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1、Part Three,Developing the marketing mix,Lecture Seven,Product Strategy,At a glance,Define product and major classifications of products and services Understanding individual product decisions Explain the decisions of developing product lines and mixes Define the steps in the new-product development
2、process Describe the stages of the product life cycle,Product,Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.,Three levels of product,Three levels of product (Airline),In-flight services Duty free shopping,Meals,Seat allocat
3、ion,Schedules,Safety record,Qantas Club,Priority baggage,Frequent flyer scheme,Holiday Packages,Tours,Time-critical transport,Flight booking system,Generic Product Stores, preserves, cools, and otherwise helps to satisfy home food-consumption needs,Tangible Product Color Design Quality Size Weight F
4、eatures Material used in construction Efficiency in use Power source Brand name,Augmented product Image Status Guarantee/warranty Delivery Installation Repair facilities Instructions and technical advice Credit Return policy Follow-up service,Three levels of product,Continuum of Goods and Services,P
5、roduct can be classified as: Consumer products convenience products shopping products specialty products Industrial products Capital items: installation, accessory equipment Materials and parts: raw materials, components: supplies,Characteristics of Consumer Products,Product attributes,Branding,Pack
6、aging,Labeling,Product support services,Individual product decisions,Should each product be individually or family-branded?,Individual brand names Blanket family name Separate family name Company/Individual names,Should a brand be developed for the product?,Brand Non-brand,Should two or more brands
7、be developed in the same product category?,One brand More than one brand,Should the brand be repositioned?,Brand repositioning No brand repositioning,Should other products be given the same brand name?,Brand extension No brand extension,Who should sponsor the brand?,Manufacturers brand Private brand
8、 Mixed brand,Branding decision,Brand sponsor decision,Family brand decision,Brand extension decision,Multibrand decision,Brand repositioning decision,An overview of branding decisions,New brands,Brand extension,Line extension,Multi-brands,Existing,New,New,Existing,Product category,Brand mane,Four br
9、and strategies,Elements of a Product mix,A product item is a specific model; A product line is a group of related product items. A product mix is all a firms product lines. Width length consistency,Product-mix Width,Product-Line Length,Product Mix for Protect & Gamble Corporate(including dates of in
10、troduction),Few product lines with a few items in each,Many different product lines with a number of items in each,Many different product lines with a few items in each,Few product lines with a number of items in each,Narrow,Broad,Shallow,Deep,Product Line Breadth,Product Line Depth,Low,Low,Low,Low,
11、Low,Low,High,High,High,Price,High,High,High,Quality,Present product,Present product,Present product,New product,New product,New product,New product,Stretching downward,Stretching upward,Stretching bothways,Product line stretching decision,Desirable products,Pleasing products,Deficient products,Salut
12、ary products,Low,High,High,Low,Immediate satisfaction,Long-run consumer benefits,Societal classification of products,Why a firm need new products?,New products,Customer orientation,Market orientation,Competitor orientation,Straight extension,Dont change product,Dont change promotion,Adapt product,Ad
13、apt promotion,Product,Promotion,Five international product and promotion strategies,Product invention,Develop new product,Major issues in new-product development,Idea generation,Idea screening,Concept development and testing,Marketing strategy & Business analysis,Product development,Test marketing,C
14、ommercialisation,Product Life cycle,Introduction The product is target to a particular market and introduced to that market,Growth The product becomes well-known in the market and sales volume increases,Decline The volume declines as demand for the product declines or competition increases.,Maturity
15、 Sales hit a peak then begin to level off as a result of competition from new and existing products.,The Characteristics of Product Life Cycle,Next week,Pricing strategies Assignment: Reviewing the lecture 7 Text book (chapter 8-9) Case study on “LifeSource nutrition: Succeeding where Campbell soup failed” on page 366-367 getting information and writing the outlet on pricing strategies Text book (chapter 10),
