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Marketing Management 2nd Edition

Marketing Management 2nd Edition. Michael R. Czinkota and Masaaki Kotabe. Chapter 8: Product and Service Decisions. Chapter Outline. Product Package Product Strategy Product Life Cycle Life Cycles and Marketing Strategy Product Portfolio Product Mix Product Standardization or Adaptation

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Marketing Management 2nd Edition

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  1. Marketing Management2nd Edition Michael R. Czinkota and Masaaki Kotabe Chapter 8: Product and Service Decisions

  2. Chapter Outline • Product Package • Product Strategy • Product Life Cycle • Life Cycles and Marketing Strategy • Product Portfolio • Product Mix • Product Standardization or Adaptation • Packaging • Distinctive Features of a Service • Marketing Repercussions of Services

  3. Product Package Tangible Product (packaging) Core Product (ring) Augmented Product (psychological benefits)

  4. Product Strategy PRODUCT Present New Market Penetration Product Development Present MISSION (MARKET) Market Development Diversification New

  5. Product Strategy (cont.) Present product • Increase share of existing product in existing market • Two strategies: • Persuade users to buy more product OR • Take business from competitors Market Penetration Present market

  6. Product Strategy (cont.) New product • Major modification of the product for the current market Product Development Present market

  7. Product Strategy (cont.) • Find new uses for existing product • Two strategies: • Find new markets for product OR • Aim at a broader market Present product Market Development New market

  8. Product Strategy (cont.) • Launch new product in a new market New product Diversification New market

  9. Product Life Cycle Post Mortem Introduction Growth Maturity Decline Sales $ Profit Time Loss/profit

  10. Other Life Cycles • Life cycle extensions • Fashions and fads • Technological life cycles • International product life cycle

  11. Life Cycles and Marketing Strategy Maximize distribution Build awareness & obtain trial Introduction Extend distribution Advertise & promote heavily Growth Advertise product image Persuade customers to switch Maturity Decline Milk the product for profits Determine if to terminate product Postmortem Plan for postmortem expenses Develop phase-out plan

  12. Product Portfolios:the BCG Matrix High Problem child Star Market Growth Cash cow Dog Low Relative Market Share High Low

  13. Product Portfolio of Two Organizations Company A Company B

  14. Product Mix P&G sells: Tide detergent, Pringle’s potato chips, and Ivory shampoo Product mix P&G sells: Different brands of laundry detergent including Tide and Cheer. Product line P&G sells: Different forms and package sizes of Tide detergent. Product depth

  15. Product Standardization or Adaptation Sell product as is Modify product for other country Design new product for new markets Introduce a global product

  16. Packaging Function Imagery Product description This coffee is the best tasting coffee in the world. That’s because it’s made with 100% arabica beans, the finest beans money can buy. Customer demands Product amount 12 oz.

  17. Distinctive Features of a Service Intangible High customer involvement Perishable Requires consistency Service capacity

  18. Marketing Repercussions of Services • Nature and aim of the service • Role of personnel • Lack of storage capacity • Pricing and financing • Distribution of services • International aspects of services

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