRODUCT VERSUS SERVICE MARKETING 3
5. AVOIDING FAILURE; ENSURING SUCCESS 4
2 MARKETING PLANNING, GOAL-SETTING, AND STRATEGY 6
1. UNDERSTANDING THE PLANNING PROCESS 7
1.1 Situation analysis: “Where are we now?” 7
1.2 Identifying problems and opportunities 8
2. FORMULATING GOALS 8
2.1 What are goals, anyway? 8
2.2 Clarifying goals 9
3. YOUR PERSONAL AND COMPANY GOALS 9
4. SETTING OBJECTIVES 10
4.1 Why goals are never enough 10
4.2 The role of objectives 10
4.3 What does a typical objective look like? 10
5. INTEGRATING GOALS AND OBJECTIVES 11
6. PLANNING YOUR SPECIFIC STRATEGY 11
6.1 Evaluating alternatives 12
6.2 Designing your action plan 12
v
6.3 Monitoring system 12
3 THE MARKETING ENVIRONMENT 24
1. DEMOGRAPHICS 24
2. TECHNOLOGY 25
3. CULTURE 26
3.1 Baby boomers 26
3.2 Baby busters 27
3.3 Seniors 28
4. ECONOMY 28
5. POLITICS 29
4 SEGMENTING YOUR MARKET AND IDENTIFYING CONSUMER BEHAVIOR 30
1. SEGMENTATION 30
2. SEGMENTING USING DEMOGRAPHICS AND PSYCHOGRAPHICS 31
2.1 Benefits segmentation 31
2.2 Gender 34
2.3 Other variables 35
3. MARKET POSITIONING 35
4. UNDERSTANDING CUSTOMER BUYING BEHAVIOR 36
4.1 Recognition of need 36
4.2 Information search 37
4.3 Evaluating the alternatives 37
4.4 Choice 37
4.5 Post-purchase feelings 38
5 RESEARCHING YOUR MARKET 40
1. AREAS TO RESEARCH 40
1.1 Who is your market? 40
1.2 What products do they buy? 40
1.3 When do they buy? 40
1.4 Who is involved in the purchase decision? 40
1.5 Where is your market? 41
1.6 Where should you sell your product? 41
1.7 Why does the market buy your product? 41
2. SECONDARY DATA 41
2.1 Government 41
2.2 Trade, professional, and business associations 41
vi MARKETING YOUR PRODUCT
CONTENTS vii
2.3 College, university, and research organizations 41
2.4 Libraries 41
2.5 Marketing firms 41
2.6 Consultants 41
3. PRIMARY DATA 42
3.1 Sales records 42
3.2 Order-billing-shipping account 42
3.3 Sales representatives 42
3.4 Questionnaires 43
3.5 Group survey 43
3.6 Telephone survey 43
3.7 Expert opinions 43
3.8 Mail-order catalogue 43
3.9 Test market 44
3.10 Trade shows 44
3.11 Direct mail 44
6 DEVELOPING YOUR PRODUCT 45
1. WHAT BENEFITS ARE YOU OFFERING? 45
2. HOW DO YOU CONVEY THE BENEFITS OF A PRODUCT? 45
2.1 Interest value 45
2.2 Identity 46
2.3 Risk 46
2.4 Packaging 46
2.5 Branding 46
2.6 Customer contact 46
2.7 Service availability 47
3. ADDITIONAL SERVICES 47
4. PRODUCT LIFE CYCLE 47
4.1 Introduction 48
4.2 Growth 48
4.3 Maturity 49
4.4 Decline 50
7 PRICING TO SELL 53
1. WHAT ARE YOUR PRICING GOALS? 53
1.1 Maximizing your profit 53
viii MARKETING YOUR PRODUCT
1.2 Getting your share of the market 54
1.3 Obtaining a return on your investment 54
2. ATTAINING YOUR PRICING GOALS 54
2.1 Cost-plus pricing 54
2.2 Target market share 56
2.3 Price skimming 56
2.4 Penetration pricing 56
2.5 Prestige pricing 56
3. DEMAND-ORIENTED PRICING 56
3.1 Price elasticity 57
3.2 Prices and profits 57
4. SETTING A PRICE 58
8 ADVERTISING 62
1. ADVERTISING CAMPAIGN 62
1.1 Target market 62
1.2 Market research 63
1.3 Advertising objectives 63
1.4 Message development 63
1.5 Message potency 63
2. MEDIA SELECTION 64
2.1 Newspapers 64
2.2 Magazines 65
2.3 Radio 65
2.4 Television 66
2.5 Direct mail 66
2.6 Media mix 66
3.TIMING 67
4. MESSAGE EXECUTION 67
4.1 Headline 67
4.2 Copy 67
4.3 Layout 68
5. ADVERTISING BUDGET 68
5.1 Task method 68
5.2 Mechanical method 68
6. SALES PROMOTIONS 69
CONTENTS ix
7. LEGAL DOS AND DON’TS WHEN ADVERTISING 69
9 PUBLIC RELATIONS 71
1. PUBLICITY 71
2. DOS AND DON’TS 72
3. DIFFERENCES BETWEEN PUBLICITY AND ADVERTISING 75
10 DISTRIBUTION: GETTING THE PRODUCT TO YOUR CUSTOMER 79
1. METHODS OF DISTRIBUTION 79
1.1 Producer to customer 79
1.2 Producer to retailer to customer 80
1.3 Producer to wholesaler to retailer to customer 81
1.4 Producer to agent to wholesaler to retailer to customer 81
2. DISTRIBUTION CONSIDERATIONS 82
2.1 The customer 82
2.2 Product characteristics 82
2.3 The go-between 82
2.4 Producer characteristics 82
2.5 Warehousing 83
2.6 Inventory control 83
2.7 Packaging 83
2.8 Material handling 83
2.9 Order processing 83
2.10 Transportation 83
11 RETAILING YOUR PRODUCT 86
1. RETAIL CLASSIFICATIONS 86
1.1 Convenience stores 86
1.2 Large department stores 86
1.3 Specialty stores 87
1.4 Discount retailers 87
1.5 Nonstore retailer 87
2. CONSUMER MOTIVES 87
3. TYPES OF SHOPPERS 88
3.1 Inactive shoppers 88
3.2 Active shoppers 88
3.3 Service shoppers 88
3.4 Traditional shoppers 88
x MARKETING YOUR PRODUCT
3.5 Dedicated fringe shoppers 88
3.6 Price shoppers 88
3.7 Transitional shoppers 88
4. CHOOSING A LOCATION 88
4.1 Choosing an area 88
4.2 Choosing a specific site 89
12 MARKETING ON THE INTERNET 91
1. WHO WILL YOUR CUSTOMERS ON THE INTERNET BE? 91
2. SERVICES INTERNET CUSTOMERS EXPECT 92
3. WHAT PRODUCTS CAN BE SOLD ON THE INTERNET? 93
4. ADVANTAGES OF THE INTERNET 93
5. IS THE INTERNET RIGHT FOR YOUR BUSINESS? 94
6. CUSTOMER CONCERNS ABOUT THE INTERNET 95
7. POOR ADVERTISING ON THE INTERNET 95
8. WEB SITE PITFALLS TO AVOID 96
9. KEY TIPS TO DEVELOPING YOUR WEB MARKETING 97
10. CREATING A GREAT WEB SITE 98
10.1 Present a professional corporate image 98
10.2 Establish the product benefits early 98
10.3 Anticipate customer questions 98
10.4 Create a dynamic message 98
10.5 Creating a domain name 99
10.6 How to design an effective Web site 99
10.7 Gathering customer information from the Internet 100
11. LEGAL ISSUES 102
12. CONCLUSION 102
13 THE COMPETITIVE EDGE 103
1. TYPE OF COMPETITION 103
1.1 Monopoly (one firm) 104
1.2 Oligopoly (few firms, same product) 104
1.3 Differentiated oligopoly (few firms, similar product) 104
1.4 Monopolistic competition (many firms, different products) 104
1.5 Pure competition (many firms, similar products) 104
2. GAINING THE COMPETITIVE EDGE 104
2.1 Operational efficiency 105
CONTENTS xi
2.2 Customer service 105
2.3 Product leadership 106
3. CHOOSING A COMPETITIVE EDGE 107
4. ASSESSING YOUR COMPETITION 107
14 MANAGEMENT IN A COMPETITIVE WORLD 112
1. WHAT HAPPENED IN THE PAST 112
2. WHAT CHANGED 113
3. THE IMPORTANCE OF FRAME OF MIND 113
4. MANAGEMENT STYLE 113
5. HOW DOES IT WORK? 114
6. MANAGEMENT PROCESS 114
6.1 Flexibility 114
6.2 Management fads 114
7. ADAPTIVE MANAGEMENT 114
8. MANAGING DUALITY 117
15 SELLING AS A MARKETING TECHNIQUE 120
1. ORGANIZATION 120
1.1 Office location 121
1.2 Reception 121
1.3 Layout and decor 121
1.4 Dress code 121
2. WHO SHOULD YOU HIRE TO SELL? 121
3. PERSUASION 121
4. MAKING CONTACT 122
5. HOW TO SELL EFFECTIVELY 122
5.1 Pre-approach 122
5.2 Appraisal 122
5.3 Presentation 122
5.4 Objections 123
5.5 Closing 123
5.6 Follow-up 123
6. HOW TO MAKE THE SALES JOB EASIER 123
16 IMPLEMENTING THE MARKETING PLAN 126
1. CONTROLLING IMPLEMENTATION 126
2. SETTING A SCHEDULE 126
xii MARKETING YOUR PRODUCT
3. STAYING ON SCHEDULE 127
4. DIFFERENT RESULTS THAN EXPECTED? BECOME AN MD 127
4.1 The diagnostic process 127
4.2 Getting well again 128
5. COMMON PITFALLS TO AVOID WHEN MARKETING 128
6. SYSTEMATIC MARKETING DIAGNOSIS 129
17 INTERNATIONAL MARKETING 132
1. GOING INTERNATIONAL 133
2. ASSESSING YOUR GLOBAL MARKET 133
2.1 Political environment 133
2.2 Economic considerations 134
2.3 Cultural differences 134
3. MARKET RESEARCH 135
4. STRATEGIES FOR INTERNATIONAL MARKETING 136
5. PRODUCT 136
5.1 Same product 136
5.2 Product adaption 136
6. PROMOTION 137
7.PRICE 138
7.1 Cost factors 138
7.2 Marketing factors 138
7.3 Economic factors 138
8. DISTRIBUTION 139
8.1 Exporting 139
8.2 Indirect export 139
8.3 Direct exporting 140
8.4 Licensing 140
8.5 Franchising 140
8.6 Manufacturing 141
8.7 Joint ventures 141
9. GLOBAL MANAGEMENT 141
9.1 Pitfalls 142
9.2 Looking through a window, not a mirror 142
18 LEGAL CONSIDERATIONS 143
1. PRODUCT LIABILITY 143
CONTENTS xiii
1.1 Contract liability 143
1.2 Tort liability 144
1.3 Strict liability 145
2. PRODUCT LIABILITY INSURANCE 145
2.1 Product liability coverage 145
2.2 Completed operations liability coverage 145
2.3 Claims made versus occurrence coverage 145
2.4 Declarations 145
2.5 Exclusions 146
2.6 Insuring agreements 147
2.7 Definitions 147
2.8 Limits of liability 147
2.9 Deductibles 147
2.10 Conditions 147
3. SPECIAL INSURANCE 148
3.1 Product mixing 148
3.2 Product withdrawal 148
3.3 Product damage 148
3.4 Product failure 148
3.5 Product extortion 148
3.6 Professional liability 148
4. DOING BUSINESS WITHOUT INSURANCE 149
5. LOSS PREVENTION 149
APPENDIXES
1 Researching your market 151
2 Advertising 159
3 The marketing plan 169
GLOSSARY 175
BIBLIOGRAPHY 179
BONUS CD-ROM 181
xiv MARKETING YOUR PRODUCT
TABLES
1 Segmentation 32
SAMPLES
1 Average product life cycle 47
2 News release 73
3 Advertising versus publicity 74
4 Leaders versus managers: Approaches to strategy 115
5 Working groups versus teams: How they function within a company 116
WORKSHEETS
1 Assessing the competition 108
2 Forecasting demand from research results 158
3 Advertising 164
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