session 13

session 13 - Marketing Management Qiang Liu Products If a...

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Marketing Management Qiang Liu Products If a man can write a better book, preach a better sermon, or make a better mouse-trap, than his neighbor, though he build his house in the woods, the world will make a beaten path to his door.” – Emerson
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2 Agenda What is product/product mix? Product life cycle New product New product development New product diffusion Branding What is a brand / brand equity? Branding strategies
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What is a Product? Anything that can be offered to a market for attention, acquisition, use or consumption – that satisfies a want or a need. Physical Goods: cars, food, and so on Services: service from barbers, bankers, physicians. .. Events & Experiences: Olympics… Persons: Oprah Winfrey, Madonna…. Places & Properties: cities, states, nations, islands… Organizations: American Marketing Association, NPR… marketing research, university…
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4 Product mix A product line (category) comprises related products of various sizes, types, colors, qualities, or prices to perform a similar function. It may be composed of different brands or a single family brand. The product mix (product assortment) is the set of all products and items that a particular seller offers Width of a product mix refers to how many different product lines the company carriers
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5 Product mix – an example for Product mix width Product line Detergent Toothpaste Bar soap Diapers Tissue Ivory snow Gleem Ivory Pampers Charmin Tide Crest Lava Luvs Puffs Cheer Camay Banner Oxydol Zest Summit Dash Safeguard Bold Coast Gain Oil of Olay Era
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Augmented product Brand Couch Wireless Levels of a Product: Starbucks Coffee, cream Sugar Core product Which level provides greater competitive advantage?
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7 Agenda What is product/product mix? Product Life Cycle New Product New product development New product diffusion Branding What is a brand / brand equity? Branding strategies
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8 The Product Life Cycle (PLC) To say that a product has a life cycle means A product has a limited life time A product sales passes through distinct stages where each pose different challenges and opportunities Profits rise and fall at different stages A company’s strategy changes as the product change over time Stage of the product life cycle Sales revenue or profit Introduction Growth Maturity Decline + 0 Sales Revenue Profit
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9 Maintain brand loyalty Marketing objective Gain Awareness Stress differentiation Harvesting, deletion Competition None Growing Many Reduced Product One More versions Full product line Best sellers Price Skimming or penetration Gain share, deal Defend share, profit Stay profitable Promotion Inform, educate Stress competitive differences Reminder oriented Minimal promotion Place (distribution) Limited More outlets Maximum outlets Fewer outlets Stage of the product life cycle Sales revenue or profit Introduction Growth Maturity Decline + 0 Sales Revenue Profit The Product Life Cycle (PLC)
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session 13 - Marketing Management Qiang Liu Products If a...

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