Setting product strategy

Verification Officer
Nov. 17, 2014

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Setting product strategy

  1. 12 Setting Product Strategy Marketing Management, 13th ed
  2. Chapter Questions • What are the characteristics of products and how do marketers classify products? • How can companies differentiate products? • How can a company build and manage its product mix and product lines?
  3. Chapter Questions (cont.) • How can companies combine products to create strong co-brands or ingredient brands? • How can companies use packaging, labeling, warranties, and guarantees as marketing tools?
  4. Caterpillar: A Great Product
  5. What is a Product? A product is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.
  6. Figure 12.1 Components of the Market Offering Value-based prices Attractiveness of the market offering Product features and quality Services mix and quality
  7. Figure 12.2 Five Product Levels
  8. The Wedding Market is a MetaMarket
  9. Product Classification Schemes Durability Tangibility Use
  10. Consumer Goods Classification Convenience Shopping Unsought Specialty
  11. Industrial Goods Classification Materials and parts Supplies/ business services Capital items
  12. Product Differentiation • Product form • Features • Customization • Performance • Conformance • Durability • Reliability • Repairability • Style
  13. Design Differentiation
  14. Service Differentiation • Ordering ease • Delivery • Installation • Customer training • Customer consulting • Maintenance and repair • Returns
  15. The Product Hierarchy Item Product type Product line Product class Product family Need family
  16. Product Systems and Mixes • Product system • Product mix • Product assortment • Depth • Length • Width • Consistency
  17. Product Line Analysis Core product Staples Convenience items Specialties
  18. Line Stretching DDoowwnn--MMaarrkkeett SSttrreettcchh UUpp--MMaarrkkeett SSttrreettcchh TTwwoo--WWaayy SSttrreettcchh
  19. Line Filling
  20. Co-branding
  21. Ingredient Branding
  22. Factors Contributing to the Emphasis on Packaging SSeellff--sseerrvviiccee CCoonnssuummeerr aafffflluueennccee CCoommppaannyy//bbrraanndd iimmaaggee IInnnnoovvaattiioonn ooppppoorrttuunniittyy
  23. Innovations in Packaging
  24. Packaging Objectives • Identify the brand • Convey descriptive and persuasive information • Facilitate product transportation and protection • Assist at-home storage • Aid product consumption
  25. Functions of Labels Identifies Grades Describes Promotes
  26. Warranties and Guarantees
  27. Marketing Discussion  Consider the different means of differentiating products and services.  Which ones have the most impact on your choices?  Why?

Editor's Notes

  1. Video icon links to Marriott video on Marriott’s downward stretch.