Kotler Chapter Assignment - Chapter 12 Setting Product Strategy
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http:// patricklimreyes.blogspot.com/ Setting Product Strategy Patrick L. Reyes 6/6/22
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Marketing Management Kotler Chapter Assignment
Transcript of Kotler Chapter Assignment - Chapter 12 Setting Product Strategy
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Setting Product Strategy
Patrick L. Reyes
April 9, 2023
http://patricklimreyes.blogspot.com/
A Marketer… 1. Addresses Product Levels2. Classifies Products 3. Differentiates Products and/or Services4. Identifies Levels of Product Hierarchy5. Analyzes Product Lines, Product
Systems and Mix 6. Delivers with Packaging, Labeling,
Warranties, and Guarantees
At the heart of a great brand is a great product.
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Product - anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.
It’s the Product Stu-dent!
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Chapter focus: the Product
Components of Market Offering
Attractiveness of the market offering
Value-based Prices
Product features and quality
Services mix and quality
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1. Core Benefit2. Basic Product3. Expected Product4. Augmented Product5. Potential Product
1. Address 5 Product Levels of Customer Value
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1. Durability and Tangibility
1. Durable – tangible, many use
2. Non-Durable – tangible, one or a few use
3. Services – intangible, variable, perishable
2a. How Marketers Classify Products
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2. Use – Consumer or Industrial
1. Consumer – habits 1. Convenience – frequent, minimal effort
2. Shopping – compares quality, price, style
3. Specialty – unique or brand identification
4. Unsought – not normally think of buying
2b. How Marketers Classify Products
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2. Use2. Industrial
1. Materials and Parts
1. Raw – processed further 1. Farm – produced 2. Natural – limited supply
2. Manufactured – 1. Component Materials – fabricated further 2. Component Parts – used as is
2c. How Marketers Classify Products
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2. Industrial2. Capital Items
1. Installation – major $ 2. Equipment
3. Supplies and Business Services
1. Maintenance and Repair 2. Operating3. Business Services
2c. How Marketers Classify Products
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3a. Differentiating Products(Some) Product Differentiators1. Form – size, shape, physical2. Features – specifications 3. Customization
4. Performance Quality 5. Conformance Quality - consistency6. Style
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Services Differentiators1. Ordering ease 2. Delivery
3. Installation - required
4. Customer Training 5. Customer Consulting6. Maintenance and Repair 7. Return Policy
3b. Differentiating Services
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Need family
Product family
Product class
Product line
Product type
Item
1. Need family – core need2. Product family – all product classes, satisfy
core need3. Product class – group of products within
product family 4. Product line – group of products within
product class5. Product type – group of items within
product line6. Item – distinct unit
4. Identify 6 Levels of Product Hierarchy
Financial Instruments
Life Insurance
Term Life Insurance
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Product System – diverse but related items (product & accessories)
Product Mix – assortment, all products 1. Width – how many product lines2. Length – total items in the mix3. Depth – how many variants in each product line4. Consistency – how closely related the product lines are
5a. Analyze Product Lines, Product Systems and Mixes
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5b. The Product Systems and Mixes
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Product Line Analysis – basic platform
1. Sales and Profits2. Market Profile – versus competitors3. Product Line Stretching
5c. Analyzing Product Lines, Product Systems and Mixes
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5d. Sales & Profits Analysis
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Company X
5e. Market Profile
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5f. Line Stretching
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Packaging – 5th P, advertising tool, instant recognition, identity
Labeling – provide info, required by law
Warranties and Guarantees – provide peace of mind to some, perception of performance and dependability
“Food must look good, because even if it doesn’t taste good, it’s too late”
6. Packaging, Labeling, Warranties, Guarantees
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Explore and exploit…1. Product Levels2. Product Classification 3. Products and/or Services Differentiation4. 6 Levels of Product Hierarchy5. Product Systems and Mix 6. Perception with Packaging, Labeling,
Warranties, and Guarantees
At the heart of a great brand is a great product.
http://patricklimreyes.blogspot.com/
Setting Product Strategy
Patrick L. Reyes
April 9, 2023
