Mensur Boydaş: Vahdi Boydaş: Product strategy lec
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Transcript of Mensur Boydaş: Vahdi Boydaş: Product strategy lec
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Marketing
Product Strategy
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What is a product?
• A product is “anything that can be offered to a market for attention , acquisition , use or consumption and that might satisfy a want or a need.” (Armstrong et al, 2004)
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Levels of a Product
•
Augmented
Actual
Core
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Product Classifications
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Product decisions
• Product Class.
• Branding and attributes.
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Width, Length, Depth
Classes/commodity (width)-to develop: new classes
Lines/Products (length)—to develop: new Brands and/or new product concepts
Products’ Versions (depth)-to develop: new options
Innovation magnitude decreases
Innovation magnitude increases
e.g. Walkman
Cassettes/ CD’s
Shock-absorbent/Sound adjustments, radio option, etc..
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Product decisions (cont.)
• Product line decisions. • Product mix decisions.– Managing the product
portfolio
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New product development (Divergence Towards Class/Category
Creation (Ries &Ries,2004)
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New product development Product life cycle strategies
(Diversions towards line creations)
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Types of product development
• Change in the core • Change in Packaging and/or core