Product Service Strategy

Business Plan
MKTG
LAC
Concepts of Product Strategy

Prepared by Litthidet SANAVONGSAY MBA, Msc. In Management
Litthidet SANAVONGSAY
Learning Outcomes
LO1 LO2 LO3
Define the term product Classify consumer products Define the terms product item, product line, and product mix
LO4
Describe marketing uses of branding
Learning Outcomes
LO5 LO6 LO7
Describe marketing uses of packaging and labeling Discuss global issues in branding and packaging Describe Product life cycle and marketing strategy for each stage of the product life cycle
LO1
What Is a Product?
Define the term product
What is a product?
Physical objects Services Peoples expertise Places Membership in an organization Ideas
What Is a Product?
Everything, both favorable and unfavorable, that a person receives in an exchange.

Product
Tangible Good Service Idea
LO1
What is a product?
A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. Service: Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
Total Product includes:

Image of the retail store Service before and after sale Color Attachments Image of the brand warranty Packaging Instructions
What Is a Product?
Product is the starting point of Marketing Mix
Product
Price
Promotion
LO1
Place (Distribution)
Tree Lever of Product

Augmented product
Installation
Packaging Brand name Features
Actual product
Delivery and credit
Core benefit
Quality lever Design
After sale service
Core product
Warranty
10
The Core Product

Basic benefits
Transportation Carrying cargo Pulling capacity Excitement Image enhancement
Actual Product

Features Package Brand Quality Appearance Engine size Color Body styling Interior & exterior design Options available
Augmented Extras
Warranty Maintenance/service contract Delivery Credit/Financing Dealer parts & labor department Free lubrication & oil change Get-out-of-jail-free card
How to loose your customers.

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LO2
Types of Consumer Products
Classify consumer products
15
Types of Products
A product used to manufacture other goods or services, to facilitate an organizations operations, or to resell to other consumers.
Business Product
Consumer Product
A product bought to satisfy an individuals personal needs or wants
LO2

Products
Consumer Products
Business Products
Convenience Products
Shopping Products
Specialty Products
Unsought Products
LO2

Convenience Product Shopping Product Increase market share among A relatively inexpensive item that existing customers merits little shopping effort Attract new customers to A product that requires comparison shopping, because it is usually more existing products expensive and found in fewer stores
A particularnew products for Create item for which Specialty Market consumers search extensively and present Diversification Product Development markets are reluctant to accept substitutes
Unsought LO2 Product
A product unknown to the potential Introduce new products buyer or a known product that the into new markets buyer does not actively seek
LO2 REVIEW LEARNING OUTCOME

Consumer Products
LO3 Product Items, Lines, and Mixes
Define the terms product item, product line, and product mix
20
LO3 Product Items, Lines, and Mixes

A specific version of a product that can be designated as a distinct offering among an organizations products. A group of closely-related product items.
Product Item
Product Line
Product Mix
All products that an organization sells.
Levels of Product Hierarchy

Product needto satisfy a need e.g. feet protection Product classa family of products having similar function e.g. all shoes Product linea group of products with closely related functions e.g. sports shoes Product typeproducts within a line having similar form e.g. basket-ball shoes Branda name representing a product or line e.g. Nike Item (Stock Keeping Unit)a unit item e.g. one pair of Nike basket-ball shoe
22 Litthidet SANAVONGSAY
LO3 Campbells Product Lines and Mix
Gillettes Product Lines & Mix

Depth of the product lines Width of the product mix
Blades and razors
Mach 3 Sensor Trac II Atra Swivel Double-Edge Lady Gillette Super Speed Twin Injector Techmatic
Toiletries
Series Adorn Toni Right Guard Silkience Soft and Dri Foamy Dry Look Dry Idea Brush Plus
Writing instruments
Paper Mate Flair
Lighters
Cricket S.T. Dupont
Energy Drink
Services marketing
Characteristics of a service Intangibility

Services cannot be seen, tasted, felt, heard or smelled before purchase
Inseparability
Services cannot be separated from their providers
Services Variability
Quality of service depends on who provides them and When, where ,and how.
Perishability
Services cannot be stored For later sales or use.
Service marketing strategies mix

Product strategy
Pricing Placing strategy strategy Promotion strategy Physical People evidence
Process
Types of marketing in service industries

Company Internal marketing External marketing
Employees
Interactive marketing
Customers
The New-product Development Process (316)

Idea Generation
Concept Idea Development Screening and Testing
Marketing Strategy development
Commercialization
Test marketing
Business Product Analysis Development

34
Major Idea Resources
Internal Sources
Competitors
Customers
Distributors & Others
Product Life Cycle Sales & Profit
Sales
Profit
Product Development Introduction Decline

Growth Maturity
36
LO6
Global Issues in Branding and Packaging
Discuss global issues in branding and packaging
37
LO6 Global Issues in Branding

One Brand Name Everywhere
Global Options for Branding
Adaptations & Modifications
Different Brand Names in Different Markets

LO6 Global Issues in Packaging

Labeling
Global Considerations for Packaging
Aesthetics
Climate Considerations

Global Issues in Branding and Packaging
Branding Choices:
1 name Modify or adapt 1 name Different names in different markets
Packaging Considerations:
Labeling Aesthetics Climate
LO7
Product Warranties
Describe how and why product warranties are important marketing tools
41
Product Warranties
Warranty
A confirmation of the quality or performance of a good or service.
Express Warranty
Implied Warranty
A written guarantee.
An unwritten guarantee that the good or service is fit for the purpose for which it was sold. (UCC)
LO7

Product Warranties
Express warranty Implied warranty = = written guarantee unwritten guarantee

Product Service Strategy

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Business Plan

Concepts of Product Strategy

LO1 LO2 LO3

Describe marketing uses of branding

LO5 LO6 LO7

Define the term product

Tangible Good Service Idea

Total Product includes:

Tree Lever of Product

Packaging Brand name Features

Delivery and credit

After sale service

The Core Product

How to loose your customers.

Types of Consumer Products

Classify consumer products

A product bought to satisfy an individuals personal needs or wants

Types of Consumer Products

Types of Consumer Products

LO2 REVIEW LEARNING OUTCOME

LO3 Product Items, Lines, and Mixes

LO3 Product Items, Lines, and Mixes

All products that an organization sells.

Levels of Product Hierarchy

LO3 Campbells Product Lines and Mix

Gillettes Product Lines & Mix

Characteristics of a service Intangibility

Service marketing strategies mix

Pricing Placing strategy strategy Promotion strategy Physical People evidence

Types of marketing in service industries

The New-product Development Process (316)

Marketing Strategy development

Business Product Analysis Development

Major Idea Resources

Distributors & Others

Product Life Cycle Sales & Profit

Product Development Introduction Decline

Global Issues in Branding and Packaging

Discuss global issues in branding and packaging

LO6 Global Issues in Branding

Global Options for Branding

Adaptations & Modifications

Different Brand Names in Different Markets

LO6 Global Issues in Packaging

Global Considerations for Packaging

LO6 REVIEW LEARNING OUTCOME

LO7 REVIEW LEARNING OUTCOME

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