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PRODUCT MANAGEMENT. Marketing Management Session 6 and 7 October 10 and 17. SESSION OUTLINE (Oct.10). Brief review Theoretical concepts Managerial concepts Video: « Marketing a Product Range ». REVIEW. Planning the marketing strategy involves: Situation analysis and setting objectives

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Product management

PRODUCT MANAGEMENT

Marketing Management

Session 6 and 7

October 10 and 17


Session outline oct 10
SESSION OUTLINE (Oct.10)

  • Brief review

  • Theoretical concepts

  • Managerial concepts

  • Video: « Marketing a Product Range »


Review
REVIEW

  • Planning the marketing strategy involves:

    • Situation analysis and setting objectives

    • Market segmentation

    • Selecting target market(s)

    • Defining a positioning strategy

    • Developing the marketing mix


Marketing mix
MARKETING MIX

  • Controllable variables:

    • Product

    • Price

    • Promotion

    • Place


Marketing mix1
MARKETING MIX

Price

Product

Place

Promotion


MARKETING MIX

Engineering

Price

Product

Accounting/

Finance

Place

Promotion

Operations

Sales


Theoretical concepts
THEORETICAL CONCEPTS

  • Definition of a product

  • Product classifications (see Exhibit 9-4 and 9-5, pp. 304 and 309)

  • Product life cycle


Definition of a product
DEFINITION OF A PRODUCT

Central

product

Tangible product

Augmented product


Classification of consumer goods
CLASSIFICATION OF CONSUMER GOODS

See Exhibit 9-4, page 304


Classification of business products
CLASSIFICATION OF BUSINESS PRODUCTS

See Exhibit 9-5, page 309


Intangible goods
INTANGIBLE GOODS

  • Simultaneous consumption and production

  • Wide variations in demand over short periods of time

  • Many different types of services:

    • continuous services (electricity, telephone)

    • produced by a person (banking)

    • produced to a person (doctor, hairdresser)


Managerial decisions
MANAGERIAL DECISIONS

  • Elements of the product:

    • physical attributes

    • brand name and logo

    • packaging and colours

    • format

    • labelling

    • guarantees, after-sales service


Managerial decisions1
MANAGERIAL DECISIONS

  • Managing an existing product line

  • Developing and introducing new products

  • Organizing the marketing department


Next session
NEXT SESSION

  • Product life cycle

  • New product introductions

  • Case discussion: Cineplex Odeon

  • Review for mid-term exam


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