part
5
Small Business Marketing
Product, Price,
Promotion and
Distribution
Strategies
PowerPoint Presentation by Charlie Cook
12e
Copyright © 2003 South-Western College Publishing.
All rights reserved.
Product Strategy
• Product
–A total bundle of satisfaction—a service, a good,
or both—offered to consumers in an exchange
transaction.
–Includes both the main element (physical product
or core service) and complementary components
(features).
Copyright © by South-Western College Publishing. All rights reserved.
15–2
Service Marketing versus Goods Marketing
Characteristics
Tangibility
Production/
Consumption
Standardization
Perishability
Pure Services
Marketing
Pure Goods
Marketing
Intangible
Tangible
goods
goods
Occur at the
same time
Less
Hybrid
Services/
Goods
Marketing
Occur at
different times
Greater
standardization
standardization
Greater
Less
perishability
perishability
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15–3
Product Strategy (cont’d)
• Product Strategy
–The way the product component of the marketing
mix is used to achieve a firm’s objectives.
–Product item
The lowest common denominator in the product mix—
the individual item
–Product line
The sum of the related individual product items
–Product mix consistency
The similarity of product lines in a product mix
Copyright © by South-Western College Publishing. All rights reserved.
15–4
Product Development Process
Idea
Accumulation
Business
Analysis
Total Product
Development
Product
Testing
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15–5
Product Strategy (cont’d)
• Product Development Process
–Idea accumulation
Increasing the number of ideas under consideration
–Business analysis
Product’s relationship to the existing product line
Cost of development and introduction
Available personnel and facilities
Competition and market acceptance
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15–6
Product Strategy (cont’d)
• Product Development Process (cont’d)
–Total Product Development
Branding, packaging, pricing, and promotion
–Product Testing
Proving the product design
through consumer reaction
to the product.
Copyright © by South-Western College Publishing. All rights reserved.
15–7
Product Strategy Options
Product Mix
One
Product
Strategy Alternatives
Target Market(s)
(1)
(2)
One Market
Modified
Product
(3)
(4)
Multiple
Products
(5)
(6)
Multiple Markets
Key to Strategy Alternatives
(1) One product/one market
(2) One product/multiple markets
(3) Modified product/one market
(4) Modified product/multiple markets
Copyright © by South-Western College Publishing. All rights reserved.
(5) Multiple products/one market
(6) Multiple products/multiple markets
15–8
Building the Total Product Offering
• Branding
–A verbal and/or symbolic means of identifying a
product.
• Rules for Naming a Product:
–Select a name that is easy to pronounce and
remember.
–Choose a descriptive name.
–Use a name that can have legal protection.
–Select a name with promotional properties.
–Select a name that can be used on several product
lines of a similar nature.
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15–9
Building the Total Product Offering (cont’d)
• Packaging
–Color, design, and protection for the product.
• Labeling
–Shows the brand and informs the consumer.
• Warranties
–A promise that the product will perform at a
certain level or meet certain standards.
Implied and written warranties
Policy considerations: Cost, service capability,
competitive practices, customer perceptions, legal
implications
Copyright © by South-Western College Publishing. All rights reserved.
15–10
Product Strategy Within
The Legal Environment
• Consumer Protection
–Labeling
Nutrition Labeling and Education Act of 1990
Listing of contents
Proper care and use
–Product safety
Consumer Product Safety Act of 1972
Packaging
Use instructions
Disposal
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15–11
Protecting a Product Offering
• Trademark
–An identifying feature used to distinguish a
manufacturer’s product
• Service Mark
–A legal term indicating the
exclusive right to use a
brand to identify a service.
Vinnie’s
Villa™
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15–12
Protecting a Product Offering (cont’d)
• Patent Protection
–The registered, exclusive right of an inventor to
make, use, or sell and invention.
–Utility patent
Registered protection for a new process or product’s
function
–Design patent
Registered protection for the appearance of a product
and its inseparable parts
–Plant patent
Registered protection for any distinct and new variety of
plant
Copyright © by South-Western College Publishing. All rights reserved.
15–13
Protecting a Product Offering (cont’d)
• Copyright
–The exclusive right of a creator to reproduce,
publish, perform, display, or sell his or her works.
–Copyright notice
The copyright symbol ©
The year the work was published
The copyright owner’s name
• Trade Dress
–Elements of a firm’s distinctive image (“look”) not
protected by a trademark, patent, or copyright.
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15–14
Protecting a Firm’s Intangible Assets
Trademarks
Patents
Ways of Protecting Intangible Assets
Copyrights
Trade Dress
Fig. 15.5
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15–15
Setting a Price
• Price
–A specification of what a seller requires in
exchange for transferring ownership or use of a
product or service.
Prices set too low, loss in revenue
Price set too high, loss in revenue
• Credit
–An agreement between a buyer and a seller that
provides for delayed payment for a product or
service.
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16–16
Price Changes Affect Revenues
Situation A
Quantity sold x Price per unit = Gross revenue
250,000
$3.00
$750,000
Situation B
Quantity sold x Price per unit = Gross revenue
250,000
$2.80
$700,000
Difference in Revenue $50,000
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16–17
The Three Components of Total Cost
in Determining Price
Total Cost
Selling Cost
Overhead Cost
Example costs:
Example costs:
Example costs:
Cost of item
Freight charges
Salesperson's time
Advertising
Storage, Salaries
Taxes
Cost of Goods Sold
Fig. 16-1
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16–18
Cost Determination for Pricing
• Total Cost
–The sum of cost of goods sold, selling expenses,
and overhead costs.
• Total Variable Costs
–Costs that vary with the quantity produced or sold.
• Total Fixed Costs
–Costs that remain constant as the quantity
product or sold varies.
Copyright © by South-Western College Publishing. All rights reserved.
16–19
Cost Structure for a Hypothetical Firm, 2001
Sales revenue (25,000 units @ $8.00)
Total costs:
Fixed costs
Variable costs ($2.00 per unit)
Gross margin
$200,000
$75,000
50,000
125,000
$ 75,000
Average cost = $125,000 = $5.00
25,000
Fig. 16-2
Copyright © by South-Western College Publishing. All rights reserved.
16–20
Cost Structure for a Hypothetical Firm, 2002
Sales revenue (10,000 units @ $8.00)
Total costs:
Fixed costs
Variable costs ($2.00 per unit)
Gross margin
$80,000
$75,000
20,000
95,000
$ (15,000)
Average cost = $95,000 = $9.50
10,000
Average pricing overlooks the reality of
higher average costs at lower sales levels
Fig. 16-3
Copyright © by South-Western College Publishing. All rights reserved.
16–21
How Customer Demand Affects Pricing
• The Elasticity of Demand
–The degree to which a change in price affects the
quantity demanded.
–Elastic Demand
Price
Demand that changes
significantly when there
is a change in the price
of the product.
Inelastic
Elastic
–Inelastic Demand
Demand that does not change
significantly when there is a
change in the price of the product.
Copyright © by South-Western College Publishing. All rights reserved.
Demand
16–22
Pricing and a Firm’s
Competitive Advantage
• Pricing and Competitive Advantage
–Customers will demand and pay more for a
product or service that they perceive as important
to their needs.
• Prestige Pricing
–Setting a high price to convey an image of high
quality or uniqueness (competitive advantage).
–Customers associate price with quality.
–Markets with low levels of product knowledge are
candidates for prestige pricing.
Copyright © by South-Western College Publishing. All rights reserved.
16–23
Applying a Pricing System
• Break-Even Analysis
–A comparison of alternative cost and revenue
estimates in order to determine the acceptability
of each price.
–Steps in the analysis
Examining revenue-cost relationships: the quantity at
which the product will generate enough revenue to start
earning a profit.
Incorporating actual sales forecasts into the analysis.
Copyright © by South-Western College Publishing. All rights reserved.
16–24
Break-Even Graphs for Pricing
Costs and
Revenue ($)
Costs and
Revenue ($)
Sales (Price = $12)
900
Profit
700
500
900
Sales
(Price = $7)
Total
Cost
Total Cost
700
Total
Variable
Costs
Break-Even
Point
Sales
Sales
(Price = $18) (Price = $12)
500
300
300
Loss
Total
Fixed Costs
100
10
30
50
Units
70
Break-Even
Points
100
90
(a)
10
30
50
Units
70
90
(b)
Fig. 16.4
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16–25
Applying a Pricing System (cont’d)
• Examining Cost and Revenue Relationships
–Breakeven Point
The sales volume at which total sales revenue equals
total costs (fixed and variable).
The point at which profitability starts and losses cease.
• Incorporating Sales Forecasts
–Adjusted Break-Even Analysis
Price has a variable impact and influence on demand.
Adjusting for the indirect effect of price allows for a
more realistic profit area to be identified.
Copyright © by South-Western College Publishing. All rights reserved.
16–26
A Break-Even Graph Adjusted
for Estimated Demand
900
Costs and
Revenue ($)
Sales
(Price = $18)
Sales
(Price = $12)
Sales (Price = $7)
Total Cost
700
Sales Curve from
Demand Schedule
500
Price
($)
Demand
(Units)
Revenue
($)
7
90
630
12
60
720
18
15
270
300
100
10
30
50
70
90
Units
Fig. 16.5
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16–27
Applying a Pricing System (cont’d)
• Markup Pricing
–Cost plus pricing system that adds a markup
percentage to cover:
Operating expenses
Subsequent price reductions
Desired profit
Markup
 100  Markup as a percentage of selling price
Selling Price
Markup
 100  Markup as a percentage of cost
Cost
Copyright © by South-Western College Publishing. All rights reserved.
16–28
Selecting a Pricing Strategy
• Penetration Pricing
–Setting lower than normal prices to hasten market
acceptance of a product or service or to increase
market share.
• Skimming Pricing
–Setting very high prices for a limited period before
reducing them to more competitive levels.
• Follow-the-Leader Pricing
–Using a particular competitor as a model in setting
prices.
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16–29
Selecting a Pricing Strategy (cont’d)
• Variable Pricing
–Setting more than one price for a good or service
in order to offer price concessions to certain
customers.
• Dynamic Pricing
–Charging more than the standard price when the
customer’s profile suggests that the higher price
will be accepted.
• Price Lining
–Setting a range of several distinct merchandise
levels.
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16–30
Selecting a Pricing Strategy (cont’d)
• What the Market Will Bear
–A strategy of charging the highest prices that
customers will pay can be used only when the
seller has little or no competition.
• Pricing Situations and Controls
–The effect of the introduction of new products into
an established product line.
–Offering discounts to match the needs of
customers.
–Sherman Antitrust Act prohibits competitors from
conspiring to fix prices.
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16–31
The Communication Process in Promotion
• Communication Process Components
–Source—the message sender
–Channel—the path the message travels
–Receiver—the recipient of the message
• Forms of Promotional Communication
–Nonpersonal—advertising
–Personal—personal selling
–Special forms—sales promotion
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17–32
Similarity of Personal
and Small Business
Communication
Processes
(a)
(b)
A Personal
Communication
Channel
A Small Business
Communication
Channel
Parents
XYZ Company
"We love you"
"Buy my product"
Source
Message
Channel
Options
E-mail
message
Personal visit
to campus
Newspaper
advertisement
Personal sales call
Flowers and a "care
package" sent
Business gift
Daughter
at college
Customers
Receiver
Fig 17-1
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17–33
Promotional Communications
• Promotional Mix
–A blend of nonpersonal, personal, and special
forms for communication techniques aimed at a
target market.
–Makeup of the mix is determined by:
Geographical nature of target market
Size of promotional budget
Product’s characteristics
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17–34
Determining the Promotional Budget
• “How much should a small business spend on
promotion?”
–Allocating a percentage of sales
–Deciding how much can be spared
–Spending as much as the competition
–Determining what it takes to do the job
Copyright © by South-Western College Publishing. All rights reserved.
17–35
Four-Step Method of Determining
a Promotional Budget
Determining
What It Will Take
to Do the Job
Allocating
Usinga a
Percentage
percentage
of Sales
of sales
Deciding How
Much Can Be
Spared
Spending as
Much as the
Competition Does
Comparison Process
Decision
Promotional Budget
Fig. 17.2
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17–36
Comparing Alternative Promotion Expense Estimates
START
Compute WTDJ
Proceed to develop
promotion at
WTDJ level
YES
Is WTDJ equal to
or less than others?
NO
Key Terms:
WTDJ: What it will take to do the job
APS: A percentage of sales
WCS: What can be spared
ACS: As much as the competition
spends
Compute average of
WTDJ, APS, WCS, and ACS
Compare WCS with
computed average
Proceed to develop
promotion at
average level
YES
Is WCS equal to or
greater than average?
Copyright © by South-Western College Publishing. All rights reserved.
NO
Seek additional funds
to supplement
promotion
17–37
Personal Selling Techniques
• Personal Selling
–A sales presentation (promotion) delivered in a
one-on-one manner.
–Requires:
Product knowledge
Well-prepared sales
presentation
Ability to build good will
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17–38
Importance of Product Knowledge
• Salespersons use product knowledge to:
–Successfully educate customers about the
product’s advantages, uses, and limitations.
–Answer customer questions and counter customer
objections.
Personal selling becomes order-taking when a
salesperson lacks product knowledge.
Copyright © by South-Western College Publishing. All rights reserved.
17–39
The Sales Presentation: Prospecting
• Prospecting
–A systematic process of continually looking for
new customers
• Prospecting Techniques
–Personal referrals
Salesperson initiates customer contact through referral
by another party known to the customer.
–Impersonal referrals
Information on potential new
customers developed from public
records and published sources.
Copyright © by South-Western College Publishing. All rights reserved.
17–40
The Sales Presentation: Prospecting
• Prospecting Techniques (cont’d)
–Marketer-initiated contacts
Market surveys are used to identify prospects
–Customer-initiated contacts
Potential customers are identified
through their contacts with
the firm.
Copyright © by South-Western College Publishing. All rights reserved.
17–41
Practicing the Sales Presentation
• Improves the salesperson’s success rate.
• Prepares salesperson for customer objections
related to price, product, timing, service, or
need.
–Techniques for dealing with objections:
Convert the objection into the form of a question.
Use third party testimonials or experiences.
Use the boomerang or positive conversion
technique.
Use comparisons.
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17–42
Overcoming Customer Objections
I had problems with a similar
product before and don’t want
to go through that again!
Yes, I understand your attitude, but
have you considered . . . ?
I’m too busy.
That’s why I want to explain how I can
save you time by . . .
I like what you have said, but I
need to wait.
Let’s figure how much you can save
by acting now.
Your product sounds just like
your competitor’s.
There are similarities, but we have . . .
at a better price.
I’m not sure I can risk a
changeover to your product.
Let me tell you how one of your
competitors decided to buy from me.
Copyright © by South-Western College Publishing. All rights reserved.
17–43
Making the Sales Presentation
• Adapting the sales approach to the customers’
needs:
–Avoid a “canned” sales talk.
–Speak the customer’s “language”.
–Answer every objection explicitly and adequately.
–Be enthusiastic, friendly, and persistent.
–Be personally supportive of
the customer.
Copyright © by South-Western College Publishing. All rights reserved.
17–44
Customer Goodwill and
Relationship Selling
• Relationship selling
–Building customer goodwill for future sales to
satisfied customers through:
Maintaining a good personal appearance.
Having a pleasant personality.
Using professional etiquette in all customer contacts.
Understanding the customer’s point of view.
Maintaining high ethical standards in the customer
relationship.
Copyright © by South-Western College Publishing. All rights reserved.
17–45
Compensating Salepeople
• Nonfinancial Rewards
–Personal recognition of employees by the firm
Plaques and “Employee of the Month” awards
Providing “perks” to superior performers.
–Personal satisfaction drawn
by salespersons from doing
their work well.
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17–46
Compensating Salepeople
• Financial Rewards
–Commissions
Compensation paid as percentage of
sales productivity.
Strong sales motivator
–Straight Salary
Compensation paid regardless of
sales made.
–Combination of Commissions
and Salary
Balance of two compensation forms is adjusted to
provide an increasing proportion of commission as
salesperson gains experience.
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17–47
Advertising Practices for Small Firms
• Advertising
–The impersonal presentation of a business idea
through mass media.
• Advertising Objectives
–To sell by informing, persuading, and reminding.
–To serve as a complement to product quality and
efficient service.
–To properly reflect changes in customer needs
and preferences.
Copyright © by South-Western College Publishing. All rights reserved.
17–48
Types of Advertising
• Product Advertising
–The presentation of a business idea designed to
make potential customers aware of a specific
product or service and create a desire for it.
• Institutional Advertising
–The presentation of information about a particular
firm, designed to enhance the firm’s image.
Copyright © by South-Western College Publishing. All rights reserved.
17–49
Advertising Decision Factors
• Frequency of Advertising
–With regularity for effectiveness and continuity
Introduction of new uses for established products
Introduction of new products and services
• Where to Advertise
–Appropriate media mix is determined by:
Geographical area for target market coverage
Customer type targeted by advertising campaign
Advertising media customarily used by industry
By type of business
Copyright © by South-Western College Publishing. All rights reserved.
17–50
Advantages and Disadvantages of Traditional Advertising
Medium
Advantages
Disadvantages
Newspapers
Geographic selectivity and flexibility;
short-term commitments; short lead
time; immediacy; year-round
readership
Little demographic selectivity;
limited color capabilities; low passalong rate; may be expensive
Magazines
Good reproduction; demographic and
regional selectivity; relatively long
life; high pass-along rate
Long-term commitments; slow
audience buildup; long lead time
Radio
Low cost; immediacy; highly port
able; short-term commitments;
entertainment carryover
No visual treatment; short message
life; commercial clutter
Television
Wide, diverse audience; creative
opportunities for demonstration;
immediacy; entertainment carry-over
Short message life; high campaign
cost; long-term commitments; long
lead times; commercial clutter
Outdoor media
Repetition; moderate cost; flexibility;
geographic selectivity
Short message; lack of demographic selectivity; distracting noise
levels
Source: Charles W. Lamb, Jr., Joseph F. Hair, Jr., and Carl McDaniel, Marketing (Cincinnati: South-Western, 1998), p. 509.
Copyright © by South-Western College Publishing. All rights reserved.
17–51
Creating the Promotional Message
• Advertising Agencies
–Furnish design, artwork, and copy for ads
–Evaluate and recommend media with greatest
“pulling power”
–Evaluate the effectiveness of advertising appeals
–Advise on promotion and merchandise displays
–Conduct market sampling studies
–Furnish mailing lists
• Other Sources
–Suppliers
–Trade Associations
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17–52
Web Advertising
• Basic Web Promotions
–A corporate Web site
A firm’s location on the World Wide Web
–Banner ads
Advertisements that appear across a Web page, often as
moving rectangular strips
–Pop-ups
Advertisements that burst open
on computer screens
–E-mail promotion
Advertising delivered by means
of electronic mail
Copyright © by South-Western College Publishing. All rights reserved.
17–53
Web Advertising (cont’d)
• Basic Web Promotions (cont’d)
–Web Sponsorships
A type of advertising in which the firm pays another
organization for the right to be part of that
organization’s Web page.
–Linkages
A type of advertising in which one firm pays another to
include a click-on (click-through) link on its Web site.
Copyright © by South-Western College Publishing. All rights reserved.
17–54
Sales Promotion Tools
• Sales Promotion
–An inclusive term for any promotional techniques
that are neither personal selling or advertising
Used in combination with personal selling and
advertising.
• Specialties
–Tangible and enduring functional items of worth
distributed personally to recipients that serve as
reminders of the firm.
Pens, key chains, magnets, and clothing imprinted with
the name, logo, or slogan of the firm.
Copyright © by South-Western College Publishing. All rights reserved.
17–55
Sales Promotion Tools (cont’d)
• Trade Show Exhibits
–Provide hands-on experience with products.
–Are less costly than personal selling.
• Creating Effective Trade Show Exhibits
–Create moving billboards
–Make the booth interactive
–Qualify sales leads immediately
–Create a presence on the sales floor
–Plan ahead how to use the trade show time
–Recruit customers actively
Copyright © by South-Western College Publishing. All rights reserved.
17–56
Sales Promotion Tools (cont’d)
• Publicity
–Information about a firm and its products or
services that appears as a news item, usually free
of charge.
Provides visibility for the firm
Requires regular contacts with
the news media
Copyright © by South-Western College Publishing. All rights reserved.
17–57
Sales Promotion Tools (cont’d)
• When to Use Sales Promotion
–For manufacturers
To stimulate channel members—retailers and
wholesalers—to market a firm’s products.
–For wholesalers
To induce retailers to buy inventories earlier than they
normally would.
–For retailers
To persuade customers to make a purchase.
Copyright © by South-Western College Publishing. All rights reserved.
17–58
The Role of Distribution Activities
in Marketing
• Distribution
–Physically moving products and establishing
intermediary relationships to support such
movement.
• Physical Distribution (Logistics)
–The activities of distribution involved in the
physical relocation of products.
• Channel of Distribution
–The system of relationships established to guide
the movement of a product.
Copyright © by South-Western College Publishing. All rights reserved.
15–59
The Role of Distribution Activities
in Marketing (cont’d)
• Functions of Intermediaries
–Perform the marketing function better.
–Provide efficient distribution of the product.
–Merchant middlemen
Intermediaries that take title to the goods they
distribute.
–Agents/brokers
Do not take title to the goods they distribute.
Copyright © by South-Western College Publishing. All rights reserved.
15–60
The Role of Distribution Activities
in Marketing (cont’d)
• Types of Distribution Channels
–Direct channel
A distribution system without intermediaries
–Indirect channel
A distribution system with one or more intermediaries.
–Dual distribution
A distribution system with more than one channel.
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15–61
Indirect Channels
Direct Channel
Producer
Retailer
Channel
Wholesaler
Channel
Agent/Broker
Channel
Producer
Producer
Producer
Agents or
Brokers
Alternative
Channels of
Distribution
Retailers or
Industrial
Distributor
Consumers or
Industrial User
Consumers or
Industrial User
Wholesalers
Wholesalers
Retailers or
Industrial
Distributor
Retailers or
Industrial
Distributor
Consumers or
Industrial User
Consumers or
Industrial User
Fig. 15.6
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15–62
Structuring a Distribution Channel
• Important Factors in Building a Distribution
Channel
–Costs associated with establishing a direct
channel distribution
–Coverage is increased through the use of indirect
channels of distribution.
–Control is enhanced using a direct distribution
channel.
Copyright © by South-Western College Publishing. All rights reserved.
15–63
Determining the Scope of
Physical Distribution
• Transportation—which mode to use?
–Common carriers
Transportation intermediaries available for hire to the
general public.
–Contract carriers
Transportation intermediaries that
contract with individual shippers.
–Private carriers
Lines of transport
owned by shippers.
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15–64
Determining the Scope of
Physical Distribution (cont’d)
• Storage
– Lack of storage space is a common problem.
• Materials Handling
–Protecting the firm’s output during warehousing .
• Specifying Responsibility for Delivery Terms
–Paying freight costs.
–Selecting the carriers.
–Bearing the risk of damage .
–Selecting the modes of transport.
Copyright © by South-Western College Publishing. All rights reserved.
15–65
Determining the Scope of
Physical Distribution (cont’d)
• Logistics Companies
–Firms which specialize in providing cost-effective
transportation, storage, and distribution services
to small companies.
Trucking
Packaging
Warehousing
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