Product Strategy - Pennsylvania State University

[Pages:52]Product Strategy

The Ins and Outs of "What"

Marketing Mix

1.Product

2. Price 3. Distribution 4. Promotion

Upcoming Schedule

Product Strategy Tuesday Thursday

Pricing Strategy Tuesday Thursday Distribution Strategy Tuesday Tuesday Promotion Strategy Tuesday Thursday

Lecture Class Discussion on "TruEarth Healthy Foods: Market

Research for a New Product Introduction"

Lecture Class Discussion on "A.1. Steak Sauce: Lawry's Defense"

Lecture Class Discussion on "Natureview Farm"

Lecture Class Discussion on "Giant Consumer Products: The Sales

Promotion Resource Allocation Decision"

Overview

1. What is a product? 2. Product types 3. New Product Types 4. Product Life-Cycle 5. Packaging

? Special behavioral considerations

What is a Product?

? Product: Bundle of physical, service, and symbolic attributes designed to enhance buyers' "want satisfaction"

? People buy "need satisfaction," not objects

? Consumers buy televisions because they want entertainment, not because they want a box with a screen

? Service: Intangible task that satisfies customers' needs

? Goods-services continuum: Device helping marketers to visualize the differences and similarities between goods and services

Brand Image and Identity

? ... a major part of what a product is.

? recall individual factors of perception

? What is Mountain Dew's brand image?

?

Classifying Goods and Services for Consumers and Business Markets

? Consumer Products: Products destined for use by the ultimate consumers

? Business Products: Those that contribute directly or indirectly to the output of other products for resale

? Also called industrial or organizational products ? Ex: Ingredients, equipment,...

? Some goods (and services) fall in both categories

? We are mostly going to focus on Consumer Products

Types of Consumer Products

1. Convenience Products: Good or service that consumers want to purchase frequently, immediately, and with minimal effort

? Impulse goods and services ? purchased on the spur of the moment

? Staples ? convenience goods and services that consumers constantly replenish to maintain a ready inventory

? Emergency goods and services ? bought in response to unexpected and urgent needs

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