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Product Development and Marketing

Product Development and Marketing. --Reflections of a Practitioner-- Gloster B. Current, Jr. Katz MBA 1972 Professor Chatterjee’s Class February 16, 2011. Almost 40 Years Ago……. I sat where you sat On a leave of absence from A.T. & T. Had served in the Army

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Product Development and Marketing

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  1. Product Development and Marketing --Reflections of a Practitioner-- Gloster B. Current, Jr. Katz MBA 1972 Professor Chatterjee’s Class February 16, 2011

  2. Almost 40 Years Ago……. • I sat where you sat • On a leave of absence from A.T. & T. • Had served in the Army • Something covered in a Pitt marketing class….”made a light bulb go off.”

  3. Today’s talk will cover • My career since Pitt • New Product/Service insights • Real examples • Connection to your course work this semester

  4. Class Question: • What is Marketing?

  5. Gloster’s Definition • Marketing is the process of finding out what your target consumer wants and needs; then making it available to them in the places they are; and at a price they are able and willing to pay; that results in a profit for your company.

  6. The classic “4 P’s” of Marketing • Product • Promotion • Price • Place • Could add a 5th “P”. What would it be?

  7. First stop: Procter & Gamble • Selected data on P&G • Comet cleanser • Bounce fabric softener • Ivory bar soap

  8. Research question that led to new product at P&G: • “If guests were coming to your house unexpectedly, which 2 rooms of the house would you clean first?”

  9. New product concepts….where to focus? • Satisfaction Importance

  10. Second stop: RJR Foods/Del Monte • Cities Winston-Salem, N.C. San Francisco, CA Toronto, Canada Projects Hawaiian Punch re-positioning Del Monte New Products New Packaging technology to North America

  11. Positioning: (refer to Cooper “Winning at New Products”, page 61) • I. Prime Prospect • II. Frame of Reference • III. Point of Difference (e.g. what is the single reason you want your prospect to buy this?) • -Attribute = product related, e.g. “tastes like home-made” • - Benefit = people-related, e.g. “gets rid of ring around the collar” • IV. Reason Why

  12. Positioning in a sentence • To (prime prospect), product XYZ is the (frame of reference) that (point of difference) because (reason why). (Discuss Hawaiian Punch repositioning)

  13. Del Monte Canada New Products • Del Monte CEO to Gloster: “We haven’t had a new product in Canada in 10 years.” • New products launched • Del Monte juices in tetra brik carton • Hawaiian Punch drinks in tetra brik carton • Del Monte lite taste fruits • Del Monte no salt vegetables

  14. Third stop: Kentucky Fried Chicken • Focus was operations management

  15. Fourth stop: Citibank • Gramm-Leach-Bliley Act of 1999 • How financial services differs from consumer goods • Show Branch marketing catalog

  16. Fifth stop: Lincoln Financial Group • Major repositioning of Company • Substantial market research • Highly integrated with financial planners in the field. • Reference Advertising Age article • Show ad from “Investing with Confidence” (2.38)

  17. Lincoln Financial Group – Sports Marketing • Lincoln Financial Field • Various hospitality gifts • Show Lincoln Financial Field clip (4:28)

  18. Q U E S T I O N S ?

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