MARK4210 Class 9 product complete.pdf - Product Strategy MARK4210 Spring 2018(complete Mid-Term Exam Time and venue March 21(Wed 7:30-8:50pm LT-A For

MARK4210 Class 9 product complete.pdf - Product Strategy...

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Product Strategy MARK4210 Spring 2018 (complete)
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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
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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
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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
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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
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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
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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
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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
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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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