08-09 Product Strategy-1

08-09 Product Strategy-1 - Product Strategy 1 Agenda...

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1 Product  Strategy Related to Chapter 10 11
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2 Agenda Levels of product Product Life Cycle (PLC) Product Decision Individual product decisions  Product mix decisions
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3 WHAT IS A PRODUCT? NOT JUST A PHYSICAL  ENTITY. ..
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4 THREE LEVELS OF PRODUCT AUGMENTED EXPECTED CORE
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5 Levels of Product Core Benefit/ Service Packaging Features Brand name Quality Level Design Installation Warranty Delivery and Credit After- sales Service Augmented  Product Actual Product Core Product Convenience Physical product,  Software, Package Delivery, 1yr warranty
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6 A CRUCIAL DISTINCTION: FEATURES VS. BENEFITS
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7 DEFINITION: A PRODUCT IS A GOOD, SERVICE, OR IDEA CONSISTING OF A BUNDLE OF TANGIBLE AND INTANGIBLE BENEFITS…
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8 THE PRODUCT LIFE CYCLE (PLC): The life of a product over four stages: introduction, growth, maturity, and decline.
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9 Product Life Cycle (PLC) and its relation with a firm’s marketing objectives and marketing mix actions
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10 THE PRODUCT LIFE CYCLE INTRODUCTION STAGE Promotion: Primary Demand (desire for product  class) vs. Selective Demand (desire for specific  brand) Price: Skimming Strategy vs. Penetration Pricing Product: Usually just one Place: Limited Competition: Few
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11 THE PRODUCT LIFE CYCLE GROWTH STAGE Rapid Sales Increases Repeat Purchasers Product: New Features, More Versions Place: Broader Distribution Promotion: Stress Point of Differences (Selective  Demand) Price: Gain Market Share (penetration pricing), Deal
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12 THE PRODUCT LIFE CYCLE MATURITY STAGE Product: Further line extension, Full product line Fewer Competitors Industry/Product Sales Slow Promotion: Reminder Oriented Price: Defend market share, profit oriented Place: Maximum Expansion
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13 THE PRODUCT LIFE CYCLE DECLINE STAGE Deletion Industry/Product Sales Drop Harvesting Environmental Changes Product: Only keep the best selling, most profitable  product items Promotion: Minimal Pricing: Cost-driven, Keep profitable Place: Concentrate on fewer outlets
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14 Characteristics of PLC Length of PLC varies PLCs range from a few week to decades TVs vs. VCRs Length of individual stage varies from one product  category to next Extended introduction stage: Home Computer Extended maturity stage: TVs, Automobiles
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15 Shapes of Alternative PLC Shape of the Product Life Cycle Generalized Life Cycle High-Learning Product Fashion Product Fad Product Low-Learning product
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16 Alternative product life cycle curves based on product type
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17 Managing PLCS PRODUCT MODIFICATION MARKET PENETRATION MARKET DEVELOPMENT PRODUCT REPOSITIONING
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18 MANAGING PLS MODIFYING THE PRODUCT OR MARKET Product Modification Product Bundling New Characteristics Market Modification
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This document was uploaded on 10/26/2011 for the course MKT 301 at DePaul.

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08-09 Product Strategy-1 - Product Strategy 1 Agenda...

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