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Product and Brand Management:
What is marketing?Marketing is an organizational function and a set of processes for creating,communicating, and delivering value to customers and for managing customerrelationships in ways that benefit the organization and its stakeholders.
 
The processthrough which VALUE is exchanged.
What is a product?Anything that can be offered to a market for attention, acquisition, use, orconsumption that might satisfy a need or want.
Product Essentials:
•
Product features and benefits
•
Packaging
•
Branding
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Warranties and guaranties
•
Time to market
•
Lifecycles
Levels of product
Core product
Actual product
Augmented product
Product Items, Lines, and Mixes
Product Item
- a specific version of a product that can be designated as a distinct offering among an organization’s products.
Product Line-
a group of closely related product items.
Product Mix-
all products that an organization sells.
Product StrategyDefines what the organization does and why it exists. It Involves creating a productoffering that is a bundle of physical (tangible), service (intangible), and symbolic(perceptual) attributes designed to satisfy customer’s needs and wants. It Strives toovercome commoditization.
 
Innovators represent the first 2.5 percent of all individuals who ultimatelyadopt a new product. They are more venturesome than later adopters, morelikely to be receptive to new ideas, and tend to have high incomes, whichreduces the risk of a loss arising from an early adoption.
Early adopters represent the next 13 to 14 percent who adopt. They are morea part of the local scene, are often opinion leaders, serve as vital links tomembers of the early majority group (because of their social proximity), andparticipate more in community organizations than do later adopters.
Product Life Cycle
IntroductionGrowthMaturityDeclinePostMortemLoss/profitTime$
SalesSalesProfitProfit
Progression of product “life” stages (sales & time)
Diffusion of Innovations
Source: Rogers, Everett M, Diffusion of Innovations, 4
th
ed. (New York: Free Press, 1995)
 
The early majority includes 34 percent of those who adopt. These individualsdisplay less leadership than early adopters, tend to be active in communityaffairs (thereby gaining respect from their peers), do not like to takeunnecessary risks, and want to be sure that a new product will provesuccessful before they adopt it.
The Late majority represents another 34 percent. Frequently, theseindividuals adopt a new product because they are forced to do so for eithereconomic or social reasons. They participate in community activities less thanthe previous groups and only rarely assume a leadership role.
Laggards comprise the last 16 percent of adopters. Of all the adopters, theyare the most “local.” They participate less in community matters thanmembers of the other groups and stubbornly resist change. In some cases,their adoption of a product is so late it has already been replaced by anothernew product.
New Product Development:The development of original products, product improvements, productmodifications, and new brands through the firm’s own R&D efforts Or Newproducts can also come from acquisition of other companies, patents, or licenses
Idea Generation-Sales force, Customers, Employees, R&D specialists, Thecompetition, Suppliers, Retailers, Independent inventors.
Screening-Screening separates ideas with commercial potential from thosethat cannot meet company objectives.
Business Analysis-The business analysis consists of assessing the newproduct’s market potential, growth rate, likely competitive strengths, andcompatibility of the proposed product with organizational resources.
New Product Development Process
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tanimahajan9058

nicely written.... gud crux of kotler

reply10 / 04 / 2009
aks123

thnx its really nice....

reply09 / 29 / 2009
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