Product Strategy MARK4210 Spring 2018 (complete)
Time and venue March 21 (Wed) 7:30-8:50pm, LT-A For students who take MIMT3120: March 21 (Wed) 6:30-7:50pm, main building Room 1505 (Lift 25/26) No lecture on the exam day Content and format Covers up to STP (including STP) Short scenario questions Open book: lecture notes, cases, written/typed material in hard copy Things to note Bring a calculator No computer/laptop, no smart phone/tablet, internet access Mid-Term Exam
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
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
Refresher: 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
Managing Product Mix: Types of Differentiation Product mix: All the products and items that a company offers Product differentiation Horizontal differentiation? - Benefits do not imply a universal preference order Vertical differentiation? - Benefits can be ordered in terms of attractiveness
Managing Product Mix: Should You Have a Large Product Mix 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 difficulty Encourage consumers’ variety seeking Increase cost Cannibalization
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
Managing Product Mix: BCG Matrix High Market Share High Market Growth Market Growth Rate Relative Market Share Low Market Share Low Market Growth Source: Boston Consulting Group Where should you invest the most $$$?
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