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Product Mix. Presentation Prepared By : 1)Fayez Rayyan …… 2) Mohammed Nub3a …… For :D. Maher Arafat. Product strategies. When an organization introduces a product into a market they must ask themselves a number of questions. What is the product aimed at?
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Product Mix Presentation Prepared By : 1)Fayez Rayyan …… 2) Mohammed Nub3a …… For :D. Maher Arafat
Product strategies • When an organization introduces a product into a market they must ask themselves a number of questions. • What is the product aimed at? • What benefit will they expect? • How do they plan to position the product within the market? • What differential advantage will the product offer over their competitors?
Product definition • Product definition is a critical starting point in the development of any new product. • Product (business), an item( product/service) that ideally satisfies a market's want or need
Major product-mix strategies: Positioning, expansion (توسع), alteration (تعديل), contraction( (انكماش,. trading up and trading down(إرتِفاع وإنخِفاض في سوق التعاملات) • Product Mix and Product Line The product mixis the set of all products offered for sale by a company. • A product mix has two dimensions: • Breadth - the number of product lines carried. • Depth - the variety of sizes, colors, and models offered within each product line. • A product lineis a broad group of products, intended for(تهدف) similar uses and having similar characteristics.
Product Mix Strategies • Positioning the Product • In Relation to a Competitor • In Relation to a Product Class or Attribute • In Relation to a Target Market • By Price and Quality • Product-Mix Expansion • Line Extension • Mix Extension
Trading Up and Trading Down • Trading up:Adding a higher-priced product to a line to attract a higher-income market and improve the sales of existing lower-priced products. • Trading down:Adding a lower-priced item to a line of prestige products to encourage purchases from people who cannot afford the higher-priced product, but want the status.
Other Product Mix Strategies • Alteration of Existing Products: • Improve an established product with new design, new package, new uses. • Product-Mix Contraction(انكماش): • Eliminate an entire line or reduce assortment (تشكيله)within it. • Pruning to reduce similar brands. • Dump unprofitable or indistinct brands(تخلّصْ من الأصنافِ الغير مربحةِ أَو الغامضةِ.).
The Product Life Cycle • different products will have differently-shaped life cycle curves; will diffuse(تشتهر) at different rates • a product is normally perceived to pass through four stages over its life cycle; introduction, growth, maturity, and decline • each stage requires different marketing strategies
Product Life Cycle Stages • Introduction—most risky and expensive. • Growth—both sales and profits rise, often rapidly(كلتا المبيعات والأرباح تَرتفعانِ، في أغلب الأحيان بسرعة.) . • Maturity(النضج)—sales increase at a decreasing rate and profits decline(زيادة المبيعات بنسبه متناقصه,مع هبوط للارباح). • Decline(هبوط)— often because of another product development.
Product Life Cycle Curve INTRODUCTION GROWTH MATURITY DECLINE Sales Volume Dollars Profit 0 Loss Time in years
Strategic Implications of the Stages • introductory stage: developing the market, creating awareness(الوعي), reaching the innovators • growth stage: competition begins, sales grow quickly, profits peak(الذروة), market penetration(يخترق) • maturity stage: competition is intense(حادة), sales slow down, differentiated product offerings, customers are brand loyal(تصنيف الزبائن موالي وغير موالي), few new entrants(بضاعة) • decline stage: customers move to other options, competitors leave, profits are lowز
Characteristics of Life Cycles • length of the life cycle will vary across markets(تختلف من سوق لأخر); some are quite short and may be getting shorter • Some products have very short life cycles, while other products stay at maturity for years • in high-tech markets, life cycles are very short • some products do not make it through all four stages; they may fail in introduction • the life cycle must be considered in relation to a specific market; stage may vary across markets
Different Life Cycles Part a - Extended introduction stage Part b - Fad Aggregate sales Time in years Time in years Part c - Indefinite maturity stage Aggregate sales Time in years
References • Product - Wikipedia, the free encyclopedia • Product-Mix Strategies- Karen A. Blotnicky (Mount Saint Vincent University, Halifax, NS)