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Professor Carl Mela BA 460 Product Management Fuqua School of Business. Brand Management System On Building A Brand Managing Across Brands. Introduction to Product Management. Agenda. Course Overview What is a Brand? Brand Equity Brand Management. Course Overview. Objective Structure

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introduction to product management
Professor Carl Mela

BA 460 Product Management

Fuqua School of Business

Brand Management System

On Building A Brand

Managing Across Brands

Introduction to Product Management
agenda
Agenda
  • Course Overview
  • What is a Brand?
  • Brand Equity
  • Brand Management
course overview
Course Overview
  • Objective
  • Structure
    • Brand Management System
    • On Building A Brand
    • Managing Across Brands
  • Requirements
    • 2 case write-ups, class participation, marketing plan, and final exam.
structure
Structure
  • Part I - The Brand Management System
    • Class 1: Class Overview, The Nature of a Brand, Brand/Product Management. An application to the Pepsi syringe scare.
    • Class 2: P&G Case. Live commentary from P&G.
structure5
Structure
  • Part II - Building Brands
    • Class 3: Branding and Price. The case is Kodak. Then, Red Hat discusses how its branding strategy leads to a price advantage.
    • Class 4: Distribution and forecasting. The Goodyear case. Video regarding the effect of channel on brand.
structure6
Structure
  • Part II - Building Brands (Cont.)
    • Class 5: Craig Stacey (VP from IRI) discusses the use of information to build brands.
    • Class 6: Promotions and Brands: Marketing in the NHL with live commentary from the Hurricanes Director of Communications, Ken Lehrner
structure7
Structure
  • Part II - Building Brands (Cont.)
    • Class 7: Advertising and Brands with Intel Inside Interactive CDROM. Live Commentary and Discussion with Michael J. Ganey, Director, Howard, Merrell & Partners,Inc.
structure8
Structure
  • Part III - Across Brands and Markets
    • Class 8: The Marketing Plan & Pharmasim. Tom O’Guinn, Visiting Professor discusses Brand Communities.
    • Class 9: Product Extensions: The Black and Decker Case and Video
    • Class 10: Global Branding: The Heineken Case, MTV Worldwide, and The Fuqua MBA with Jim Gray, Associate Dean, Fuqua.
structure9
Structure
  • Part III - Across Brands and Markets
    • Class 11: Branding on the Internet. Deborah Kania (Lens Express and author of branding.com) and Beth Yakel (Sciquest)
    • Class 12: Wrap-up and PharmaSim Summary.
agenda10
Agenda
  • Course Overview
  • What is a Brand?
  • Brand Equity
  • Brand Management
what is a brand
What is a Brand?
  • Name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or groups of sellers and to differentiate them from those of competition.” - AMA
  • Not all products are brands.
    • Focus of Court et al. reading
why brand
Why Brand?
  • Identify product
  • Reduce risk
  • Reduce consumer search cost
  • Signal quality
  • Legal protection
  • Create product associations
  • Differentiate product
agenda13
Agenda
  • Course Overview
  • What is a Brand?
  • Brand Equity
  • Brand Management
brand equity
Brand Equity
  • The marketing effects uniquely attributable to the brand - Keller
  • Positive brand equity leads to:
    • Loyalty
    • Margins
    • Reduced vulnerability to competition
    • Enhanced marketing effectiveness
    • Brand extensions
brand equity15
Brand Equity
  • Sources of Brand Knowledge
    • Brand Awareness
    • Brand Image
      • Strength of Brand Associations
      • Favorability of Brand Associations
      • Uniqueness of Brand Associations
brand equity16
Brand Equity
  • Benefits
    • Loyalty
    • Larger Margins
    • Greater Trade Support
    • More Efficient Communications
    • Licensing Opportunities
    • Brand Extension Opportunities
  • Coke name worth $39BB, Kodak $11BB (Brand Valuation Reading)
best corporate reputations in america
Best Corporate Reputations in America

Source: Wall Street Journal / Harris Poll

brand equity18
Brand Equity
  • But how does one develop brand equity?
  • The goal of this course is to learn how to manage brands (via marketing programs) in order to create brand equity - that is, create an enduring advantage for your brands.
figure 2 9 building customer based brand equity
Figure 2-9 Building Customer-Based Brand Equity

TOOLS AND OBJECTIVES KNOWLEDGE EFFECTS BENEFITS

Choosing Brand Elements (4)

Brand Awareness (3)

Possible Outcome

Depth Recall

Recognition

Breadth Purchase

Consumption

Brand name

Logo Memorability

Symbol Meaningfulness

Character Transferability

Packaging Adaptability

Slogan Protectability

}

Greater loyalty

Less vulnerability to competitive

marketing actions and crises

Larger margins

More elastic response to price

increases

More inelastic response to

price increases

Increased marketing communica-

tion efficiency and effectiveness

Possible licensing opportunities

More favorable brand extension

evaluations

Developing Marketing Programs (5 & 6)

Product Functional & symbolic benefits

Price Value perceptions

Distribution channels Integrate “Push” & “Pull”

Communications Mix and match options

Brand Associations (3)

Strong Relevance

Consistency

Favorable Desirable

Deliverable

Unique Point of parity

Point of difference

Leverage of Secondary Associations (7)

}

Company

Country of origin

Channel of distribution Awareness

Other brands Meaningfulness

Endorsor Transferability

Event

agenda20
Agenda
  • Course Overview
  • What is a Brand?
  • Brand Equity
  • Brand Management
brand management
Brand Management
  • Brand management is the act of designing and implementing marketing programs to build and maintain brand equity.
    • Product
    • Price
    • Distribution
    • Communications
the role of a brand or product manager
The Role of a Brand or Product Manager
  • Prepare Marketing Plan
  • Develop Copy, Programs, and Campaigns
  • Stimulate Sales and Distribution
  • Market Intelligence
  • Product Improvements
slide23

The Role of a Brand or Product Manager

  • Pluses

- Cost effective mix, quick market reaction, attention for small brands, good training for executives

  • Minuses

- Conflict and frustration (responsibility and no authority), administrative work with executive expectations, learns products not functions, short horizon, costs of associates and assistants

a product manager computer software firm
A Product Manager - Computer Software Firm
  • Background
    • Undergrad in architecture, became director of marketing for architecture firm
    • Received MBA
    • International marketing manager for sporting goods company
    • Founded a toy company
a product manager computer software firm25
A Product Manager -Computer Software Firm
  • Typical day
    • Meetings - new product line, marketing mix, marketing staff, organizational design and integration
    • E-mail/Phone - 3rd party developers, sales force, product support
  • Marketing planning - drafting the marketing plan
a product manager computer software firm26
A Product ManagerComputer Software Firm
  • Marketing mix - recommends price to corporate committee, manages advertising, conducts focus groups for product positioning and development, decides on channels
a product manager consumer packaged goods firm
A Product Manager - Consumer Packaged Goods Firm
  • Background
    • Medical equipment sales after undergraduate
    • Received MBA
    • Assistant Brand Manager at large CPG Company
    • Switched firms, promoted several times to product manager.
    • Switched firms again to as senior product manager
a product manager consumer packaged goods firm28
A Product Manager -Consumer Packaged Goods Firm
  • Typical day
    • 75% fighting fires, 25% planning
  • Marketing planning - key is volume forecasting since unsold inventory is perishable
  • Mix - 1/3 on pricing issues (list & trade), 20% on consumer promotions, president handles ads, 15% on distribution, little on sales and service
a product manager computer software firm29
A Product ManagerComputer Software Firm
  • Marketing mix - recommends price to corporate committee, manages advertising, conducts focus groups for product positioning and development, decides on channels.
the marketing department
The Marketing Department

VP Marketing

Marketing

Administration

New Products

Advertising &

Promotion

Existing Products

Sales

Market Research

Design the Department!!!

Matrix or Tree?

brand management issues
Brand Management Issues

Media

Purchasing

Packaging

Promotion

Services

Salesforce

Product

Manager

Distribution

R&D

Fiscal

Manufacturing

Legal

Publicity

Market

Research

Advertising

Agency

the nature of the job
The Nature of the Job
  • Department Their Emphasis Marketing’s Emphasis
  • R&DBasic Research, Intrinsic Quality, Applied Research, Perceived
    • Functional Features Quality, Sales Features
  • EngineeringLong Design Lead Times, Few Short Lead Times, Many Models,
    • Models, Standard Components Custom Components
  • PurchasingNarrow Lines, Standard Parts, Price Broad Lines, Nonstandard Parts,
    • of Material, Large & Infrequent Lots Quality of Material, Small Lots
  • ManufacturingLong Lead Times, Long Runs, Few Short Lead Times, Short Runs,
    • Models & Revisions, Standard Orders, Many Models, Custom Orders,
    • Ease of Fabrication, Average Quality Fine Appearance, Tight Quality
  • FinanceStrict Rationale for Spending, Hard Intuitive Arguments for Spending,
    • and Fast Budgets, Pricing Covers Flexible Budgets, Pricing to
    • Costs Market Developments
  • AccountingStandard Transactions, Few Reports Special Terms/Discounts
  • CreditFull Disclosures, No Risk, Tough Minimum Disclosure, Some Risk,
    • Terms, Tough Collection Easy Credit, Easy Collection
a key trend in product brand management
A Key Trend in Product/Brand Management
  • Salaries and bonus for product marketers are up 65% in the last two years (Marketing News, Nov. 99)
brand management prognostications
Brand Management Prognostications
  • Future of brand management
    • Customer management vs. product management
    • Cuts across brands and products
    • Managers organized by portfolios of customers
summary
Summary
  • Brand Equity
    • Awareness
    • Associations
  • Created by the mix
  • It is the role of a product manager to manage the mix to create equity
  • The brand management system