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Sustainable Management Session 1 Product and Services – an introduction and relationship with the marketing mix Colin Love Director MSc Strategic Marketing.

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Presentation on theme: "Sustainable Management Session 1 Product and Services – an introduction and relationship with the marketing mix Colin Love Director MSc Strategic Marketing."— Presentation transcript:

1 Sustainable Management Session 1 Product and Services – an introduction and relationship with the marketing mix Colin Love Director MSc Strategic Marketing

2 Outline lecture timetable and content: MondayWednesdayThursdayTuesdayThursday 19-Nov 11.0021-Nov 10.0022-Nov 10.0027-Nov 14.0029-Nov 10.00 Lecture ThemeCentral role of P&S inComplexity of P&SCritical relationship withForward viewGroup Presentations marketingAdditional requirementsbrand - awareness andDesigning in green, Relationship withof servicesreputation and damagesustainabilty20 minutes / group marketing mixNew ProductAnsoff matrix - forNew requirements from Development - NPDdevelopment decisionsSocial Media and P&S Blue ocean thinking In Class activityP&S and the marketingIdentification of realUsing the Ansoff matrix toApplication of Social mixbreakthrough productsassess risk of P&SMedia Formula !and servicesdevelopment riskto support P&S What is the product? Case Study and otherAssignment briefCase discussion Case DiscussionEach group should bring briefs Developing New ProductsDeveloping a breakthroughSocial Mediatheir presentation on a Group allocationand Servicesservice strategy to drive flash drive. Hard copy profit and growth (ISS) is not required Read case for Nov 21Read case for Nov 22Read case for 28 NovPreparation forLoad to desktop at Commence preparationpresentations 29 Novstart of lecture - for presentations 29 Nov presentation order random!

3 Some concepts and discussions: What is marketing? Where do products and services fit in? What processes are involved? How do products and services add value to an organization? Sales / profits Goodwill / brand value Where are Products and Services going? How do we manage products and services

4 Marketing – setting the scene Is it a science ? – rigorous, measurable, strategic Is it an art ? – pragmatic, creative, gut feel Key to corporate success – product and service Success in the past 10 years based on putting customers first Product and Services are the key component of an organisations strategic toolbox The Green Customer is King 4

5 Steve Jobs: Innovator – Marketer – Entrepreneur? 5 Brand Value driven by products and services Apple - $182Bn Coca Cola -$74BN SINGAPORE GDP $182Bn

6 Marketing as a Business Philosophy What is Market Orientation? The organisation-wide collection, analysis, dissemination and response to information on competitors and consumers Customer and Market facing Market oriented firms are generally: More innovative More profitable 6

7 The Marketing Mix as the central concept: The marketing tool box – classical 4 P’s Product Price Promotion Place 5 th P? A useful explanation of the development and execution of the Marketing Plan 7 The Marketing Mix

8 Marketing cycle – and important links 8

9 Product Life Cycle:

10 Simplistic New Product Development process - NPD

11 Today – main focus on hard tactile product:

12 What is a product? 12

13 Steve Jobs: Innovator – Marketer – Entrepreneur? 13 "Design is not just what it looks like. Design is how it works.” Interview with The New York Times, 2003

14 Product or Service: Can You Tell the Difference? Product transition to Services Fast Moving Consumer goods Hard / tactile Consumer durable Hard / tactile plus Service / Warranty Banking Medicare Entertainment Intangible Inseparable Variable Perishable Pure PRODUCT Pure SERVICE 14

15 Other elements of the Marketing Mix:

16 PRICE – what is it? The cash that customer pays for a good or service Includes VAT – ( collected on behalf of Govt) Includes delivery Includes installation Includes duties Includes local taxes………. Includes whatever………… Usually expressed as RRP Influenced by scope of augmented product features 16

17 PROMOTION – what is it? Its not all sex, drugs and rock ‘n’ roll Includes Advertising – all media Sales promotion – all channels Sales Forces / Direct Marketing PR Testimonials Sponsorship Internet Social Media and it’s a Major Marketing Spend!! 17

18 Place - Channels of Trade A bridge for customer access to the marketing mix ordering / purchasing delivery / pick up leisure Places Physical – retail shops, markets Non physical – direct channels direct mail / mail order / tv / direct selling internet / mobiles / social media -the growth area 18

19 “Why join the navy if you can be a pirate?” 19 It's really hard to design products by focus groups. A lot of times, people don't know what they want until you show it to them

20 Group Discussion Outline the perceived marketing mix for Formula 1 ? 4 groups Product / price / place / promotion 20

21 F1 marketing mix: Product Price 21

22 F1 marketing mix: Promotion Place 22

23 F1 – Marketing Mix: What does this tell us about the F1 product? Product? Service? Hard / Soft Development? Where does the product add value?

24 Group Assignment – background – the CEO: The CEO of a top ‘services’ company is concerned that the contribution from generic growth or further opportunities from M&A / Strategic Alliances is unlikely to generate significant increases in profit in the next 5 years The CEO has briefed the companies management team to develop a ‘breakout product or service’ to leverage the existing corporate position and resources to dramatically grow the company The CEO is under extreme pressure from shareholders and other key stakeholders to deliver sustainable corporate growth

25 Group Assignment – the brief – YOU - the management team The CEO has briefed the following 4 elements for development: 1.A strategic/marketing review of the current environment 2.The identification of a break out concept which is executable by the organization – either products or services rationale for development competency gaps resource requirements 3.An outline of the key development steps – set against a timeline and broad financial targets 4.The new concept must be sustainable and meet stakeholder CSR expectations The concept should have significant scale!!

26 Group assignment – assessment – Thursday 29 th December A presentation to be delivered in the final lecture. Maximum 20 minutes with 3-5 minutes for Q&A. The presentation should take the following format / role play: The presentation should represent the CEO publicizing the new concept and expected incremental contribution to the company. The CEO can have other members of the management team joining the presentation The presentation should address the 4 key points in the brief Assume the audience is made up of shareholders / media / institutions / EU agencies / other stakeholders Use ‘ppt’ to deliver the presentation Use ‘ppt note pages’ as a summary report I would expect max 10 content pages Less is more!!

27 Case study questions for discussion: Developing New Products and Services: Consider: NPD Entrepreneurship Technology diffusion

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