Product-Selling Strategies that Add Value - PowerPoint PPT Presentation

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Product-Selling Strategies that Add Value

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  1. Selling Today 10th Edition CHAPTER Manning and Reece Product-Selling Strategies thatAdd Value 7

  2. Positioning and Differentiation • Positioning involves those decisions and activities intended to create and maintain a certain concept of the firm’s product in the customer’s mind • Differentiation refers to your ability to separate yourself and your product from that of your competitors. It is the key to building and maintaining a competitive advantage

  3. Value Proposition • The set of benefits and values the company promises to deliver to customers to satisfy their needs • A well-informed customer will usually choose the product that offers the most value

  4. Redefining Products in the Age of Information • Products are problem-solving tools • People buy products if they fulfill a problem-solving need • Today’s better educated and more demanding customers are seeking a cluster of satisfactions

  5. Product-Selling Model 7.1 FIGURE

  6. Product Life Cycle Stages

  7. Selling New versusMature Products • Nature and extent of each stage in product life cycle determined by: • Product’s perceived advantage over available substitutes • Product’s benefits and importance of needs met by product • Full spectrum of competitive activity • Changes in technology, fashion, and/or demographics

  8. Product-Selling Strategiesfor Positioning 7.2 FIGURE

  9. Various Forms of Discounts • Quantity: lower price for high quantity or dollar amount • Seasonal: price adjusted by time of year • Promotional allowance: give special price linked to special promotion or advertising campaign • Trade/functional discounts: given to wholesalers for special services

  10. Consequences ofLow Price Tactics • High/low involvement buyers? • High emotional involvement with brand • Low-involvement buyers focus on price • Importance of quality? • Role of price—quality relationship in sale • Importance of service? • Many buyers, particularly business-to-business, rank service above absolute price

  11. Value-Added Selling • Progressive marketers add value with intangibles • Increased service and courtesy • Prompt deliveries, more innovations • Value-added approaches yield unique niche and competitive edge

  12. The Total Product Concept 7.3 FIGURE