MARK4210 Spring 2018 Class 9 product complete (1).pdf - Product Strategy MARK 4210 Spring 2018 Professor Eugene R Raitt Course Roadmap Fundamentals

MARK4210 Spring 2018 Class 9 product complete (1).pdf -...

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Product Strategy MARK 4210 Spring 2018 Professor Eugene R. Raitt
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Situation Analysis (Customer, Competitor, Company) Market Selection (Segmentation, Targeting, Positioning) Marketing Mix Formulation (Product, Pricing, Distribution, Promotion) - Quantitative Analysis - Consumer Behavior Simulation Game PharmaSim Elements of Marketing Strategy Fundamentals Application Course Roadmap MARK 4210 Spring 2018 Professor Eugene R. Raitt
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Refresher What is a product? Anything that can be offered to a market to satisfy a consumer need and create value for consumers Three levels of product MARK 4210 Spring 2018 Professor Eugene R. Raitt
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Product Category Membership Product category defines a set of similar products designed to serve a specific common set of customer needs How to establish a product category membership?: Product design Channel Marketing communication Pricing Product categories can evolve incrementally, or transform dramatically MARK 4210 Spring 2018 Professor Eugene R. Raitt
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Product Strategy Product differentiation Horizontal differentiation? - Benefits do not imply a universal preference order Vertical differentiation? - Benefits can be ordered in terms of attractiveness MARK 4210 Spring 2018 Professor Eugene R. Raitt
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Product Mix Strategy Product mix All the products and items that a company offers Benefits of having a large product mix?? Target multiple segments (sub-segments) Counter encroachment by alternative products Control shelf space Downside of having a large product mix?? Increase decision difficultyEncourage consumers’ variety seekingIncrease costCannibalization MARK 4210 Spring 2018 Professor Eugene R. Raitt
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Food for Thought “Our research shows that in certain categories shoppers feel they have more choices after category options are reduced because there is less clutter and confusion; they can more easily find the product that meets their specific need... Product simplification is a big opportunity. We are investing in new tools and using deep shopper insight to simplify product lines and increase consumer and shopper satisfaction.” -- Robert A. McDonald, P&G Chairman & CEO MARK 4210 Spring 2018 Professor Eugene R. Raitt
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Product Mix Strategy Adjustment to the product mixProduct abandonmentProduct modification
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  • Spring '17
  • Marketing, Eugene R. Raitt, Professor Eugene R.

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