Product strategy

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Product strategy

  1. 1. Product Equity Advanced Marketing Management Maribel C. Tubera DBA Student
  2. 2. What is a product? • It is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or a need.
  3. 3. Service • An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.
  4. 4. 2 categories of products 1. Consumer products 2. Industrial products or Business products
  5. 5. Product and Service Classifications 1. Consumer products a) b) c) d) Convenience products Shopping products Specialty products Unsought products 2. Industrial Products or business products a) b) c) Materials and parts Capital items Supplies and services
  6. 6. Nature of a service 1. Service intangibility 2. Service variability 3. Service perishability
  7. 7. Service Characteristics • • • • • Intangibility Simultaneous production and consumption Perishability Heterogeneity Client-based relationship
  8. 8. 3 Levels of Product and Services 1. Core customer value 2. Actual product 3. Augmented product
  9. 9. Other market offerings • • • • Organizations Persons Places ideas
  10. 10. Individual Product Decisions Product Attributes Branding Packaging Labeling Product support services
  11. 11. 4 ways to increase a business 1. 2. 3. 4. Add new product line Lengthen its existing product lines Add more versions of each product Pursue more product line consistency
  12. 12. Service profit chain • • • • • Internal service quality Satisfied and productive service employees Greater service value Satisfied and loyal customers Healthy service profits and growth
  13. 13. 3 types of service marketing 1. Internal marketing 2. External marketing 3. Interactive marketing
  14. 14. Stages in new product development 1. 2. 3. 4. 5. 6. 7. 8. Idea generations Idea screening Concept development and testing Marketing strategy development Business analysis Product development Test marketing Commercialization
  15. 15. 6 strategic options related to the newness of products 1. 2. 3. 4. 5. 6. New-to-the World products New product lines Product line extensions Improvements or revisions of existing products Repositioning Cost reductions
  16. 16. • • • • Customer-centered new product development Team-based new product development Systematic new-product development new-product development in turbulent times
  17. 17. Brand Strategy
  18. 18. Brand • A combination of name, symbol, term, and or design that identifies a specific product. 2 parts of a brand 1. Brand name 2. Brand mark
  19. 19. Issues in branding strategy • Manufacturer versus private label brands • Brand loyalty – has 3 degrees – Brand recognition – Brand preference – Brand insistence • Brand equity – the value of a brand • Brand alliances
  20. 20. Advantages of Branding Overall advantages of branding • Product identification • Comparison shopping • Shopping efficiency • Risk reduction • Product acceptance • Enhanced self-image • Enhanced product loyalty Unique advantages of selling private label (store) brands •Less competition •Total control •Merchant loyalty Unique advantages of selling manufacturer ( Name) brands • • • • • Reduced costs Built-in loyalty Enhanced image Lower inventory Less risk
  21. 21. Major brand strategy decisions Brand Positioning Brand name selection Attributes Benefits Beliefs and values Selection Protection Brand sponsorship Manufacturer’s brand Private brand Licensing Co-branding Brand development Line extension Brand extension Multi brands New brands
  22. 22. Brand Development 1. 2. 3. 4. Line extensions Brand extensions Multibrands New brands
  23. 23. Product life-cycle strategies 1. 2. 3. 4. 5. Product development Introduction Growth Maturity Decline
  24. 24. END

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