#1. The Marketing process is made up of simple concepts that involve lots of research on the part of the marketer. The process begins with understanding the consumer‚ without knowing what consumers need or want‚ it would be extremely hard for firms to both develop and sell a product. Knowing that consumers want more green products due to growing environmental concerns is a very important detail. Needs and wants are what fuel consumer purchases and marketers must perform research in order to best
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DEVELOPING A SERVICE BRAND USING THE SERVICE MIX -Kunle Dixon Odukoya Unlike product brands‚ service brands are identifiable activities or benefits that one party can offer to another that is essentially intangible and doesn’t result in a change in ownership. Thus service brands are those utilities that have as their core‚ the five attribute of services vis • Intangibility: not existing in physical form • Invisibility: cannot be seen • Inseparability: cannot be separated from the provider
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Lecture Topic 1 : The Service Sector Reading : Chapter 1‚ Services Marketing : People‚ Technology‚ Strategy by Kotler & Wirtz‚ 7th Edition. The Service Sector- some facts : • In the West‚ business conditions generally remain difficult for service sector firms with falling prices hitting profitability. - The service sector typically accounts for between 66% and 75% of GDP in most of the more highly developed economies. (Central Intelligence Agency‚ 2011)
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Developing Products and Managing Product Portfolios Chapter 12 What We Already Know About Products • How to define a product • How to classify a product – Consumer v business products – Different types of consumer products • The product life cycle • There are different levels of product: – Core benefits – Branding‚ design‚ quality – Support aspects: guarantees‚ after-sales service What Is Managing Products About? • Ensuring we have the right product mix to maximise
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Augmented Product The concept of the augmented product arises from the need to differentiate a generic product from those of its competitors. Brands cannot exist in the long-run unless consumers can distinguish it from others. The more distinctive a brand position‚ with favorable attributes that the customer considers important‚ the less likelihood that a customer will accept a substitute. To attract and retain consumers‚ the brand must convince them that it is relevant to the consumer’s individual
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Components of Marketing Information System MIS Marketing Information System (MIS) collects‚ analyses‚ and supplies a lot of relevant information to the marketing managers. It is a valuable tool for planning‚ implementing and controlling the marketing activities. The role of MIS is to identify (find out) what sort of information is required by the marketing managers. It then collects and analyzes the information. It supplies this information to the marketing manager at the right time. MIS collects
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from culture‚ "first‚ the recognition of the practical separation of certain moral and intellectual activities from the driven impetus of a new kind of society; second‚ the emphasis of these activities as a court of human appeal‚ to be set over the process of practical social
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For an organization of your choice‚ critically assess whether the marketing mix contributes to the success of the organization. Introduction: The marketing mix model initially given by Borden (1964) is about the ways in which 12 marketing elements could be adopted to bring about a desired behaviour of trade at optimum costs. Consequently a simple framework of the marketing mix with the predominantly used elements of 4Ps was given by McCarthy (1964 cited in Constantinides‚ 2006). This model which
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HEDO-FALLS Marketing Plan Product Design and Development The Hedo-Falls shower system is the first of its kind. This kind of shower has not been seen before in the market. It offers something totally unique with no direct competition. No company has been ambitious enough to integrate so much into a device that has remained virtually the same for decades. The developers at Quantum Studio decided to take a chance and tap into a new and exciting market. Their risk paid off greatly. There
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Marketing: An Introduction‚ 11e (Armstrong) Chapter 4 Managing Marketing Information to Gain Customer Insights 1) Which of the following demonstrates the real value of a company’s marketing research and information system? A) the amount of data it generates B) the variety of contact methods it uses C) the efficiency with which it implements the research plans D) the quality of customer insights it provides E) the sampling plan it follows Answer: D Page Ref: 97 Difficulty: Moderate
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