product strategy
TRANSCRIPT
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PRODUCT STRATEGY
SOURABH KHEDKAR, LALJI A.S.
SHUBHAM DWIVEDI
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TOPIC OVERVIEW
“PRODUCT” AS CONCEPT & CLASSIFICATION PRODUCT SYSTEMS & MIXES MANAGING PRODUCT LINES PRODUCT-MIX PRICING PACKAGING AND LABELS
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“PRODUCT” AS CONCEPT
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What is a product? Anything offered to the market To satisfy want or need
• Goods, services, experiences, events, persons, places, organizations and ideas.
Most important element of marketing mix
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Market offering Customer will judge the offering by three
basic elements• Product features and quality• Service mix and quality• price
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Product levels In planning its market offering, the marketer
needs to address five product levels .Each level adds more customer value, and the five constitute a customer-value hierarchy:
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CORE BENEFIT • The service or benefit the customer is really buying.
• A hotel guest is buying rest and sleep.
• The purchaser of a drill is buying holes.
• Marketers must see themselves as benefit providers.
BASIC PRODUCT
EXPECTED PRODUCT
AUGMENTED PRODUCT
POTENTIAL PRODUCT
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CORE BENEFIT • The marketer must turn the core benefit into a basic product.
• Thus a hotel room includes a bed, bathroom, towels, desk, dresser, and closet.
BASIC PRODUCT
EXPECTED PRODUCT
AUGMENTED PRODUCT
POTENTIAL PRODUCT
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CORE BENEFIT • The marketer prepares an expected product, a set of attributes and conditions buyers normally expect when they purchase this product.
• Hotel guests minimally expect a clean bed, fresh towels, working lamps, and a relative degree of quiet
BASIC PRODUCT
EXPECTED PRODUCT
AUGMENTED PRODUCT
POTENTIAL PRODUCT
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CORE BENEFIT • The marketer prepares an augmented product that exceeds customer expectations.
BASIC PRODUCT
EXPECTED PRODUCT
AUGMENTED PRODUCT
POTENTIAL PRODUCT
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CORE BENEFIT • `The potential product, which encompasses all the possible augmentations and transformations the product or offering might undergo in the future.
BASIC PRODUCT
EXPECTED PRODUCT
AUGMENTED PRODUCT
POTENTIAL PRODUCT
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PRODUCT CLASSIFICATION
Marketers classify product based on • Durability and Tangibility• Use
Consumer Industrial
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Durability and tangilbility• Non-durable goods
Tangible goods normally consumed in one or few uses. Purchased frequently
• Durable goods Tangible goods that survive many uses. They require more seller guarantee and
command higher margin.
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Intangible products
• Services Intangible Requires more quality control, supplier credibility
and adaptability
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Consumer goods classification• Convenience goods
goods purchased frequently and immediately with minimum effort
Staples, impulse goods and emergency goods
• Shopping goods Those goods consumer characteristically compares on such bases as
suitability, quality, price, and style. Homogeneous and heterogeneous
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• Specialty goods
Those goods having unique characteristics or brand identification for which enough buyers are willing to make a special purchasing effort.
• Unsought goods Those goods the consumer does not know about or normally
think of buying, such as smoke detectors, grave stones.
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Industrial goods classification
Material and parts Capital items Supplies and business services
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Industrial goods classification• Materials and parts
Materials and parts are goods that enter the manufacturer’s product completely
Raw materials o Farm products
o Natural products
• Supplies and business services
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Manufactured materials Component materials
Component parts
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• Capital items Capital items are long-lasting goods that facilitate developing or the finished product.
Installations
equipment
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Supplies and business services supplies are two kinds
maintenance items and repair items operating supplies
business services include maintenance and repair services (window cleaning, copier
repair) Business advisory services (legal, advertising)
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Product and service differentiation product differentiation
Form
Features
customizations
Performance quality
Conformance quality
Durability Reliability
Reparability
style
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Service differentiation
Ordering ease
Delivery
Installation
Customer rating
Customer consulting
Maintenance and repair
Returns
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Design Design is the totality of features that affect how a product
looks, feels, and functions to a consumer. Design offers functional and aesthetic benefits and appeals
to both our rational and emotional sides.
e.g.. The product strategy of Hawkins is to span wide range of cooking products with innovative product designs.
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PRODUCT SYSTEMS & MIXES
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PRODUCT SYSTEMS & MIXES
Product Systems
Product Mixes
Product Systems Properties
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Product System
Is a group of diverse but related items that functions in compatible manner
Why its call Product System?? Eg. Mobile Phone Industry, Automobile Industry
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Product Mixes
Set of all products and items a particular seller offers for sales
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Product Mixes Properties
Product Mixes LENGTH
WIDTH
DEPTH
CONSISTANCY
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• NO.DIFFERENT PRODUCT LINE COMPAINY OFFERS
WIDTH
• TOTAL NO. OF PRODUCT IN SINGLE LINE
LENGTH
• NO. VARIANTS OF EACH PRODUCT IN LINEDEPTH
• HOW CLOSELY RELATED PRODUCT LINES ARE
CONSISTANCY
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HUL Product Mixes Width and Line Length
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HUL Product Mixes Width and Line Length
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P&G Product Mixes Width and Line Length
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Nestle Product Mixes Width and Line Length
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ITC Product Mixes Width and Line Length
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Emami Product Mixes Width and Line Length
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MANAGING PRODUCT LINES
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MANAGING PRODUCT LINESMANAGING PRODUCT
LINES
LINE LENGTH
LINE STRETCHING
LINE FILLING
LINE ANALYSIS
SALES AND PROFITS
MARKET PROFILE
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Managing “Sales and Profit” can help determine which items to Build, Maintain, Promote or Discontinue.
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Sales and Profits (Cont’d)
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Product line managers must review how the line is positioned against competitor’s line to
enhance “Market Profile”
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Market Profile (Cont’d)
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Objective behind managing product line length
To induce up-selling To facilitates cross-selling Protects against economic ups and downs To use excess manufacturing capacity To satisfy specific customer demands
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line stretching
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Occurs when company lengthens its product line beyond its current range
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Ways of line stretching
• Introduction of lower price line than current offering to enter low-end segment
Down- Market Stretch
• Introduction of higher price line than current offering to enter high end market
Up-Market Stretch
• Stretching in both ways to gain market dominance
Two Way Stretch
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line Stretching Illustration
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Line filling
Lengthening product line by adding more item within present range
Plugging holes to keep out competitors Overdone result in Cannibalization and Customer
Confusion BMW’s evolution one brand five model to 3
brands 14 Series Good Knight journey to market leader
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Product line management
Line Modernization: Introducing advance product
Line Featuring: Introducing Special edition’s Line pruning: Cutting Product Line
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PRODUCT-MIX PRICING
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PRODUCT-MIX PRICING STRATEGIESPRICING
PRICE IS THE VALUE THAT IS PUT TO A PRODUCT OR SERVICE IT IS THE RESULT OF A COMPLEX SET OF CALCULATIONS, RESEARCH AND UNDERSTANDING AND RISK TAKING ABILITY. PRICING STRATEGY TAKES INTO ACCOUNT SEGMENTS, ABILITY TO PAY, MARKET CONDITIONS, COMPETITOR ACTIONS, TRADE MARGINS AND INPUT COSTS.
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Product-Mix Pricing Strategies
Product line pricing takes into account the cost difference between products in the line, customer evaluation of their features, and competitors’ prices.
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Product-Mix Pricing Strategies
Optional product pricing takes into account optional or accessory products along with the main product.
New car with ordinary rims
8,00,000Rs New car with sports rims8,60,000Rs
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Product-Mix Pricing Strategies
Captive product pricing involves products that must be used along with the main product.
Two-part pricing is where the price is broken into Fixed fee Variable usage fee
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Copyright © 2009 Pearson Education South Asia Pte
Ltd
11-57
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Product –Mix Pricing Strategies
Product bundle pricing combines several products at a reduced price.
1 bottle: 60Rs Bundled 2 bottles: 100Rs
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Product-Mix Pricing Strategies
Pricing Strategies Product line pricing Optional product pricing Captive product pricing By-product pricing Product bundle pricing
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PACKAGING AND LABELS
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PACKAGINGThe package refers to physical container or wrapping for a
productIt is an integral part of product planning and promotion
10% of the retail price is spent on developing, designing, and producing just the package
Companies sometimes change packaging to update their image and reach a new market
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Tropicana Famous Packaging Failure:
PepsiCo experienced great success with its Tropicana brad, acquired in 1998.Then in 2009, the company launched a redesigned package to “Refresh and modernize” the brand. The goal was to create an “emotional attachment with design and trumpeting the natural fruit goodness.
After the new packing and design, Tropicana hit by record 20percent sales dropped in 2months, PepsiCo management announced it would revert to old packaging.
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FACTORS INFLUENCING PACKAGING
Self Service An increasing number of products are sold on a self –
serve basis. In an average supermarket, which may stock 5,000 items, the typical shopper passes some 50-60 products per minute.
Effective package must perform many sales tasks. Attract attentions, describe the products features, create consumer confidence, and make a favorable overall impression.
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Factors Influencing Packaging Cont’d
Consumer Affluence
Rising affluence means consumers are willing to pay a little more for the convenience, appearance, dependability, and prestige of better packages.
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Factors Influencing Packaging Cont’d
Company And Brand Image
Packages contribute to instant recognitions of the company or brand. In the store, they can create a billboard effect.
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Factors Influencing Packaging Cont’d
Innovation Opportunity
Unique or innovative packaging such as resalable spouts can bring big benefits to consumers and profits to producers.
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OBJECTIVES OF PACKAGING
1. Promoting and Selling the Product
2. Defining Product Identity
3. Providing Information
4. Expressing Customer Needs
5. Ensure Safe Use
6. Protecting the Product
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1. Promoting and Selling the Product
Attractive, colorful, and visually appealing packages have promotional value
A well designed
package is a powerful selling device because it helps the product stand out from its competitors.
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2. Defining Product Identity
Packaging is sometimes used to promote and image such as prestige, convenience, or status
Can be a crucial part of the marketing strategy, particularly in advertising
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3. Providing Information Gives customer useful
information on: directions for using the
productits contentsproduct guaranteesnutritional valuepotential hazards
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4. Expressing Customer Needs When designing packages, companies analyze
customer lifestyles and create packaging that meets their needs for size and convenience.
Packages often come in various sizes Family size Single serving
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5. Ensure Safe Use Proper packaging helps to eliminate potential
injuries or misuse of a product Formerly glass containers are now plastic Childproof caps Tamper resistant packages
Blister packs – packages with preformed plastic molds surrounding individual items arranged on a backing
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6. Protecting the Product Must protect during shipping, storage, and
display Prevent or discourage from tampering Prevent shoplifting Protect against breakage and spoilage
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LABELINGLabel – an identification tag, wrapper, seal,
imprinted message that is attached to a product or its package
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KINDS OF LABELS1. Brand Label – gives brand name and trademark
or logo
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Kinds of Labels Cont’d
Descriptive Label – give information about product use, construction, care, performance, and other features
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Kinds of Labels Cont’d Grade Label – Some products have given grade
label. Grade label shows the grade of the product. It shows the quality of products by words, letters, or figure.
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References and Sources
A Marketing Management: A South Asian Perspective By Kotler, Keller, Koshy, Jha
www.slideshare.com