L19 SETTING PRODUCT STRATEGY, about Marketing Management

SETTING PRODUCT STRATEGY

1. Marketing Management Setting Product Strategy Hussein Gibreel Musa

2. Setting Product Strategy The heart of great brand is a product.

3. Product Characteristics and Classifications product is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and idea

4. Components of the Market Offering Kotler

5. Five Product Levels rest and sleep a hotel room includes a bed, bathroom, towels, desk, and closet clean bed, fresh towels, working lamps, and a relative degree of quiet. exceeds customer expectations new ways to satisfy customers

6. Product Classifications Marketers classify products on the basis of: Durability and Tangibility Consumer-Goods Classification Industrial-Goods Classification Durability and Tangibility Nondurable good Durable goods Services

7. Consumer-Goods Classification

8. Industrial-Goods Classification

9. Differentiation To be branded, products must be differentiated. Form Features Performance Quality Conformance Quality Durability Reliability Repairability Style Customization Ordering Ease Delivery Installation Customer Training Customer Consulting Maintenance and Repair Returns Services Differentiation Product Differentiation

10. Design Design is the totality of features that affect the way a product looks, feels, and functions to a consumer.

11. Product and Brand Relationships Product Line: A group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges.

12. A product mix A product mix (also called a product assortment) is the set of all products and items a particular seller offers for sale.

13. Product Mix Pricing Marketers must modify their price-setting logic when the product is part of a product mix. Companies normally develop product lines rather than single products, so they introduce price steps.

14. Packaging, Labeling, Warranties, and Guarantees