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Product Concepts and Product Management: Course: Marketing Management (MM I) Session 10
Product Concepts and Product Management: Course: Marketing Management (MM I) Session 10
Product Concepts
and
Product Management
2
STP, 4Ps, Marketing Strategy
Exploring Providi Deliveri Communi
and
Choosing ng the ng the cating the
the value value value value
Segmentation Pricing
Targeting
Positioning
(STP) (4Ps)
Marketing Mix
Marketing Strategy
3
Product Concepts
4
What is a Product?
Name three popular products
that comes to your mind
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What is a Product?
Eating at a Restaurant
Flying experience in Airplane
Education
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What is a Product?
Anything offered for sale for the
purpose of satisfying a want or a
need
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Product Continuum
Tangible Good Service With
Pure Tangible With Hybrid Offer Accompanying Pure Service
Good Accompanying Minor Goods
Services
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Product Features
Customers expect benefit for the
features they are paying for
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Product Classification Schemes
Durability
Tangibility
Use
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Durability and Tangibility
Nondurable goods: are used or consumed over
a short period of time, or after one or few uses.
E.g.: grocery items
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Why We Classified Products
and Goods?
• Consumer behavior is similar for
products within a class
• Consumer behavior is different
for products from different
classes
• Marketing strategy would be
similar for products within a
class
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Elements of a Product
Product Supporting
Branding Packaging Labeling Elements
Features
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Product Features
• Successful product evolve through discovering
features that customer desires, then
- merging it with what makes more sense
technically and financially
• Aspects of product features to consider:
- Physical form or design
- Level of quality
- Durability
- Environmental impact
- Ease of use
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Branding
The process
involved in creating
a unique name and
image for a brand in
the consumers'
mind
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Brand
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Brand
Brand Name is the portion of a brand that can be spoken,
including letters, words, or numbers
Brand Mark is the portion of a brand that cannot be expressed
verbally, such as graphic design or symbol
Logo A brand mark is sometimes referred as logo;
however, a logo can also refer to a distinctive type
style such as Coca-Cola’s elegant script
Trade name Many companies offer several brands under one
company name. The legal name under which a
company or organization operates is trade name
Trademark When the owner of a brand or portion of a brand
registers it with U.S. govt. for exclusive use
Service mark A service mark is same as trade mark, but it refers to
services
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Brand Equity
A notion of value of a
brand is called brand
equity, which indicates a
brand overall strength in
the marketplace
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Brand Equity: Five Components
1. Brand Loyalty
2. Brand Awareness
3. Perceived Quality
4. Brand Associations
5. Other Proprietary Brand Assets
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Types of Brands
Manufacturers’
Manufacturers’ The
The brand
brand name
name of
of aa
Brand
Brand manufacturer.
manufacturer.
A
A brand
brand name
name owned
owned by by aa
Private
Private wholesaler
wholesaler or
or aa retailer.
retailer. Also
Also
Brand
Brand known
known as
as aa private
private label
label or
or store
store
brand.
brand.
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Types of Brands
Generic Brand
A no-frills, no-brand-name,
low-cost product that is
simply identified by its
product category.
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Key Branding Issues
1. Brand Selection
2. Brand Protection
3. Brand Extension versus Individual
Branding
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Packaging
Contain
Contain and
and Protect
Protect
Promote
Promote
Functions
Functions
of
of
Packaging
Packaging
Facilitate
Facilitate Storage,
Storage, Use,
Use,
and
and Convenience
Convenience
Facilitate
Facilitate Recycling
Recycling
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Labeling
Persuasive
Persuasive Informational
Informational
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Supporting Elements
• Most products include some
type of supporting elements
- related products
- a warranty or guarantee
- maintenance and repair
services
- installation, training and
consulting services
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Product Management
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Adopter’s Categories
ADOPTERS’ CATEGORIES BASED ON INNOVATIVENESS
Percentage of Adopters
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References
Courtland L. bovee, Michael J. Houston, &
John V. Thill (1995), Marketing (International
Edition), 2nd ed., Mc-Graw-Hill Publishers
Charles W. lamb, Joseph F. Hair, Jr., Dheeraj
Sharma, & Carl McDaniel (2012), MKTG: A
South-Asian Perspective, Cengage Publishers
Philip Kotler, Kevin Lane Keller, Abraham
Koshy, & Mithileshwar Jha (2013), Marketing
Management: A South Asian Perspectives,
Pearson Publishing
32
References
Philip Kotler, Kevin Lane Keller, Abraham
Koshy, & Mithileshwar Jha (2013),
Marketing Management: A South Asian
Perspective, Pearson Publishing
Philip Kotler, & Kevin Lane Keller (2008),
Marketing Management, 13th ed., Pearson
Publishing
Dawn Iacobucci, & Avinash Kapoor (2009),
Marketing Management: A South-Asian
Perspective, Cengage Publishers
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References
http://www.google.co.in/url?
sa=t&rct=j&q=&esrc=s&source=web&cd=3
&cad=rja&ved=0CDQQFjAC&url=http%3A
%2F%2Fgactaern.org%2FUnit%2520Plan
%2FMarketing%2FAdvanced_Marketing
%2FAM_7%2520Product
%2520Concepts.ppt&ei=UU_dUfyiIsuErAf
UwIGwBQ&usg=AFQjCNEzWNF7HF6Gp
CPjGL0oHXtJ2HTPxQ&bvm=bv.48705608
,d.bmk
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Thanks for your Attention
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