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Published byFrederick Norris Modified over 8 years ago
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PRODUCT DECISIONS Chapter 10
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Thought for the day I’ve learned that the best classroom in the world is at the feet of an elderly person” Andy Rooney, CBS 60 Minutes
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In The News Recent Pew Center Study On % US Adults Currently married. 1960 % ?
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Today’s Topics Definition of a Product Product Classifications Convenience, Shopping & Specialty Descriptive Terms Lines, Mixes, Width and Depth Strategies (Extensions and Contractions) Brands Definition Legal Protection Value of Strategies
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What are the components of as Marketing Strategy Starting which part of it?
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Cola Wars Move To Coconut Water How large is the non-al beverage industry in the US? Coconut Water’s Size Largest seller? Who owns it. How are sales?
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Start of the Marketing Mix What are the components of a Marketing Strategy? Which component have we been studying? Where are we going now?
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Importance Of Product Of the 4 p’s, which is most important? Does product impact the other p’s?
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Definition and Components Through who’s eyes is the product really Defined?….Buyers or sellers?
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A Product is What a person receives in exchange…..both favorable and un-favorable. Can be a physical good, or service, or include both tangible and intangible benefits.
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What are examples of product decisions? What products we sell? Walgreens vs. Apple vs. SLU vs. Proctor & Gamble What features those have? How many different products we sell
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Product Classification Good vs. Service vs. Customer Service
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Product Classification By Consumer Behavior Convenience Includes impulse, emergency Shopping Homogeneous and heterogeneous Specialty
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Strategy Implications For Convenience Price Place For Shopping Price Promotion
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Strategy Implications For Specialty Price Place Promotion
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Descriptive Terms Lines Mix Strategy Width Depth
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More Product Strategy Line Extensions Line Contractions Cannibalization
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Brand Definition Role or Value To Consumers Sellers: Brand Equity Protection: Trademark Copyright for creative work. Patent for formula or design Trade Secret
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Brand Strategy and Management Manufacturer’s vs. Private Brand Cobranding Individual vs. Family Brand Extensions
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Global Branding and Products Adaptation vs. Standardization
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