Key Topics Classification of products Consumer and producer products Innovation, technological change and R&D New product design and development Product.

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Presentation transcript:

Key Topics Classification of products Consumer and producer products Innovation, technological change and R&D New product design and development Product life cycle Product differentiation Product portfolio analysis

Introduction Product Goods Services Functional Value Emotional Value

Classification of Products Product Item Product Line Product Mix Product Range Width Depth

Consumer products Fast-moving consumer goods Consumer perishables Consumer durables Specialty consumer products Producer products Industrial goods Fixed assets

New Product Design and Development Stages of NPD Sources of NPD 1. Market research 2. Development/testing 3. Feasibility study 4. Launch Market research Product extensions Research and development ‘me too’ developments

Product Life Cycle Research and development Launch Growth Maturity Saturation Decline

Product Life Cycle

Extension Strategies Price Reductions Redesigning Repackaging New Markets Promotion

Product Differentiation BRANDING Price Advantages Consumer Recognition and Loyalty Distribution Advantages

Product Portfolio Analysis Range of Products Strategic Business Units Boston Matrix

Market Share HighLow Market Growth High Stars Problem Children Low Cash CowsDogs

Correlating Product Strategy Market Share HighLow Market Growth High Stars Harvest Problem Children Build Share Low Cash Cows Hold Dogs Divest

Branding Create legal identity Identifiable logo Reduce risk Enhance image Generate sales

Brand Names Coined brands Bona fide names Acronyms Numbers Personal names Place names

Brand Development and Loyalty Key Terms Advantages Brand preference Brand loyalty Market/brand leader Brand development Brand switching Customer loyalty schemes Higher market share Charge premium prices Price inelastic demand Fosters extension strategies Higher barriers to entry

Product and Business Strategy

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