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Marketing Exam 2 Review

2845 words - 12 pages

Chap 6 creating product solutions
Video clip
Tommy excessive emotive
Richard always watching, customer focus

Product Strategy
* Is a well conceived plan that emphasizes becoming a product expert, selling benefits, and configuring value-added solutions
* Helps salespp make the right decision concerning the selection and position of products to meet specific customer needs

Selling solutions
* Are mutually shared answers to recognized customer problems
* More encompassing than specific products
* Those that provide measuarable results
* Those that require greater effort to define and diagnose the customer’s problems

Product strategy should be tailored to ...view middle of the document...

* Drawing from this cluster, the salesPP can configure valued-added solutions that meet individual customer’s needs

* Today’s product (meets and exceeds expectations)
* Better quality
* Larger selection
* New-product improvements
* Today’s salespp (acts as a partner)
* More courteous and trustworthy
* More knowledgeable
* More understanding of customers
* Provides service after the sale
* Today’s company (acts as a team to provide)
* Delivery and installation
* Orientation and training
* Quick response times
* Credit options
* Customer service

Many companies are attempting to transform themselves from product selling to solution selling. To develop and sell solutions, salesPP must be familiar with the satisfactions that meet the needs of each customer.

Product positioning options
* Applies to new and existing products
* Maybe necessary to reposition products several times
* SalesPP have an important and expanding role in differentiating products
* Direct and personalized form of comm must be used
* Mass advertising often fails to position a complex product

* Position new vs. established products
* Postion with price strategies
* Position with value-added

Product life cycle stages
* Born, grow up, mature, grow old
* Goes through from time it is first introduced until it is discontinued

Selling New vs. mature products
* The nature and extent of each stage in the product life cycle are determined by several factors, including
* Product’s perceived adv over available substitutes
* Products’ benefits and importance of needs met by product
* Full spectrum of competitive activity
* Changes in tech, fashion, and/or demographics

New and emerging product selling strategy
* Develop new levels of expectations
* Change habits
* Establish new standards
* Build desire for product
* Focus on creating new markets

Mature and established product selling strategy
* Emphasize brand superiority
* Emphasize company superiority
* Point out unique feature
* Provide outstanding customer service
* Focus on sustaining existing market share

Selling products with a Price strategy
* Pricing decisions must be made at each stage of the life cycle
* Setting price can be a complex process
* First step is to determine pricing objectives
* Some firms set prices to max profits
* Others set a market share objective
* Pricing strategies reflect a product’s position in the marketplace

Transactional selling tactics that emphasize low price
* Quantity discount
* Lower price for high quantity or dollar amount
* Seasonal discount
* Price adjusted by time of year
* Promotional allowance
* Price linked to special promotion or advertising campaign
* Trade/functional discounts
* Given...

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