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Introduction to Product Management Professor Carl Mela BA 460 Product Management Fuqua School of Business • Brand Management System • On Building A Brand • Managing Across Brands Introduction to Product Management–1 Agenda • • • • Course Overview What is a Brand? Brand Equity Brand Management Introduction to Product Management–2 Course Overview • Objective • Structure – Brand Management System – On Building A Brand – Managing Across Brands • Requirements – 2 case write-ups, class participation, marketing plan, and final exam. Introduction to Product Management–3 Structure • Part I - The Brand Management System – Class 1: Class Overview, The Nature of a Brand, Brand/Product Management. An application to the Pepsi syringe scare. – Class 2: P&G Case. Live commentary from P&G. Introduction to Product Management–4 Structure • Part II - Building Brands – Class 3: Branding and Price. The case is Kodak. Then, Red Hat discusses how its branding strategy leads to a price advantage. – Class 4: Distribution and forecasting. The Goodyear case. Video regarding the effect of channel on brand. Introduction to Product Management–5 Structure • Part II - Building Brands (Cont.) – Class 5: Craig Stacey (VP from IRI) discusses the use of information to build brands. – Class 6: Promotions and Brands: Marketing in the NHL with live commentary from the Hurricanes Director of Communications, Ken Lehrner Introduction to Product Management–6 Structure • Part II - Building Brands (Cont.) – Class 7: Advertising and Brands with Intel Inside Interactive CDROM. Live Commentary and Discussion with Michael J. Ganey, Director, Howard, Merrell & Partners,Inc. Introduction to Product Management–7 Structure • Part III - Across Brands and Markets – Class 8: The Marketing Plan & Pharmasim. Tom O’Guinn, Visiting Professor discusses Brand Communities. – Class 9: Product Extensions: The Black and Decker Case and Video – Class 10: Global Branding: The Heineken Case, MTV Worldwide, and The Fuqua MBA with Jim Gray, Associate Dean, Fuqua. Introduction to Product Management–8 Structure • Part III - Across Brands and Markets – Class 11: Branding on the Internet. Deborah Kania (Lens Express and author of branding.com) and Beth Yakel (Sciquest) – Class 12: Wrap-up and PharmaSim Summary. Introduction to Product Management–9 Agenda • • • • Course Overview What is a Brand? Brand Equity Brand Management Introduction to Product Management–10 What is a Brand? • Name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or groups of sellers and to differentiate them from those of competition.” - AMA • Not all products are brands. – Focus of Court et al. reading Introduction to Product Management–11 Why Brand? • • • • • • • Identify product Reduce risk Reduce consumer search cost Signal quality Legal protection Create product associations Differentiate product Introduction to Product Management–12 Agenda • • • • Course Overview What is a Brand? Brand Equity Brand Management Introduction to Product Management–13 Brand Equity • The marketing effects uniquely attributable to the brand - Keller • Positive brand equity leads to: – – – – – Loyalty Margins Reduced vulnerability to competition Enhanced marketing effectiveness Brand extensions Introduction to Product Management–14 Brand Equity • Sources of Brand Knowledge – Brand Awareness – Brand Image • Strength of Brand Associations • Favorability of Brand Associations • Uniqueness of Brand Associations Introduction to Product Management–15 Brand Equity • Benefits – – – – – – Loyalty Larger Margins Greater Trade Support More Efficient Communications Licensing Opportunities Brand Extension Opportunities • Coke name worth $39BB, Kodak $11BB (Brand Valuation Reading) Introduction to Product Management–16 Best Corporate Reputations in America Source: Wall Street Journal / Harris Poll Introduction to Product Management–17 Brand Equity • But how does one develop brand equity? • The goal of this course is to learn how to manage brands (via marketing programs) in order to create brand equity - that is, create an enduring advantage for your brands. Introduction to Product Management–18 Figure 2-9 Building Customer-Based Brand Equity TOOLS AND OBJECTIVES KNOWLEDGE EFFECTS Choosing Brand Elements (4) Brand name Logo Symbol Character Packaging Slogan } Memorability Meaningfulness Transferability Adaptability Protectability BENEFITS Brand Awareness (3) Depth Recall Recognition Greater loyalty Breadth Purchase Consumption Less vulnerability to competitive marketing actions and crises Larger margins Developing Marketing Programs (5 & 6) Product Price Distribution channels Communications Functional & symbolic benefits Value perceptions Integrate “Push” & “Pull” Mix and match options Leverage of Secondary Associations (7) Company Country of origin Channel of distribution Other brands Endorsor Event } Awareness Meaningfulness Transferability Possible Outcome More elastic response to price increases More inelastic response to price increases Brand Associations (3) Strong Relevance Consistency Favorable Desirable Deliverable Unique Point of parity Point of difference Increased marketing communication efficiency and effectiveness Possible licensing opportunities More favorable brand extension evaluations Introduction to Product Management–19 Agenda • • • • Course Overview What is a Brand? Brand Equity Brand Management Introduction to Product Management–20 Brand Management • Brand management is the act of designing and implementing marketing programs to build and maintain brand equity. – – – – Product Price Distribution Communications Introduction to Product Management–21 The Role of a Brand or Product Manager • Prepare Marketing Plan • Develop Copy, Programs, and Campaigns • Stimulate Sales and Distribution • Market Intelligence • Product Improvements Introduction to Product Management–22 The Role of a Brand or Product Manager • Pluses - Cost effective mix, quick market reaction, attention for small brands, good training for executives • Minuses - Conflict and frustration (responsibility and no authority), administrative work with executive expectations, learns products not functions, short horizon, costs of associates and assistants Introduction to Product Management–23 A Product Manager Computer Software Firm • Background – Undergrad in architecture, became director of marketing for architecture firm – Received MBA – International marketing manager for sporting goods company – Founded a toy company Introduction to Product Management–24 A Product Manager Computer Software Firm • Typical day – Meetings - new product line, marketing mix, marketing staff, organizational design and integration – E-mail/Phone - 3rd party developers, sales force, product support • Marketing planning - drafting the marketing plan Introduction to Product Management–25 A Product Manager Computer Software Firm • Marketing mix - recommends price to corporate committee, manages advertising, conducts focus groups for product positioning and development, decides on channels Introduction to Product Management–26 A Product Manager - Consumer Packaged Goods Firm • Background – Medical equipment sales after undergraduate – Received MBA – Assistant Brand Manager at large CPG Company – Switched firms, promoted several times to product manager. – Switched firms again to as senior product manager Introduction to Product Management–27 A Product Manager Consumer Packaged Goods Firm • Typical day – 75% fighting fires, 25% planning • Marketing planning - key is volume forecasting since unsold inventory is perishable • Mix - 1/3 on pricing issues (list & trade), 20% on consumer promotions, president handles ads, 15% on distribution, little on sales and service Introduction to Product Management–28 A Product Manager Computer Software Firm • Marketing mix - recommends price to corporate committee, manages advertising, conducts focus groups for product positioning and development, decides on channels. Introduction to Product Management–29 The Marketing Department VP Marketing Marketing Administration New Products Advertising & Promotion Existing Products Sales Market Research Design the Department!!! Matrix or Tree? Introduction to Product Management–30 Brand Management Issues Purchasing Media Packaging Promotion Services Salesforce Product Manager R&D Distribution Fiscal Manufacturing Legal Publicity Market Research Advertising Agency Introduction to Product Management–31 The Nature of the Job Department Their Emphasis Marketing’s Emphasis R&D Basic Research, Intrinsic Quality, Functional Features Applied Research, Perceived Quality, Sales Features Engineering Long Design Lead Times, Few Models, Standard Components Short Lead Times, Many Models, Custom Components Purchasing Narrow Lines, Standard Parts, Price of Material, Large & Infrequent Lots Broad Lines, Nonstandard Parts, Quality of Material, Small Lots Manufacturing Long Lead Times, Long Runs, Few Models & Revisions, Standard Orders, Ease of Fabrication, Average Quality Short Lead Times, Short Runs, Many Models, Custom Orders, Fine Appearance, Tight Quality Finance Strict Rationale for Spending, Hard and Fast Budgets, Pricing Covers Costs Intuitive Arguments for Spending, Flexible Budgets, Pricing to Market Developments Accounting Standard Transactions, Few Reports Special Terms/Discounts Credit Full Disclosures, No Risk, Tough Terms, Tough Collection Minimum Disclosure, Some Risk, Easy Credit, Easy Collection A Key Trend in Product/Brand Management • Salaries and bonus for product marketers are up 65% in the last two years (Marketing News, Nov. 99) Introduction to Product Management–33 Brand Management Prognostications • Future of brand management – Customer management vs. product management – Cuts across brands and products – Managers organized by portfolios of customers Introduction to Product Management–34 Summary • Brand Equity – Awareness – Associations • Created by the mix • It is the role of a product manager to manage the mix to create equity • The brand management system Introduction to Product Management–35