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III MARKETING STRATEGY: PRODUCT New Product Development New Product Diffusion Process Product Life Cycle Product Mix and Product Line Strategies Product Portfolio Concept Product Differentiation Product Positioning Brand Awareness, Preference, Loyalty, Equity

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iii marketing strategy product

IIIMARKETING STRATEGY: PRODUCT

New Product Development

New Product Diffusion Process

Product Life Cycle

Product Mix and Product Line Strategies

Product Portfolio Concept

Product Differentiation

Product Positioning

Brand Awareness, Preference, Loyalty, Equity

Services as Products (Key Distinctions)

product

Product

Anything that can be offered to a market that can satisfy a need or want

product broadly defined some examples
Product - Broadly DefinedSome Examples
  • Physical Goods (auto, T.V.)
  • Services (medical care, haircut)
  • People (Bill Clinton, Tiger Woods)
  • Places (Australia, London, Las Vegas)
  • Organizations (Girl Scouts, AAA)
  • Ideas (Stop Smoking, Capitalism)
five product levels
Five Product Levels

Potential product

Augmented product

Expected product

Basic product

Core benefit

new product development dilemma

New Product Development Dilemma

Most firms must introduce new products to survive and prosper in the long-run yet the prospects for success are low (80% failure rate in consumer packaged goods)

six categories of new products
Six Categories of New Products
  • New-to-the- world products (10%)
  • New product lines
  • Additions of existing product lines
  • Improvements and revisions to existing products
  • Repositioning
  • Cost reductions
new product development process
New Product Development Process
  • Idea generation
  • Screening
  • Concept development
  • Business analysis
  • Prototype
  • Test marketing
  • Commercialization
adopter categorization of the basis of relative time of adoption of innovations
Adopter Categorization of the Basis of Relative Time of Adoption of Innovations

34%

Early

majority

34%

Late

majority

13.5%

2.5%

Innovators

16%

Laggards

Early

adopters

Time of adoption of innovations

product life cycle

I Introduction

IIGrowth

IIIMaturity

IV Saturation

VDecline

Product Life Cycle

Sales

V

IV

III

II

I

Time

product mix

Product Mix

Set of all product that any given seller offers for sale to the market

product line

Product Line

Groups of products that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same channels, or fall within given price ranges

product mix strategies
Product Mix Strategies
  • Width - how many product lines
  • Length - total number of products in mix
  • Depth - variety offered in each line
  • Consistency - how similar are lines
product line strategies
Product Line Strategies
  • Line lengthening
  • Line shortening
  • Line broadening
  • Line pruning
  • Line filling
  • Trading up
  • Trading down
two way product line stretch marriott hotels
Two-Way Product-Line Stretch: Marriott Hotels

Quality

Economy

Standard

Good

Superior

Marriott

Marquis

(Top

executives)

High

Marriott

(Middle

managers)

Above

average

Price

Average

Courtyard

(Salespeople)

Fairfield Inn

(Vacationers)

Low

product portfolio concept

Product Portfolio Concept

Products (or brands) in product mix or line viewed as analogous to securities in a financial portfolio. Contribution of each product and overall “balance” of the portfolio evaluated.

product differentiation

Product Differentiation

Sellers attempt to portray a product as being different from competitive products and therefore more desirable to purchase even though the price may be higher

product positioning

Product Positioning

Creating an impression about a particular product relative to other available products

product and brand positioning
Product and BrandPositioning

Product-positioning map

(breakfast market)

Expensive

Bacon

and

eggs

Cold

cereal

Slow

Quick

Pancakes

Hot

cereal

Instant

breakfast

Inexpensive

product brand

Product Brand

Name, term, symbol, or unique design, or combination of these factors intended to identify the products of a particular seller and distinguish them from those of competitors

brand terminology
Brand Terminology
  • Brand awareness
  • Brand acceptability
  • Brand preference
  • Brand loyalty
  • Brand equity
brand equity

Brand Equity

The added value that a brand gives to a product in the marketplace

the world s 10 most valuable brands
Coca-Cola

Marlboro

Nescafe

Kodak

Microsoft

6) Budweiser

7) Kellogg

8) Motorola

9) Gillette

10) Bacardi

The World’s 10 Most Valuable Brands*
  • * based in survey by Financial World
an overview of branding decisions
An Overview ofBranding Decisions

Brand-

sponsor

decision

Brand-

name

decision

Brand-

strategy

decision

Brand-

repositioning

decision

Branding

decision

Should a

brand be

developed

for the

product?

Who

should

sponsor

the brand?

What

names

should be

put on the

products?

What

branding

strategies

should be

used?

Should the

brand be

reposi-

tioned?

  • Brand
  • No brand
  • Manu-
  • facturer’s
  • brand
  • Distribu-
    • tor’s
  • (private)
  • brand
  • Licensed
  • brand
  • Individual
  • brand
  • names
  • Blanket
  • family
  • names
  • Separate
  • family
  • names
  • Company/
  • individual
  • names
  • Line
  • extension
  • Brand
  • extension
  • Multi-
  • brands
  • New
  • brands
  • Cobrands
  • Brand
  • reposi-
  • tioning
  • No brand
  • reposi-
  • tioning
special characteristics of services as products
Special Characteristics of Services as Products
  • Intangibility of services
  • Inseparability of service from provider
  • Difficulty of standardization
  • High degree of customer involvement
  • Perishability of services