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Product & Brand Management

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The topic was delivered by Mr. Suresh Paul Antony, Chairperson – Executive Education & Consulting, Indian Institute of Management, Trichy.

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Product & Brand Management

  1. 1. Knowledge Partner Fhyzics Business Consultants Pvt.Ltd. Mr. Suresh Paul Antony Chairperson – Executive Education & Consulting, Indian Institute of Management, Trichy Product & Brand Management
  2. 2. Book Now www.pdma-india.in
  3. 3. Products and brands Management
  4. 4. Agenda • Business success • Marketer’s perspective of product • The brand story 4
  5. 5. … is the key! • "Innovation distinguishes between a leader and a follower.“ (Steve Jobs) • "Innovation is the central issue in economic prosperity.“ (Michael Porter) • "Innovation is change that unlocks new value.“ (Jamie Notter) • "Changes call for innovation, and innovation leads to progress.“ (Li Keqiang) • "Innovation is the act that endows resources with a new capacity to create wealth.“ (Peter Drucker) • “… if you aren't innovating, you're just waiting for the expiration date on your business.“ (Ferrante-Schepis) 5
  6. 6. Innovation? • “Creation of substantial new value for customers and the firm by creatively changing one or more dimensions of the business” • Key aspects of innovation • Broader than product or technology innovation • Must generate new value for customer and seller • Involves change leading to differentiation and SCA • How did Starbucks, Dell, and IPod create value and SCA? 6 Source: Sawhney, Wolcott & Arroniz, 2006
  7. 7. PDMA on Innovation… • In successful high technology firms, NPs major source of current sales • 60% in most successful • Successful NPD for Emerging Markets hinges on Innovation Strategy 7 Source: The PDMA Handbook of NPD, 2013 (p. 35, 105)
  8. 8. Innovation management framework • Idea management • Portfolio management • Platform management • Project management • Market management 8 Source: The PDMA Handbook of NPD, 2013 (p. 35)
  9. 9. Market management • Focus areas • Customer preferences • POD • Segmentation • Go-to-market strategies • “Market-understanding framework” • Profitable Markets, Customers and Opportunities • Evidence-based insights • Mission directed 9 Source: The PDMA Handbook of NPD, 2013 (p. 40)
  10. 10. Competitors will react! • “… rely not on the likelihood of the enemy’s not coming, • BUT on our own readiness to receive him; • not on the chance of his not attacking, • BUT rather on the fact that we have made our position unassailable.” (Sun Tzu, Art of War, Ch. 8:11, circa 500 BC) 10 https://www.marxists.org/reference/archive/sun-tzu/works/art-of-war/ch08.htm
  11. 11. Leader for life? • History shows few firms can maintain leadership position forever • Top firms replaced 56 times (1929- 2013) in Dow Index • Why? • General Electric (GE) • BSE Sensex • HUL • ITC • L&T • Reliance • Tata Motors • Tata Steel 11
  12. 12. Momentous times! 12
  13. 13. The big fight! 13
  14. 14. Sustainable Competitive Advantage (SCA) • Firm’s ability to generate more CV than competition • Competition’s ability to duplicate strategy limited or stunted • Three criteria • Customers care about this SCA • Firm does it better than competitors; relative advantage • SCA hard to duplicate or substitute, even with significant resources • 1st mover advantage • May not be sufficient to create entry barriers • In the presence of established incumbent leader who recognises threat of an innovative new entrant and is willing to protect his turf • How to make SCA hard to copy • Look to key market-based sources of SCAs 14 Source: Palmatier & Sridhar, 2017
  15. 15. Market-based sources of SCA Source of SCA Barrier(s) to duplication Where most effective Brands Brand image | Brand identity Habitual buy Large B2C markets (soft drinks, beer, fashion, automobiles) Offerings Cost benefits | Performance | Access to channels Most markets Technology-based businesses (software, electronics) Relationship s Trust | Commitment | Interpersonal reciprocal bonds Hard to build or duplicate B2B markets, services, complex products (test equipment, haircut, financial services) 15 Source: Palmatier & Sridhar, 2017
  16. 16. Offering as source of SCA • Product / service • Anything that can be offered in a market • For attention, acquisition, use, or consumption • That might satisfy a need or want • Experiences • Represent what buying the product or service will do for the customer 16
  17. 17. Offering and innovation strategies • Marketing’s contribution • Capture VoC • Forecast customer & market trends • Understand trade-offs among potential product attributes • Launch new offering • Test marketing • Adoption process 17 Source: Palmatier & Sridhar, 2017
  18. 18. Route to innovative offerings • Reliance on stage-gate development process • Increase speed of offering development • Enhance likelihood of success • Reduce development costs • Stage-gate model divides development process into a series of steps or stages • Each project gets evaluated, on multiple dimensions, by independent evaluators in each stage • Helps ensure effective development approaches through several elements 18 Source: Palmatier & Sridhar, 2017
  19. 19. Brand as source of SCA • “Name, term, sign, symbol, or design, or a combination of them • intended to identify the goods and services • of one seller or group of sellers and • to differentiate them from those of competition”. 19 Source: American Marketing Association
  20. 20. Branding components • Covenant • Quiddity • Representation 20 Source: Bennett & Choudhury, 2009
  21. 21. Call to arms… 21
  22. 22. And now what questions do we have? 22 spa@iimtrichy.ac.in +91 96558 32324
  23. 23. Thank you

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