PRODUCT DECISIONS Chapter 10. Thought for the day  I’ve learned that the best classroom in the world is at the feet of an elderly person”  Andy Rooney,

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Presentation transcript:

PRODUCT DECISIONS Chapter 10

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

In The News Recent Pew Center Study On % US Adults Currently married % ?

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

What are the components of as Marketing Strategy  Starting which part of it?

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?

Start of the Marketing Mix  What are the components of a  Marketing Strategy?  Which component have we been studying?  Where are we going now?

Importance Of Product  Of the 4 p’s, which is most important?  Does product impact the other p’s?

Definition and Components  Through who’s eyes is the product really  Defined?….Buyers or sellers?

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.

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

Product Classification Good vs. Service vs. Customer Service

Product Classification By Consumer Behavior  Convenience Includes impulse, emergency  Shopping Homogeneous and heterogeneous  Specialty

Strategy Implications  For Convenience Price Place  For Shopping Price Promotion

Strategy Implications  For Specialty  Price  Place  Promotion

Descriptive Terms  Lines  Mix  Strategy  Width  Depth

More Product Strategy  Line Extensions  Line Contractions  Cannibalization

Brand  Definition  Role or Value To  Consumers  Sellers: Brand Equity  Protection: Trademark  Copyright for creative work.  Patent for formula or design  Trade Secret

Brand Strategy and Management  Manufacturer’s vs. Private Brand  Cobranding  Individual vs. Family  Brand Extensions

Global Branding and Products  Adaptation vs. Standardization

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