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Transcript
Foundations of Marketing, Mar/Apr 2007 Session 9 (Product) Foundations of Marketing Session #9 Professor Myungwoo Nam Product Decisions THE BIG PICTURE execute PLC Product Line product Brand Equity Distinct STP Profitable Accessible segment Goal Setting Focus Benchmarks Impediment brand price Attractive Compatible target C. Advantage positionDefine evaluate place Differentiate Deepen promotion Professor Myungwoo Nam 1 Foundations of Marketing, Mar/Apr 2007 Session 9 (Product) What is a Product? • A bundle of benefits • The point of contact between the firm and the customer • A crucial factor in building brand equity The Product Life Cycle Sales and Profits Introduction Growth Mobile Phones Maturity Portable Phones Decline Stationary Phones Sales 3G phones Profits Time Professor Myungwoo Nam 2 Foundations of Marketing, Mar/Apr 2007 Session 9 (Product) Extending a Product’s Life Cycle • Delay decline: increase usage; new users; new uses Growth Maturity Industry Sales Introduction Time Extending a Product’s Life Cycle • New product introduction: improved version; extension Introduction Growth Maturity Decline Industry Sales Brand A Brand B Time Professor Myungwoo Nam 3 Foundations of Marketing, Mar/Apr 2007 Session 9 (Product) Product Line Extensions: Rationales • Low cost, low risk way to serve a segmented market • Adapt to consumer variety seeking and update or expand the core brand’s image • Increase shelf-space and thereby attract more consumer attention • Offer a broader range of price points and thereby serve a wider audience of consumers • Create a barrier to competition by increasing control over shelf-space Product Line Extensions: Risks • Blurring the rationale for each product in the line • Encouraging variety seeking • Diluting the core brand image • Under exploiting a good idea • Increasing costs without increasing total sales Professor Myungwoo Nam 4
