ch 10 MKTG-Product Concepts

ch 10 MKTG-Product Concepts - Managing Products & Brands...

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Foundations of Marketing Stephen Walls
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Where are we? 5 Cs Customer Competencies Competitors Collaborators Context STP Segmentation Targeting Positioning 4 Ps Product Price Place Promotion
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Today’s basic questions How do we manage products effectively through the Product Life Cycle? What role does Brand play in managing products & services?
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Agenda Product as a component of the marketing mix Branding Packaging Warranties
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Positioning Statement for Target (based on differentiation) Product Strategy Pricing Strategy Place/ Distribution Strategy Promotion/ Communication Strategy QuickTime™ and a TIFF (LZW) decompressor are needed to see this picture.
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What is a Product? Everything, both favorable and unfavorable, that a person receives in an exchange. Tangible Good Service Idea Product
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Brand name Quality Style Attributes Packaging Installation Service Guarantees Core Benefit Levels of “Product”
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Types of Products Business Product Consumer Product A product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other consumers. A product bought to satisfy an individual’s personal needs or wants
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Types of Consumer Products Market Development Diversification Increase market share among existing customers Attract new customers to existing products Introduce new products into new markets Create new products for present markets Convenience Product Shopping Product Specialty Product Unsought Product A relatively inexpensive item that merits little shopping effort A product that requires comparison shopping, because it is usually more expensive and found in fewer stores A particular item for which consumers search extensively and are reluctant to accept substitutes A product unknown to the potential buyer or a known product that the buyer does not actively seek
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Product Item Product Line Product Mix A specific version of a product
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This note was uploaded on 06/16/2010 for the course MKT 76620 taught by Professor Walls during the Summer '10 term at University of Texas.

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ch 10 MKTG-Product Concepts - Managing Products & Brands...

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