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AEM1200_0216ToPost - AEM1200 Introduction to Business...

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Unformatted text preview: AEM1200, Introduction to Business Management. AEM1200, Monday 2/16 Marketing (II) The four Ps: Product The Product Life Cycle The four Ps: Price Components of the Product Components Value- Total Product Offer Everything that consumers evaluate when deciding Everything whether to buy something. whether A group of products that are physically similar or are group intended for a similar market. intended The combination of product lines offered by a The manufacturer. manufacturer. The creation of real or perceived product differences. Product Line Product Mix Product Differentiation P&G’s Product Mix P&G’s The Value Package The Price Package Store surroundings Image Guarantee Reputation Brand name Service Buyer’s past experience Speed of delivery Accessibility of marketer Product differentiation Product The creation of real or perceived The product differences product Branding Branding A name, symbol or design that identifies the goods name, and services of one seller and differentiates them from those of the competition. from Branded goods: Bayer, Tylenol, Advil Generic goods: aspirin, acetaminophen, ibuprofen Dealer goods: RiteAid, Wegmans’, Price Chopper… How quickly or easily a given brand name comes to How mind when a product category is mentioned. mind The combination of factors such as awareness, loyalty, The perceived quality, images and emotions people associate with a given brand name. Brand awareness Brand equity A Good Brand Name… Good o Speaks directly to product’s target customers o Attracts/motivates consumers to try it o Is memorable/sticks in customers’ minds o Is distinctive enough to protect it legally The New-Product Development Process The Idea generation Based on consumer wants and needs Consumer research Product screening Product analysis Development Prototypes Testing Commercialization Characteristics of Product Life Cycle Stages Characteristics Product Life Cycle Stages and the Marketing Mix Product Pricing Pricing Objectives $ ROI $ Traffic $ Market Share $ Sales $ Image $ Social Cost-Based Value-Service based Strategies - Skim Penetration EDLP High-Low Cost Leadership Non-price competition - Add value Educate consumers Establish relationships Takeaways Takeaways A product is a complex bundle of attributes product determined by business performance and behavior: behavior: Product Features Product lines and product mix The product life cycle stage determines product The strategy, including new product development and product management. and Pricing strategies determine the position of a Pricing product vis-à-vis its competitors. Judicious pricing includes cost, profit, and competitive considerations. Never price “high” or “low” without justification. And always consider the without And possibility of non-price competition. possibility ...
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