110806 - Product and Branding

110806 - Product and Branding - Product and Branding...

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Product and Branding Product and Branding November 8, 2006 November 8, 2006
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Product Strategy Product —b undle  o f phys ic a l, s e rvic e ,  a nd s ym b o lic  a ttrib ute s  de s ig ne d to   e nha nc e  b uye rs ’ wa nt s a tis fa c tio n. Included in this broad definition are considerations of  package design, brand names, warranties, and product  image People don’t buy things (e.g., ¼” drill bits), they  purchase what those things will provide them with  (e.g. ¼” holes)
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Product Strategy Product Lines and Product Mix Product Line —group of related products that are  physically similar or are intended for the same market. Product Mix —company’s assortment of product  lines and individual offerings.
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Product Mix
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Product Life Cycle Product Life Cycle —fo ur b a s ic  s ta g e s   thro ug h whic h a  s uc c e s s ful pro duc t  pro g re s s e s . Introduction Growth Maturity Decline
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Product Life Cycle Stages of the Product Life Cycle Introduction Firm attempts to build demand for its new offering Promotional campaigns concentrate on features, uses, and  benefits Financial losses are common due to low initial sales and   heavy promotional costs
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Product Life Cycle Stages of the Product Life Cycle Growth Sales climb quickly Firm usually begins to realize profits due to higher sales volume Marketing efforts continue to focus on establishing the product in  the market and building brand awareness Later in the growth stage, the strategy shifts to building loyalty Additional spending on product adaptation, promotion and  distribution, along with lower prices may be necessary
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Product Life Cycle Stages of the Product Life Cycle Maturity Industry sales continue to grow, but eventually reach a  plateau Companies emphasize market segmentation – often  resulting in an oversupply of the product
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110806 - Product and Branding - Product and Branding...

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