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Product and Pricing Strategies. Product Characteristics. Fundamentals Decisions Pricing. The Product Continuum. Tangible Goods Products Intangible Services Ideas. Characteristics of Service Products. Intangible quality Perishable nature. Consumer Products. Convenience products

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Presentation Transcript
Product and pricing strategies

Product and Pricing Strategies

Excellence in Business, Revised Edition


Product characteristics
Product Characteristics

  • Fundamentals

  • Decisions

  • Pricing

Excellence in Business, Revised Edition


The product continuum
The Product Continuum

  • Tangible

    • Goods

    • Products

  • Intangible

    • Services

    • Ideas

Excellence in Business, Revised Edition


Characteristics of service products
Characteristics of Service Products

  • Intangible quality

  • Perishable nature

Excellence in Business, Revised Edition


Consumer products
Consumer Products

  • Convenience products

  • Shopping products

  • Specialty products

  • Unsought goods

Excellence in Business, Revised Edition


Industrial products
Industrial Products

  • Expense items

    • Short term

      • Pencils

      • Printer cartridges

  • Capital items

    • Long term

      • Copy machines

      • Computers

Excellence in Business, Revised Edition


Products and their uses
Products and Their Uses

  • Raw materials

  • Components

  • Supplies

  • Installations

  • Services

  • Business equipment

Excellence in Business, Revised Edition


The product life cycle
The Product Life Cycle

  • Introduction

  • Growth

  • Maturity

  • Decline

Excellence in Business, Revised Edition


New product development
New Product Development

  • Idea generation

  • Idea screening

  • Business analysis

  • Prototype development

  • Test marketing

  • Commercialization

Excellence in Business, Revised Edition


Idea generation
Idea Generation

  • Customers

  • Competitors

  • Employees

Excellence in Business, Revised Edition


Idea screening
Idea Screening

  • Industrial products

    • Feasibility study

  • Consumer products

    • Concept testing

Excellence in Business, Revised Edition


Business analysis
Business Analysis

  • Forecast sales

  • Estimate costs

  • Project profits

Excellence in Business, Revised Edition


Prototype development
Prototype Development

  • Packaging

  • Marketing mix

  • Production

  • Resources

Excellence in Business, Revised Edition


Test marketing
Test Marketing

  • Introduce the product

  • Monitor customer reactions

Excellence in Business, Revised Edition


Commercialization
Commercialization

  • Production

  • Distribution

Excellence in Business, Revised Edition


Product identities
Product Identities

  • Branding

  • Packaging

  • Labeling

Excellence in Business, Revised Edition


Branding products
Branding Products

  • Brand names

  • Brand marks

  • Trade marks

  • National brands

  • Private brands

  • Co-branding

  • Generic products

Excellence in Business, Revised Edition


Product line selection
Product Line Selection

Product

Expansion

Product

Mix

  • Line filling

  • Line extension

  • Brand extension

  • Line stretching

  • Width

  • Length

  • Depth

  • Risks and rewards

Excellence in Business, Revised Edition


Product positioning
Product Positioning

  • Features

  • Services

  • Image

  • Price

  • Category

Excellence in Business, Revised Edition


Product positioning errors
Product Positioning Errors

  • Under positioning

  • Over positioning

  • Confused positioning

Excellence in Business, Revised Edition


International strategies
International Strategies

  • Standardization

  • Customization

Excellence in Business, Revised Edition


Developing pricing strategies
Developing Pricing Strategies

  • Marketing objectives

  • Government regulations

  • Consumer perceptions

  • Consumer demand

Excellence in Business, Revised Edition


Cost based pricing

Fixed costs

Selling price per unit-Variable costs per unit

Cost-Based Pricing

Break-Even

Point

=

Excellence in Business, Revised Edition


Other pricing strategies
Other Pricing Strategies

  • Price-based

  • Optimization

  • Skimming

  • Penetration

Excellence in Business, Revised Edition


Price adjustment strategies
Price Adjustment Strategies

  • Discount pricing

  • Bundling

  • Dynamic pricing

Excellence in Business, Revised Edition


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