Product decisions
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The document discusses key concepts related to product development and marketing including product design decisions, production decisions, where and when to launch a product, and decisions around product lines and mixes. It defines a product and notes that design decisions are influenced by both physical attributes and subjective attributes. Production decisions involve considerations around manufacturing processes and quality. Location launch decisions include options from local to global markets. Product lines represent groups of related products while product mixes determine the breadth and depth of offerings.
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The document discusses key concepts related to product management including definitions of a product, components of a product, product mix, product life cycle, and new product development. It defines a product as a bundle of benefits that satisfies customer needs and discusses the core benefit, actual product, augmented product, and future product. It also outlines the stages of the product life cycle as introduction, growth, maturity, decline, and withdrawal. Finally, it lists the steps in new product development as generating ideas, screening, testing, development, market testing, and commercialization.
Chapter 5.docx
This document discusses product strategies and the marketing mix. It covers the following key points in 3 sentences:
1. It defines what a product is and discusses the three levels of products - the core customer value, the actual product, and the augmented product.
2. It classifies products based on durability and tangibility as nondurable goods, durable goods, and services. It also classifies products based on use as consumer products or industrial products.
3. It discusses product life cycle strategies and how products progress through five stages - product development, introduction, growth, maturity, and decline - and how companies should adjust their strategies accordingly across these stages.
Product decision
A product is defined as a collection of tangible and intangible attributes that provide satisfaction to users. Key product decisions include design, production, launch location, product mix, and specifications. Design decisions involve initial or changed designs. Production decisions cover manufacturing processes. Launch decisions consider local, international, multinational, or global markets. The product mix encompasses breadth, depth, consistency, and inconsistency of product lines. Additional decisions involve packaging, labeling, branding, and adapting to cultural requirements.
Product
The document discusses the concept of products. It defines a product as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. It then discusses the meaning, features, levels, and classification of products. Products can be classified based on tangibility, durability, user type as consumer or industrial goods, and social benefit. The document also discusses product mix decisions, product line appraisal, and product hierarchy.
The following table shows data from a fictional cohort study of in.docx
The following table shows data from a fictional cohort study of industrial workers followed over 30 years to see if exposure to industrial organic solvent affects cognitive function adversely. Use the information below for the following question.
Organic Solvent Exposure
Number of Participants
Impaired Function
Yes
28654
818
No
71346
649
Total
100000
1467
Calculate and interpret the risk of impaired function in participants exposed to organic solvents and those who were not.
1
COM5111
Product Policy
Week 5 SemB 2019-20
2
Learning Objectives
1. What are the characteristics of products, and how do marketers classify product?
2. How can companies differentiate products?
3. Why is product design important, and what are the different approaches taken?
4. How can a company build and manage its product mix and product lines?
5. How can marketers best manage luxury brands?
6. What environmental issues must marketers consider in their product strategies?
7. How can companies combine products to create strong co-brands or ingredient
brands?
8. How can companies use packaging, labeling, warranties, and guarantees as
marketing tools?
3
Components Of The Market Offering
Marketing planning begins with formulating an offering to meet target customers’ needs or wants
customer will judge the offering
on three basic elements
Slide 15 & 16 Slide 17
4
Product Characteristics
and Classifications
• Product
– 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
https://www.youtube.com/watch?v=xYjoBAUOjTk
5
Characteristics of Winning Products
A unique superior product—
a differentiated product that delivers unique benefits and a
compelling value proposition to the customer or user—
is the number one driver of new-product profitability
Source: Robert G. Cooper, Winning at New Products: Creating Value through Innovation (New York: Basic Books, 2011), p. 32.
How about your individual assignment?
6
Unique and superior products tend to have the followings in
common
1. are superior to competitors’ products in terms of meeting users’ needs
2. solve a problem the customer has with a competitive product
3. feature good value for the money and excellent price and performance
characteristics
4. provide excellent product quality, according to customers’ way of defining quality
5. offer features easily perceived as useful by the customer
6. offer benefits that are highly visible to the customer
Source: Robert G. Cooper, Winning at New Products: Creating Value through Innovation (New York: Basic Books, 2011), p. 33.
7
Product Levels: The Customer-Value Hierarchy
• The Five Product Levels
The service or benefit
the customer
is really buying
e.g. rest & sleep
The marketer must
turn the core benefit
into a basic product
e.g. bed, bathroom …
A set of attributes
and c.
The following table shows data from a fictional cohort study of in.docx
The following table shows data from a fictional cohort study of industrial workers followed over 30 years to see if exposure to industrial organic solvent affects cognitive function adversely. Use the information below for the following question.
Organic Solvent Exposure
Number of Participants
Impaired Function
Yes
28654
818
No
71346
649
Total
100000
1467
Calculate and interpret the risk of impaired function in participants exposed to organic solvents and those who were not.
1
COM5111
Product Policy
Week 5 SemB 2019-20
2
Learning Objectives
1. What are the characteristics of products, and how do marketers classify product?
2. How can companies differentiate products?
3. Why is product design important, and what are the different approaches taken?
4. How can a company build and manage its product mix and product lines?
5. How can marketers best manage luxury brands?
6. What environmental issues must marketers consider in their product strategies?
7. How can companies combine products to create strong co-brands or ingredient
brands?
8. How can companies use packaging, labeling, warranties, and guarantees as
marketing tools?
3
Components Of The Market Offering
Marketing planning begins with formulating an offering to meet target customers’ needs or wants
customer will judge the offering
on three basic elements
Slide 15 & 16 Slide 17
4
Product Characteristics
and Classifications
• Product
– 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
https://www.youtube.com/watch?v=xYjoBAUOjTk
5
Characteristics of Winning Products
A unique superior product—
a differentiated product that delivers unique benefits and a
compelling value proposition to the customer or user—
is the number one driver of new-product profitability
Source: Robert G. Cooper, Winning at New Products: Creating Value through Innovation (New York: Basic Books, 2011), p. 32.
How about your individual assignment?
6
Unique and superior products tend to have the followings in
common
1. are superior to competitors’ products in terms of meeting users’ needs
2. solve a problem the customer has with a competitive product
3. feature good value for the money and excellent price and performance
characteristics
4. provide excellent product quality, according to customers’ way of defining quality
5. offer features easily perceived as useful by the customer
6. offer benefits that are highly visible to the customer
Source: Robert G. Cooper, Winning at New Products: Creating Value through Innovation (New York: Basic Books, 2011), p. 33.
7
Product Levels: The Customer-Value Hierarchy
• The Five Product Levels
The service or benefit
the customer
is really buying
e.g. rest & sleep
The marketer must
turn the core benefit
into a basic product
e.g. bed, bathroom …
A set of attributes
and c.
FOM Unit III.pptx
The document discusses the key steps in the new product development process, including idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. Idea generation involves brainstorming new product ideas internally or externally. Ideas are then screened for marketing potential and feasibility. Selected concepts are developed and tested before a marketing strategy and business analysis are conducted. The product is developed, tested on a sample market, and commercialized.
Marketing management
The document discusses marketing management and product life cycles. It defines marketing as discovering consumer needs and translating them into products and services to satisfy demand. It outlines five marketing philosophies and describes the production, product, selling, marketing, and societal concepts. It also discusses the product life cycle model and its stages of introduction, growth, maturity, and decline.
Product and Brand Management
This document provides an overview of product and brand management. It defines what a product is, discusses different types of products including consumer and business products. It also covers key product management concepts like the core benefit of a product, different levels of a product from the expected to the potential product, and strategies for managing a product portfolio including product line extensions and stretching a product line.
Product- Concept, Product Line & Mix
The document discusses key concepts related to products including product, product line, and product mix. It defines a product as anything that can be offered to satisfy customer needs and wants. A product line is a group of related products marketed under a single brand that serve similar functions, customers, or price points. Product mix refers to the total range of product lines and items offered by a company. It examines the product mix in terms of length, width, depth, and consistency. The levels of a product from core to potential product are also outlined. Finally, Cadbury's product mix is provided as an example, with its main product lines of chocolates, biscuits, beverages, and candies.
Product, Services, and Brands - Building Customer Value - Marketing
What Is a Product?
Product and Services Decisions
Branding Strategy: Building Strong Brands
Services Marketing
A Product is anything that can be offered to 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
Session 9 gm product decision
This document discusses the interface between cotton production and marketing from the perspective of spinners and suppliers. Spinners require high quality raw cotton that meets certain specifications in terms of trash content, length, strength, fineness and other properties to efficiently run their spinning plants and produce quality yarns and fabrics. To meet these demands, growers and suppliers must ensure production, picking and ginning processes achieve very high standards. Cotton is also manually graded by experts to classify purchases for clients.
18 products & brands
This document defines key concepts related to products, brands, and product lifecycles. It discusses what constitutes a product, different levels and types of products (consumer vs industrial). It also covers branding strategies like positioning, naming, and extensions. Finally, it outlines the typical stages in a product lifecycle from introduction to growth, maturity, and decline.
Product And Product Lines 8
1. The document discusses various aspects of product planning and management, including product classification, product life cycles, and strategies for different stages of the life cycle.
2. It describes core and augmented product features, and different types of products including generic, expected, potential, consumer, and industrial products.
3. The document also covers product mix strategies, managing product lines, and discusses whether companies should focus more on designing long-lasting products that meet consistent human needs rather than frequent new launches.
Product1 –
The document discusses products and the product development process. It defines what a product is and describes different levels of products from the core customer value to potential value. It then classifies products into consumer and industrial goods, and provides examples of different types of consumer and industrial products. The document also outlines the new product development process and key decisions involved at the individual product, product line, and product mix levels. Finally, it introduces the concept of product life cycle and different strategies companies employ during the introduction, growth, maturity, and decline stages.
1302 Designing Products-Products, Brand, Packaging and Services.pptx
This document discusses key concepts related to product design and management, including:
- Definitions of products and their classification as consumer, industrial, or service goods.
- Individual product decisions like attributes, quality, branding, packaging, and support services.
- Product lines, mixes, and the relationship between products and brands.
- Strategies for stretching or modernizing product lines over their life cycles, which typically involve introduction, growth, maturity, and decline phases.
Product, Service, and Branding Strategies
The document discusses product, service, and branding strategies. It covers the marketing mix (4Ps), which are the key aspects that must be considered: product, price, place, and promotion. It then discusses different levels of products from the core benefit to augmented products. Products are also classified based on durability, tangibility, and whether they are consumer or industrial goods. The document outlines strategies for product line decisions such as line stretching, filling, pruning, and more. Finally, it discusses brands, trademarks, and desirable qualities for brand names like suggesting benefits or being distinctive.
08 principles of marketing -- product planning & development
This document discusses product planning and development. It defines what a product is, including its tangible and intangible attributes. Products are classified into goods and services. Consumer products are classified into four categories: convenience goods, shopping goods, specialty goods, and unsought goods. The development of new products involves idea generation, screening, business analysis, prototype development, market testing, and commercialization. The adoption of new products follows an adoption process and diffusion pattern where different groups adopt at different rates. Characteristics like relative advantage and compatibility affect the adoption rate.
Maanagement of Marketing UNIT-3 &4 product.ppt
The law of attraction is the most powerful force in the universe. If you work against it, it can only bring you pain and misery. Successful people know this but have kept it hidden from the lower class for centuries because they did not want to share their wealth. The universal law of attraction is simple. We attract whatever we choose to give our attention to. If we focus on bad things, we will attract more bad things. But the minute you stop focusing on bad and focus on good, you change the pattern and now good things start coming your way.
If we knew the law of attraction and applied it in our lives daily, we would have so much power and control that it would be scary. We could have what we wanted, and when we wanted it. We would have total control of our lives. If you think of yourself as a powerful attractor, you will attract more of what you want in your life, simply by thinking about it, then acting on it. But there is one ingredient you cannot leave out or the law of attraction won't work.
When we think of an object in our mind, we then send that image to our hearts and act on it with emotion. A formula makes this easy to follow: TFAR (Thoughts, Feelings, Actions, and Results) When we take necessary action, the universe shows up and gives us the results we wanted.
The law of attraction works by performing three steps. And these steps must be done for the process to work. These steps are:
1. Getting clear. You must know what it is you want or else you won’t get it. The universe won’t know what you are asking for, so how can it deliver?
2. Vibrate to the level of energy corresponding to what you want. If you want something and you think about it, feel it, and act on it, you must keep that level of energy going until you achieve the results you are after.
3. Attract what you want like a magnet. If you focus on what you want but don’t allow it to come into your life, it won’t. You have to be willing to accept it and acknowledge it. Then when you act, it will occur.
Whatever you do during the course of a day, whatever thoughts you think about, you are attracting. If you use it every day, regularly, and practice it this way, you will eventually find that it becomes a habit that you will subconsciously practice.
You may not believe it, but the steps you need to take are easy. But you must do them, believe in them, and believe in yourself, or they will not work. Are you ready to get tuned into the universe and get clear? Can you work in harmony with the laws of the universe and become successful?
If so here are the steps you need to follow:
1. Get clear. You must know exactly what it is you want. If you are in doubt, vague, or too general, you won’t get anywhere. You must know exactly what it is you want first. Only then will you be able to focus and concentrate on that thought?
2. Visualize what you want and vibrate to it. You must form a mental image in your mind so you can see it as if you had it in your possession. For women, you can do the
Product & brand
This slide provides in depth understanding of Product. Essential for the marketing & business management students in general.
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Product, Services, and Brands - Building Customer Value - Marketing
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Process selection2
The document discusses process selection and facility layout for production. It describes the main types of processes as project, job shop, batch, repetitive/assembly line, and continuous. Project processes are non-routine and have a limited time frame. Job shops have low volume but high variety. Batch processes have medium volume and flexibility. Repetitive processes have high volume and low variety. Continuous processes have very high volume and very low variety. The document also discusses automation and its advantages of reducing variation and improving quality, safety, and productivity, but disadvantages include lack of flexibility and costs.
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E business logistics operations scm 2
Logistics involves managing the flow of goods, information, and resources from raw materials to finished goods. This includes receiving, warehousing, inventory control, transportation, and distribution. Supply chain management coordinates this process across organizations and uses information technology like electronic data interchange and radio frequency identification to increase efficiency and flexibility. Software tools from companies like i2 Technologies and Manugistics help coordinate planning and operations across supply chain partners.
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Product decisions
- 7. Product Items, Lines, and Mixes Product Item Product Line Product Mix A specific version of a product that can be designated as a distinct offering among an organization’s products. A group of closely-related product items. Categories of product All products that an organization sells.
- 9. Gillette’s Product Lines & Mix Blades and Writing razors Toiletries instruments Lighters Fusion – 5 blade Mach 3 Turbo Mach 3 Series Paper Mate Cricket Sensor Adorn Flair S.T. Dupont Trac II Toni S.T. Dupont Atra Right Guard Swivel Silkience Double-Edge Soft and Dri Lady Gillette Foamy Super Speed Dry Look Twin Injector Dry Idea Techmatic Brush Plus Width of the product mix Depth of the product lines