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Marketing Strategy Planning Process Narrowing down to focused strategy with quantitative and qualitative screening criteria Customers Needs and other Segmenting Dimensions Company Mission, Objectives, & Resources Targeting & Segmentation S. W. O. T. Positioning & Differentiation Competitors Current & Prospective External Market Environment Technology Political & Legal Social & Cultural Economic An Introduction What Are Key Strategy Planning Decisions Related to Product? • • • • • Physical good, service or most often some of both Branding Packaging Warranty Life Cycle Management and Product Development Differences in Goods and Services Goods Services Differences in Goods and Services Goods Services Tangible Intangible Produced Then Sold Sold Then Produced and/ or Consumed Same Time Differences in Goods and Services Goods Services Tangible Intangible Produced Then Sold Sold Then Produced and/ or Consumed Same Time Can Store and Transport Perishable Produced Separate From Consumer Often Produced In Consumer's Presence Who Does the Branding? ? Brand Choices ? Manufacturer ? ? Who Does the Branding? ? Brand Choices ? Manufacturer ? Dealer ? Who Does the Branding? ? Brand Choices ? Manufacturer ? Generic Dealer ? Type of Brand ? Family Brand ? Brand Choices ? ? Type of Brand ? Family Brand ? Individual Brand ? Brand Choices ? Type of Brand Licensed ? Family Brand ? Individual Brand ? Brand Choices ? Characteristics of a Good Brand Name A Good Brand Name Is... • • • • • • • • • Short and simple Suggestive of product benefits Legally available Timeless rather than timely No negative imagery Easy to spell, read, and pronounce Adaptable for international markets Adaptable to packaging/labeling needs Adaptable to any advertising medium International Brands Conditions Favorable to Building Brand Familiarity 1. Easy to identify by brand or trademark 2. Quality is best value for the price Seven Conditions Favorable to Successful Branding Conditions Favorable to Building Brand Familiarity 1. Easy to identify by brand or trademark 2. Quality is best value for the price 3. Dependable and widespread availability 4. Demand for general product class is large Seven Conditions Favorable to Successful Branding 5. Demand supports price needed to support brand Conditions Favorable to Building Brand Familiarity 1. Easy to identify by brand or trademark 2. Quality is best value for the price 3. Dependable and widespread availability 4. Demand for general product class is large Seven Conditions Favorable to Successful Branding 5. Demand supports price needed to support brand 6. Economies of scale possible 7. Favorable shelf locations possible Levels of Brand Familiarity Rejection Focus: Change Position Levels of Brand Familiarity Rejection Non-recognition Focus: Change Position Focus: Increase Awareness Levels of Brand Familiarity Rejection Non-recognition Recognition Focus: Change Position Focus: Increase Awareness Focus: Continue Education Levels of Brand Familiarity Rejection Non-recognition Recognition Preference Focus: Change Position Focus: Increase Awareness Focus: Continue Education Focus : Maintain Availability Levels of Brand Familiarity Rejection Non-recognition Recognition Preference Insistence Focus: Change Position Focus: Increase Awareness Focus: Continue Education Focus : Maintain Availability Focus : Develop High Brand Equity Generating Brand Preference Packaging and Strategy Planning Protection Packaging can improve shipping, handling, and storage and reduce shoplifting or spoilage Packaging and Strategy Planning Packaging and Strategy Planning Protection Promotion Packaging can improve shipping, handling, and storage and reduce shoplifting or spoilage Packaging sends a signal at point of purchase and consumption Packaging and Strategy Planning Protection Promotion Better Product Packaging can improve shipping, handling, and storage and reduce shoplifting or spoilage Packaging sends a signal at point of purchase and consumption Packaging can make the difference in ease of use, more distinctive, etc. Packaging and Strategy Planning Packaging and Strategy Planning Protection Promotion Better Product Affects Cost Packaging can improve shipping, handling, and storage and reduce shoplifting or spoilage Packaging sends a signal at point of purchase and consumption Packaging can make the difference in ease of use, more distinctive, etc. Packaging costs and externalities vary widely … big environmental issues Warranties and Strategy Planning A warranty says the company stands behind the product. Consumers often feel more comfortable with products they know come with assurances. The Product Life Cycle Market Introduction + $0 Time - Sales grow slowly, at a cost The Product Life Cycle Market Introduction Market Growth Market Maturity + Sales Decline Total Industry Sales Total Industry Profit $0 Time - Sales grow slowly, at a cost Sales growth, but profits level off Sales levels, Manage it or but profits say goodbye decline The Product Life Cycle Market Introduction Market Growth Market Maturity + $0 Time - Sales grow slowly, at a cost Sales growth, but profits level off Sales levels, but profits decline The Product Life Cycle Market Introduction Market Growth Market Maturity + Sales Decline Total Industry Sales Total Industry Profit $0 Time - Sales grow slowly, at a cost Sales growth, but profits level off Sales levels, Manage it or but profits say goodbye decline Avoid Confusion about PLC Key Points About the PLC... • Product-market, not brand • Markets may have different cycles • Timing of stages may vary • Strategy must change over time The Product Life Cycle Market Introduction Market Growth Market Maturity Sales Decline Total Industry Sales + $0 Total Industry Profit Time - Product One of Few Variety - try to find best product Build brand familiarity “All the same” Some drop out Battle of the brands But “favorites may be profitable for a long time! The Product Life Cycle Market Introduction Market Growth Market Maturity Sales Decline Total Industry Sales + $0 Total Industry Profit Time - Place Build Channels Maybe selective distribution More of the same, but more channel outlets available Move toward more intensive distribution Find a way to reach loyal laggards The Product Life Cycle Market Introduction Market Growth Market Maturity Sales Decline Total Industry Sales + $0 Total Industry Profit Time - Promotion Build primary demand Build selective demand Informing/Persuading Persuading/reminding Frantically competitive! The Product Life Cycle Market Introduction Market Growth Market Maturity Sales Decline Total Industry Sales + $0 Time - Price Skim the cream at a high price or Low to penetrate faster Meet competition (especially in oligopoly) or Price dealing and price cutting or Value pricing for long-term relationships Total Industry Profit New-Product Development Process Idea Generation Screening Idea Evaluation Development Commercialization The Need for New Products New-Product Development Process Idea Generation New-Product Development Process Idea Generation Screening New-Product Development Process Idea Generation Screening Idea Evaluation New-Product Development Process Idea Generation Screening Idea Evaluation Development New-Product Development Process Idea Generation Screening Idea Evaluation Development Commercialization Marketing Strategy Planning Process Narrowing down to focused strategy with quantitative and qualitative screening criteria Customers Needs and other Segmenting Dimensions Company Mission, Objectives, & Resources Targeting & Segmentation S. W. O. T. Positioning & Differentiation Competitors Current & Prospective External Market Environment Technology Political & Legal Social & Cultural Economic
