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Introduction to Marketing Creating Customer Values From Products to Brands and Beyond Bangor Transfer Abroad Programme Introduction to Marketing Structure • Creating Values • Product Life Cycle • New Product Development • Branding • Product Management Bangor Transfer Abroad Programme Introduction to Marketing The Marketing Cycle Services Brands 商業 交易 消費者 Physical Products Bangor Transfer Abroad Programme Introduction to Marketing Product Life Cycle • A way to trace the stages of a product's acceptance from its introduction to its demise. • Refers to the life of the product category The time a product category spends in a stage of the product life cycle may vary from a few weeks to decades. • A tool to help marketers understand - where their product is now - what may happen -- which strategies are normally appropriate Bangor Transfer Abroad Programme Life Cycle Management Introduction to Marketing Bangor Transfer Abroad Programme Introduction to Marketing Introduction Stage Sales grow slowly Profit is minimal or negative Create awareness Stimulate trial High production costs Limited product models Frequent product modification Penetration pricing Skimming pricing Little competition High failure rate, High marketing costs Promotion strategy focuses on primary demand for the product category - developing product awareness - Informing about product benefits. Intensive personal selling to retailers and wholesalers is required Bangor Transfer Abroad Programme Introduction to Marketing Growth Stage Characteristics Sales grow at an increasing rate. Many competitors enter the market. Large companies may acquire small pioneering firms. Profits are healthy Promotion emphasis - - heavy brand advertising Differences between brands. Gaining wider distribution is a key goal Toward the end of this stage - prices normally fall - profits reach their peak. Development costs have been recovered Sales volume has created economies of scale. Bangor Transfer Abroad Programme Introduction to Marketing Maturity Stage Sales continue to increase but at a decreasing rate The marketplace is approaching saturation Annual models of many products An emphasis on product style rather than function Product lines are widened or extended marginal competitors begin dropping out of the market. Heavy promotions to both the Prices and profits begin to fall. dealers and consumers are required. Bangor Transfer Abroad Programme Introduction to Marketing Decline Stage Signaled by a long-run drop in sales. Falling demand forces many competitors out of the market - The rate of decline is governed by how rapidly consumer tastes change or - how rapidly substitute products are adopted. A few small specialty firms may still manufacture the product. Bangor Transfer Abroad Programme Introduction to Marketing New Product Development 新產品發展 Bangor Transfer Abroad Programme Innovation – Adoption Introduction to Marketing Bangor Transfer Abroad Programme Introduction to Marketing Common reasons for resisting a product in the introduction stage are usage barriers product is incompatible with existing habits value barriers product provides no incentive to change risk barriers physical, economic, or social psychological barriers cultural differences or image Bangor Transfer Abroad Programme Introduction to Marketing Product Mix Assortment of Product items in each line Number of Product Lines FEW MANY Narrow variety Wide variety Shallow assort. Shallow assort. Narrow variety Wide variety Deep assort. Deep assort. Bangor Transfer Abroad Programme Narrow Variety/ Shallow assortment Introduction to Marketing Most limited selection Unconventional outlets e.g. vending machines / door-to-door Needs wide availability (extensive) Bangor Transfer Abroad Programme Introduction to Marketing Narrow Variety / Deep assortment Specialise in few lines - wide selection within line Clear Brand Image Bangor Transfer Abroad Programme Wide Variety / Shallow assortment Introduction to Marketing “a little of everything” Convenience products Bangor Transfer Abroad Programme Wide Variety / Deep assortment Introduction to Marketing Large number of product lines with deep assortment in each E.G. Large Department Stores Bangor Transfer Abroad Programme Product Management Introduction to Marketing Bangor Transfer Abroad Programme Introduction to Marketing Role of a Product Manager Product manager is responsible for marketing products through the successive stages of their life cycles. Product (or brand) manager manages the marketing efforts for a close-knit family of products or brands. Three ways to manage: - modify the product - modify the market - reposition the product. Bangor Transfer Abroad Programme