Week11 - 4PMix:ProductStrategy Week11 ProfessorWeonSangYOO...

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4P Mix: Product Strategy Week 11 Professor Weon Sang YOO School of Business
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Principles of Marketing Prof. Weon Sang YOO Product Strategy Agenda Product Strategy (Goods and Services) Service Marketing
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Principles of Marketing Product Strategy From Thinking To Doing product (place, pricing, promo) decision? It depends . Is this particular action consistent with the rest of the marketing mix? Does the marketing mix successfully execute the intended positioning? Does it attract the target buyers? Does it accomplish the company’s objectives? P r i c i n g P r o m o t i o n T h e M a r k e t i n g M i x M a r k e t i n g O b j e c t i v e s T a r g e t M a r k e t P o s i t i o n i n g A c t i o n s I n t e n t i o n C o n c e p t
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Principles of Marketing Prof. Weon Sang YOO Product Strategy 1. What is a Product? A product is a bundle of goods, symbols, and services that is offered to a market to satisfy a want and need. Core Product: Core benefit that the customer is really buying. Basic/Expected Product: actual goods and services delivered, packaging, brand. Augmented Product: additional services and benefits that exceed expectations. Core Product Basic/Expected Product Augmented Product
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Principles of Marketing Prof. Weon Sang YOO Product Strategy $60 Million Name? 6/1998: VW outbids BMW to purchase Rolls-Royce & Bentley Cars for more than $700 Million. 7/1998: BMW pays more than $60 Million for the “Rolls-Royce” brand name from Rolls-Royce PLC. BMW agrees to license the rights for the brand name free-of-charge to VW until the end of 2002 2003: BMW took control of Rolls-Royce production and marketing while VW operates Bentley only. Discussion Questions “Rolls Royce” name wor th $60 million? Why, or why not? Wise for BMW to license the name to VW free-of-charge ? Why or, why not?
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Principles of Marketing Prof. Weon Sang YOO Product Strategy 2. Brand BRAND EQUI TY: Differential Effect of Brand Customer-Based : Differential effect of brand on buyer response.
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Week11 - 4PMix:ProductStrategy Week11 ProfessorWeonSangYOO...

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