S12%20MKTG%203104%2011%20Product%20Strategy

S12%20MKTG%203104%2011%20Product%20Strategy - 2/5/2012...

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2/5/2012 1 MKTG 3104 Product Strategy CONTENT OBJECTIVES 1. Overview product strategy decisions 2. What does product quality mean to customers? 3. What are the issues in putting together a product line? 4. Why do we brand, and how does it affect customer and brand value? 5. What is the typical life cycle of a product class or product form?
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2/5/2012 2 PRODUCT A good, service, or idea consisting of: a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some unit of value Product class is the entire product category or industry (e.g., aircraft engines, umbrellas) Product form is a variation within a product class. (e.g. shaft engines, jet engines. . compact umbrellas, high wind umbrellas…) PRODUCT/SERVICE QUALITY Quality Dimensions (Garvin, 1988) Performance Basic benefits Features “Extra” benefits Probability of breakdown Useful life Conformance Meets preset specifications Serviceability Ease, cost, friendliness of service Aesthetics Sensory impressions Perceived quality Customer quality beliefs perceptions of quality are what drive decisions We often infer quality from other things: How buyers define quality varies across ____________ and across ________ within a product class.
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2/5/2012 3 PRODUCT LINE A product line is a group of closely related products. Companies define their own product lines. How products in a line are related can vary. Products in a line may be related by: EXAMPLES Geico life insurance, home insurance line Boeing defense, commercial lines Discount, specialty lines Armani Privé, Georgio Armani lines GE Medical: MRI, ultrasound lines Pantene (24) ANTI FRIZZ , CLARIFYING, CLEAN, CURLS, SMOOTH, BLONDE/RED/SILVER/DARK ENHANCING,
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S12%20MKTG%203104%2011%20Product%20Strategy - 2/5/2012...

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