Product strategy
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Transcript of Product strategy
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Product EquityAdvanced Marketing Management
Maribel C. TuberaDBA Student
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What is a product?• It is anything that can be offered to a market
for attention, acquisition, use or consumption that might satisfy a want or a need.
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Service• An activity, benefit, or satisfaction offered for
sale that is essentially intangible and does not result in the ownership of anything.
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2 categories of products1. Consumer products2. Industrial products or Business products
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Product and Service Classifications1. Consumer products
a) Convenience productsb) Shopping productsc) Specialty productsd) Unsought products
2. Industrial Products or business productsa) Materials and partsb) Capital itemsc) Supplies and services
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Nature of a service1. Service intangibility2. Service variability3. Service perishability
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Service Characteristics• Intangibility• Simultaneous production and consumption• Perishability• Heterogeneity• Client-based relationship
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3 Levels of Product and Services1. Core customer value2. Actual product3. Augmented product
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Other market offerings• Organizations• Persons• Places• ideas
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Individual Product Decisions
Product Attributes Branding Packaging
Labeling Product support services
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4 ways to increase a business1. Add new product line2. Lengthen its existing product lines 3. Add more versions of each product4. Pursue more product line consistency
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Service profit chain• Internal service quality• Satisfied and productive service employees• Greater service value• Satisfied and loyal customers• Healthy service profits and growth
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3 types of service marketing1. Internal marketing2. External marketing3. Interactive marketing
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Stages in new product development
1. Idea generations2. Idea screening3. Concept development and testing4. Marketing strategy development5. Business analysis6. Product development7. Test marketing8. Commercialization
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6 strategic options related to the newness of products
1. New-to-the World products2. New product lines3. Product line extensions4. Improvements or revisions of existing products5. Repositioning6. Cost reductions
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• Customer-centered new product development
• Team-based new product development• Systematic new-product development• new-product development in turbulent times
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Brand Strategy
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Brand • A combination of name, symbol, term, and or
design that identifies a specific product.
2 parts of a brand1. Brand name2. Brand mark
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Issues in branding strategy• Manufacturer versus private label brands• Brand loyalty – has 3 degrees– Brand recognition– Brand preference– Brand insistence
• Brand equity – the value of a brand• Brand alliances
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Advantages of BrandingOverall advantages of branding• Product identification• Comparison shopping• Shopping efficiency• Risk reduction• Product acceptance• Enhanced self-image• Enhanced product loyalty
Unique advantages of selling manufacturer ( Name) brands
• Reduced costs• Built-in loyalty• Enhanced image• Lower inventory• Less risk
Unique advantages of selling private label (store) brands•Less competition•Total control•Merchant loyalty
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Major brand strategy decisionsBrand Positioning
AttributesBenefitsBeliefs and values
Brand name selection
SelectionProtection
Brand sponsorship
Manufacturer’s brandPrivate brand LicensingCo-branding
Brand development
Line extensionBrand extensionMulti brandsNew brands
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Brand Development1. Line extensions2. Brand extensions3. Multibrands4. New brands
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Product life-cycle strategies1. Product development 2. Introduction3. Growth4. Maturity5. Decline
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