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Products and Pricing

This chapter provides a comprehensive overview of product development, life cycles, and pricing strategies essential in marketing. It covers the four stages of a product life cycle—introduction, growth, maturity, and decline—and details six stages of product development from idea generation to commercialization. Learn about brand loyalty, the significance of packaging and labeling, and strategies for product-line expansion. Additionally, explore factors influencing pricing decisions and common strategies like cost-based pricing, penetration, and dynamic pricing adjustments.

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Products and Pricing

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  1. Products and Pricing Chapter 10 ©2007 Prentice Hall

  2. Chapter 10 Objectives After studying this chapter, you will be able to: • Describe the four stages in the life cycle of a product • Describe six stages of product development • Cite three levels of brand loyalty • Discuss the functions of packaging and labeling • Identify four ways of expanding a product line and discuss two risks that product-line extensions pose ©2007 Prentice Hall

  3. Chapter 10 Objectives, cont. • List the factors that influence pricing decisions and identify seven common pricing strategies • Explain why cost-based pricing can be a flawed strategy ©2007 Prentice Hall

  4. Characteristics of Products Insert exhibit 10.1 ©2007 Prentice Hall

  5. Service Products • Intangibility • Testimonials ©2007 Prentice Hall

  6. Consumer Products Convenience Shopping Specialty Unsought ©2007 Prentice Hall

  7. Industrial and Commercial Products Raw Materials Installations Components Equipment Supplies Business Services ©2007 Prentice Hall

  8. Introduction Growth Maturity Decline DVD Players Internet VCRs Cassette Tapes Sales Sales Volume (units) + 0  Profits Time Product Life Cycle ©2007 Prentice Hall

  9. Introduction • R&D through launch • Careful planning • Large investments ©2007 Prentice Hall

  10. Growth • Rapid sales increase • Increase market share • Large profits ©2007 Prentice Hall

  11. Maturity • Longest cycle • Market saturation • Milking a cash cow ©2007 Prentice Hall

  12. Decline • Inevitable • Changing demographics • Product competition ©2007 Prentice Hall

  13. New Product Development Idea Generation Prototype Development Idea Screening Test Marketing Business Analysis Commercialization ©2007 Prentice Hall

  14. Product Identities Branding Packaging Labeling ©2007 Prentice Hall

  15. Brand Name Selection Brand Names Brand Mark Trade Mark ©2007 Prentice Hall

  16. Brand Sponsorship ©2007 Prentice Hall

  17. Function Strategy The Product Display Information Differentiation Inventory Control Appeal Packaging and Labeling ©2007 Prentice Hall

  18. Selecting Products Product Line Product Mix • Line filling • Line extension • Brand extension • Line stretching • Width • Length • Depth • Risks and rewards ©2007 Prentice Hall

  19. Product Expansion Strategies Family Branding Brand Extension International ©2007 Prentice Hall

  20. Pricing Strategies Marketing Objectives Government Regulations Quality Perceptions Customer Demand ©2007 Prentice Hall

  21. Cost-Based Pricing • Break even analysis • Variable costs • Fixed costs • Break even point Insert top graph from exhibit 10.7 ©2007 Prentice Hall

  22. Other Pricing Strategies Price-Based Penetration Optimal Loss-Leader Skim Auction ©2007 Prentice Hall

  23. Price Adjustment Strategies Price Discounts Bundling Dynamic ©2007 Prentice Hall

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