Chapters 11 and 12.class.notes

Chapters 11 and 12.class.notes - Chapters 11 and 12...

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Chapters 11 and 12: Managing Product, Services & Brands Peppers and terrorism Top selling artists of the decade Coca-Cola … The Real Story Behind the Real Thing Overview Learning Statement: Students should be capable of relating to this topic in terms of the role that products play in any firm’s complete marketing mix. It is safe to say that most market mix decisions should begin with consideration of “products.” Other Learning Objectives are to: 1) Address the Nature and Role of the Product Life Cycle Concept. 2) Address how to define Products, assume a broader review of what constitutes a product, and understand the various categories of products. 3) Define Brands, learn how to create and manage them, learn why brands are so important to marketers and consumers alike and learn how to create “most excellent” brand names. George Harrison – Beatles Introducing Product Life Cycle - To succeed in the first place (for the first time) or to sustain success over the long run, firms must be good at developing new products. Such firms also must effectively and appropriately manage those new products – post introduction - throughout their life cycles. Basically, strategically aware and effective managers must manage products in full consideration of the changing consumer tastes, technology, and competition All products face limited life spans – just like all living things. That means existing products must be replaced continuously replaced by newer products. All hot trends end. That means new products, capturing and satisfying based on the hot new trends, constantly need to be developed. New products often fail, though not at the rate usually reported in marketing textbooks. Still, the risks of innovation – and thus new product development – are high, but so too are the rewards. 1
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Every product passes through a “life cycle.” This “product life cycle” (PLC) concept is analogous to the biological life cycle. Product (category) “concepts” are born, go through several stages of development, are eventually launched directly to the market, hopefully grow, reach maturity, and sadly but certainly, will eventually “die” as newer products come along. Newer products, presumably, that do a better job of serving consumer needs, which themselves have been changing and evolving all along across time. That product categories pass through life cycles is normal, natural, should be expected, and must be accounted for (and accommodated for) by marketing managers. The fact that the PLC exists, in the first place, means that all firms must continuously find new products to replace aging products. o This is both the challenge and the opportunity of NPD. Firms must/should also be adept at changing their marketing strategies in the face
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This note was uploaded on 03/12/2011 for the course MKTG 3650 taught by Professor Thompson during the Spring '08 term at North Texas.

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Chapters 11 and 12.class.notes - Chapters 11 and 12...

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