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Product Management
 

Product Management

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Another resource from uneOpen – the first open online site to offer credit towards a university degree. Enrol now at https://www.uneopen.com/

Another resource from uneOpen – the first open online site to offer credit towards a university degree. Enrol now at https://www.uneopen.com/

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    Product Management Product Management Presentation Transcript

    • Week 4Week 4Topic 1:Product Management
    • ProductAnything that can be offered to a market for attention,acquisition, use or consumption that might satisfy awant or need.ServiceAny activity or benefit that one party can offer toanother that is essentially intangible and does not resultin the ownership of anything.Pure tangiblePure intangibleTangible goods with accompanying serviceHybrid offerService accompanying with minor goodsTopic 1:Topic 1:Product ManagementProduct Management
    • To differentiate their offer from the competition,companies should develop and deliver a total customerexperience.Levels of product When developing products, marketers first mustidentify the core customer needs the product willsatisfy.They must then design the actual productFind ways to augment it in order to create the bundle ofbenefits that will best satisfy consumers.Topic 1:Topic 1:Product ManagementProduct Management
    • Product classification1. Consumer product2. Industrial productOrganisation, person, place and idea1. Organisation marketing e.g. Corporate image advertising2. Person marketing3. Place marketing4. Idea marketing (social idea) e.g. social marketing (Public health, environmental and othersocial campaign)Topic 1:Topic 1:Product ManagementProduct Management
    • Individual product decisions may be based on:1. PRODUCT ATTRIBUTESa. Product quality– The ability of a product to perform its functions; it includes theproduct’s overall durability, reliability, precision, ease of operation,repair and other valued attributes.Two dimensions:– 1. Quality level (Performance level)– 2. Consistency (Conformance quality-freedom from defects andconsistency in delivering a targeted level of performance) Total Quality Management (TQM) plays an important rolein enhancing product quality.Topic 1:Topic 1:Product ManagementProduct Management
    • b. Product features– A competitive differentiation tool.– Companies should survey to find out which features to add.– Companies should assess each feature’s value to customer versus its cost to thecompany.c. Product style and design– Style simply describes the appearance of a product.– Design contributes to the products usefulness as well as to its looks.2. BRANDINGBrand is a name, term, symbol, or design or combination of these, thatidentifies the maker or seller of a product or service.It can help:– To identify the product.– To tell about product’s quality.– To provide legal protection.– To segment the market.Topic 1:Topic 1:Product ManagementProduct Management
    • Brand equity– The value of the brand based on the extend to which it has high brandloyalty, name awareness, perceived quality, strong brand association,and other assets such as patents, trademarks, and channel relationship.– It is a valuable asset to the company.Major Branding DecisionsBrand name selection1. Should suggest something about the product’s benefits and qualities.2. Should be easy to pronounce, recognize and remember.3. Should be distinctive.4. Should easily translate into foreign language.5. Should be capable of registration and legal protection. Generic namesTopic 1:Topic 1:Product ManagementProduct Management
    • Brand Sponsor1. Manufacture’s brand (or national brand)2. Private brand (Store brand or distributor brand)3. Licensed brand4. Co-brandStore brands are posing a strong challenge tomanufacture’s brand.Topic 1:Topic 1:Product ManagementProduct Management
    • Brand Strategy3. PACKAGING– The activities of designing and producing the containeror wrapper for a product.– Primary, secondary and shipping packageFunctions of packagingTo contain and protect.To attract attention (to describe, to make the sale)To create instant consumer recognitionTo gain competitive advantageTopic 1:Topic 1:Product ManagementProduct Management
    • Developing a good package for a new product requiresmaking many decisions:1. Establish packaging concept2. Size, shape, materials, color, text, brand mark.3. Consistent with the product’s advertising, pricing anddistribution.4. Safety5. Green packagingTopic 1:Topic 1:Product ManagementProduct Management
    • 4. LABELLING– Tags attached to the product or graphics on the package– Functions (Identify, describe and promote)5. PRODUCT SUPPORT SERVICE– Customer service– Use internet to provide support service– Companies should develop a package of services that bothdelight and yield profits to the company.Topic 1:Topic 1:Product ManagementProduct Management
    • PRODUCT LINE DECISIONProduct line– A group of products that are closely related becausethey function in a similar manner, and sold to the samecustomer groups, are marketed through the same typeof outlets, fall within given price ranges.The decisions involveProduct line lengththe number of item in the product line.Companies should systematically increase its product line in twowaysTopic 1:Topic 1:Product ManagementProduct Management
    • 1. Product line stretching: when a company lengthens itsproduct line beyond its current range.Stretching downwardTo plug a hole that otherwise would attract a newcompetitor.To respond to a competitor’s attack on the upper end.To get opportunity of faster growth at lower end.Topic 1:Topic 1:Product ManagementProduct Management
    • Stretching upward– To add prestige to the current product.– To get opportunity of higher growth rate or margins atthe higher end.– To position the company as a full-line manufacturer.Stretching in both directions2. Product line filling– Adding more items within the present range of the line.Topic 1:Topic 1:Product ManagementProduct Management
    • Reasons– Reaching for extra profit– Satisfying dealers– Using excess capacity– Being the leading full line company– Plugging holes to keep out competitors.Product mix decisions– Product mix consists of all the product lines and items that a particularseller offers for sale.Four important dimensions1. Width2. Length3. Depth4. ConsistencyTopic 1:Topic 1:Product ManagementProduct Management
    • New Product DevelopmentThe development of original products, productimprovements, product modifications, and new brandsthrough the firm’s own R&D effort.Topic 1:Topic 1:Product ManagementProduct Management
    • Major Stages in New Product Development•Idea generation•Idea screening•Concept development and testing•Marketing strategy•Business analysis•Product development•Test marketing•Commercialization
    • The New-Product Development Process:
    • Product Life Cycle (PLC): The course of a product’s salesand profits over its life.The stages in a PLC are:1. Product development2. Introduction3. Growth4. Maturity5. Decline
    • Product Life-Cycle Strategies
    • Thank You!