Documente Academic
Documente Profesional
Documente Cultură
PRODUCT
2
The Marketers tool kit for value
creation
• Session discussion
• What is a Product?
• Product and Services Decisions
• Branding Strategy: Building Strong Brands
• New Product Development Process (NPD)
3
What Is a Product?
http://www.marriott.com.au/default.mi
What Is a Product?
Levels of Product and Services
Consumer
products
Industrial
products
Product and Service Classifications
Industrial products
products purchased for further processing or for
use in conducting a business
• Classified by the purpose for which the product is
purchased
• Materials and parts
• Capital
• Raw materials
Product and Service Decisions
• Branding
• The process of endowing products and services
with the power of a brand
• Brand equity
• Added value endowed to products with
consumers
• Customer-based brand equity
• The differential effect brand knowledge has on
consumer response to the marketing of that brand
• Brand promise
• The marketer’s vision of what the brand must be
and do for consumers (Kotler and Keller, 2016)
Brand equity models
• BrandAsset Evaluator
• Energized differentiation, Relevance, Esteem,
Knowledge
• Brandz Model
• Meaningful, different, & salient associations
• Power, premium, & potential outcomes
• Brand Resonance Pyramid
• Stages of brand development
• Brand building blocks
• Branding objectives at each stage
(Kotler and Keller, 2016)
Building brand equity
The benefits of
having a wide
• Target different markets product portfolio
• Meet customers’ differing needs
• Spread the risk
• To help maximise sales and profits
https://www.youtube.com/watch?v=3m_x_zqqtQ0
http://www.pg.com/en_ANZ/
Product and Service Decisions
Product Line Decisions
http://www.adidas.com.au/
New-Product Development Strategy
Two ways to obtain new products
• Can we win?
• Is it worth doing?
New-Product Development Process
Concept Development and Testing
Product idea is an idea for a possible product
that the company can see itself offering to
the market
Product concept is a detailed version of the idea
stated in meaningful consumer terms
Product image is the way consumers perceive an
actual or potential product
New-Product Development Process
Marketing Strategy Development
Marketing strategy development refers to
the initial marketing strategy for
introducing the product to the market
Marketing strategy statement includes:
Description of the target market
Value proposition
Sales and profit goals
New-Product Development Process
Marketing Strategy Development