BUAD307_L8_ProductStrategyI

BUAD307_L8_ProductStrategyI - Product Strategy I YI ZHU...

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YI ZHU BUAD 307 JUNE 20, 2011 Product Strategy I
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Marketing Process Identify Objective Analyze Environment Analyze Consumer S.T.P. Develop Strategy Product Price Place Promotion Competition SWOT
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Objectives What is a product? Classification of products Product and Service Decisions Services Marketing
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What is a Product? Pure Goods Pure Services Tires Dinner in a fancy Restaurant Hair Styling
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What is a Product? ATTTRIBUES Carbonated Water Sugar Colouring Caffeine BENEFITS Thirst Quenching!! Great Tasting!! Visually Appealing!! A Quick Pick-Me-Up!!
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What is a Product? Extended Benefits Benefits Concrete Attributes Brand Gillette Sensor Spring Suspension Triple Blades Close Shave Be Well- Groomed Lubricating Strip Smooth, Soft Shave Be Comfortable
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What is a Product? Product Goods Services Experiences Views of the Product A collection of attributes A set of tangible and intangible benefits Total Product Concept Product is everything, both favorable and unfav orable, that a person receives in an exchange
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The Total Product Concept (Three Product Levels)
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Classifying Products Unsought Products Specialty Products Shopping Products Convenience Products Products Installations Accessories Raw Material Components Supplies Services Consumer Products Business Products
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Convenience Shopping Specialty Unsought Consumer buying behavior Frequent purchase, little planning, little comparison or shopping effort, low customer involvement Less frequent purchase, much planning and shopping effort, comparison of brands on price, quality, and style Strong brand preference and loyalty, special purchase effort, little comparison of brands, low price sensitivity Little product awareness, knowledge (or, if aware, little or even negative interest) Distributi- on
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BUAD307_L8_ProductStrategyI - Product Strategy I YI ZHU...

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