mm-408 - PRODUCT AND BRAND MANAGEMENT MM-408 CONTENTS No...

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Web Design: Introductory
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PRODUCT AND BRAND MANAGEMENT MM-408 CONTENTS No. Description Author Vetter Page 1. Product Planning and Management S.S. Kundu Dr. M.R.P. Singh 2. Product Life-cycle and Marketing Strategies S.S. Kundu Dr. M.R.P. Singh 3. New Product Development Idea Generation, Screening, Concept Development and Testing Dr. Atul Dhingra Dr. B.S. Bodla 4. Business Analysis, Test Marketing and Product Launching Dr. Atul Dhingra Prof. H. Bansal 5. Branding Strategies S.S. Kundu Dr. B.S. Bodla 6. Branding Concepts S.S. Kundu Prof. H. Bansal 7. Branding Decisions Sushil Kumar Prof. H. Bansal This subject has been converted into SIM format by Dr. Pardeep Gupta, Reader, Department of Business Management, Guru Jambheshwar University of Science and Technology, Hisar. 1
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LESSON NO. 1 PRODUCT PLANNING AND MANAGEMENT STRUCTURE 1.0 Objectives 1.1 Introduction 1.2 Product concept 1.3 Definitions 1.4 Product levels 1.5 Product hierarchy 1.6 Product classifications 1.7 Product mix 1.8 Product-line decisions 1.9 Managing line extensions 1.10 Summary 1.11 Keywords 1.12 Self assessment questions 1.13 References/suggested readings 1.0 OBJECTIVES After reading this lesson you will be able to understand: The concept of product Classification of product Levels of product Management of product line extensions. 1.1 INTRODUCTION The competitive marketing is all about war, warriors and wealth. In their bid to generate more wealth, marketers have always struggled to 1
discover new warriors. The warriors would effectively decimate the competition. But decimation of competition is not the end in itself. It is a destruction of competition in serving the markets where from the springs of wealth emanate. Time is witness to the rise or fall of various ‘means’ which corporate strategies devised and developed to meet the battlefield challenges. For long marketers relied on what lied inside business system. They used the superiority of manufacturing or scale or sales for winning the marketing war. It did deliver them superiority. But in the recent new emergent business environment, superiority of manufacturing does not guarantee success. The parity in products, resources, system and processes are eroding the value of old approaches of wealth creation. Good product is essential for gaining entry into the marketing game, but it is not sufficient. The new free business environment easily enables any marketer to make a product, as good as the best in the industry. Quality products are common, but very few succeed among them. 1.2 PRODUCT CONCEPT The product concept assumes that consumers will buy the product that offers them the highest quality, the best performance, and the most features. A product orientation leads a company to try constantly to improve the quality of its product. Under this concept, it is believed by the managers that consumers prefer well-made products and can appreciate better quality and performance. Organizations that are devoted to the product concept of marketing, believe that consumers would automatically favour for products of high quality. The managers of

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