Undergraduate PRODUCT

Undergraduate PRODUCT - Product Management Results are...

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Product Management The first man gets the oyster; the second man gets the shell. Andrew Carnegie Results are gained by exploiting opportunities, not by solving problems . Peter Drucker The second mouse gets the cheese. Unknown
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A product is anything that can be offered to a market for attention, acquisition, use, or consumption, that might satisfy a want or need. Products can be physical objects, services, persons, places, organizations, or ideas. What is a product? What is a product? Core Benefit or Service Actual Product Augmented Product Core Product Installation Warranty Credit Delivery After Sale Service Packaging Design Features Quality Level Brand Name
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Trends in Products More attention to innovation/ new-product development • Faster new-product development • Computer-aided package/product design • Market-driven focus on research and development • More attention to quality and quality control • More attention to services • Advances in packaging • Extending established brand names to new products
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Tangibility and Durability Shopping Habits 1. Durable goods 1. Convenience 2. Non-durable goods 2. Shopping 3. Services 3. Specialty 4. Unsought Classifying Classifying Products Products
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Brands and Products Historically, most products were unbranded. Now, almost every product is branded--a mark that identifies a product with a company. Conditions Favorable to Branding • Product easy to identify by brand • Consistent quality can be maintained • Widespread availability is possible • Demand for the product class is large • Price is high enough to support branding • Economies of scale are possible • Favorable shelf location can be obtained
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Brand Association Anything that is directly or indirectly linked in memory to a brand McDonalds Golden arches Gatorade Football Games Budweiser Frogs Taco Bell Chihuahua Kentucky Fried Chicken Colonel Sanders
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--the added value that a brand name brings to a product beyond the product's functional value. Brand Equity can be developed by: Brand Awareness or familiarity Brand Association through the use of logos, trademarks, jingles, characters or spokespersons. Brand loyalty
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This note was uploaded on 10/13/2010 for the course MKT B280 taught by Professor Lawrence during the Fall '08 term at Loyola New Orleans.

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Undergraduate PRODUCT - Product Management Results are...

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