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Creating a product strategy

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creating a product strategy is vital part in marketing this presentation will help u to know more

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Creating a product strategy

  1. 1. setting product strategy by Mahendranath reddy Manohar Venkata ravindranath reddy Venkata suresh Mohana shyam Balakrishna Sharath chandra 4/28/2014
  2. 2. SYNOPSIS Product Product levels Products classifications Products differentiation Product Hierarchy Product line and Product mix Co-Branding and ingredient Branding Packing, labeling, warranties and guarantees conclusion 4/28/2014
  3. 3. 4/28/2014 product product is anything that can be offered to a market that might satisfy a want or need. It can be goods or service or ideas such as intellectual property Product may be tangible or intangible
  4. 4. 4/28/2014 Core benefit Basic product Expected product Augmented product Potential product Product levels
  5. 5. Product levels of house
  6. 6. Product classifications Durability and tangibility:- • Nondurable: • Tangible goods consumed in one or few uses • Purchased frequently • Strategy : availability , low priced , heavily advertised • 4/28/2014
  7. 7. Contd.. • Durable goods: • Tangible goods that survive many uses • Require more personal selling and service • Higher margins and requires seller guarantee 31-Mar-14
  8. 8. Contd.. • Service: • Intangible product. • Requires more quality control and credibility.
  9. 9. Consumer goods classification • Convenience Goods • Inexpensive, frequently purchased. • Little effort needed to purchase them. • Staples, Impulse and emergency goods. 4/28/2014
  10. 10. Contd.. • Shopping Goods • Not as frequently as convenience products • Costly • Consumer does research before purchase.
  11. 11. Contd.. • Specialty Goods • Unique features. • Consumer is prepared to pay a premium price.
  12. 12. Contd.. • Unsought Goods • Those good that consumers do not know or • Doesn’t think of buying.
  13. 13. Industrial goods classification Materials and Parts 4/28/201 4 4/28/2014 Raw Materials Manufactured materials and parts Farm Products Natural Products
  14. 14. contd.. • Materials and Parts Raw Materials Manufactured materials and parts Component materials Component Parts
  15. 15. contd… • Materials and Parts Raw Materials Manufactured materials and parts Component materials Component Parts
  16. 16. Contd.. • Capital Items • Installations • Equipment
  17. 17. Contd… • Supplies • Maintenance and repair items • Operating supplies
  18. 18. Business Services • Maintenance and repair services • Business advisory services Contd…
  19. 19. Product Form: Many products can be differentiated in the form-size, shape, or physical structure of the product. Product Form Features Customization Performance quality Conformance quality Durability Reliability Repairability style Product differentiation
  20. 20. Features: products can be offered with varying features that supplement the basic function. Product Form Features Customization Performance quality Conformance quality Durability Reliability Repairability style Product differentiation
  21. 21. Customization: marketers can differentiate product by differentiating them for different user Mass customization such example Product Form Features Customization Performance quality Conformance quality Durability Reliability Repairability style Product differentiation
  22. 22. Performance : level at which the product’s primary feature operates. Product Form Features Customization Performance quality Conformance quality Durability Reliability Repairability style Product differentiation
  23. 23. Conformance quality : ensuring that the product is oh highest grade Product Form Features Customization Performance quality Conformance quality Durability Reliability Repairability style Product differentiation
  24. 24. Durability : measure of product operating life. Product Form Features Customization Performance quality Conformance quality Durability Reliability Repairability style Product differentiation
  25. 25. Reliability: it is the measure of the probability that the product will not fail with in a given time. Product Form Features Customization Performance quality Conformance quality Durability Reliability Repairability style Product differentiation
  26. 26. Repairability: measure of how easily product can be fixed. Product Form Features Customization Performance quality Conformance quality Durability Reliability Repairability style Product differentiation
  27. 27. Style: describes the products looks and feel to the buyer. Product Form Features Customization Performance quality Conformance quality Durability Reliability Repairability style Product differentiation
  28. 28. Product Hierarchy 4/28/2014
  29. 29. Contd.. • Need family – core need that underlies the existence of a product family . • Product family – satisfy a core need with reasonable effectiveness. • Product class – group with in product family recognized as having a certain functional coherence. • Product line – group with in product class that are related they perform a similar function. • Product type – group with in product line that share 1 of several possible forms of the product. • Item – distinct unit with in a brand. 4/28/2014
  30. 30. Product Line group of related products that are physically similar or are intended for the same market.
  31. 31. Product line analysis • Sales and profits • Market profile • Core product • Staples • Specialties • Convenience items 4/28/2014
  32. 32. Product line stretching 4/28/201 4 Down-Market Stretch Up-Market Stretch company from upper/middle market introduces a lower-priced line companies enter the high end of the market to achieve more growth company in middle decide to stretch their line in both directions Two-Way Stretch
  33. 33. Product Mix • a company’s assortment of product lines and individual offerings.
  34. 34. Product mix dimensions  Width: number of product lines  Length: total number of items in mix  Depth: number of product variants  Consistency: degree to which product lines are related 4/28/2014
  35. 35. Product mix pricing  Product line pricing: • product lines rather than single products. • Introduce price steps • Ex: men’s suite at three price levels  Optional feature pricing: • Optional products, features, services, along with main product • Pricing is sticky problem • Ex: economy model of auto companies, restaurants with low food price but high liquor price
  36. 36. Contd..  Captive product pricing: • Products that require use of ancillary products. • Ex: cellular phones with lock- in period, ID makers/printers using ink.  Two part pricing: • Fixed fee plus variable usage fee. • Ex: telephone postpaid plans . • Fixed fee low enough, profit from usage fee.
  37. 37. Contd…  By product pricing: • If the by-products have value to a customer group, they should be priced on their value. • Ex: sugar refinery which sells by products of its sugar canes  Product bundling pricing: • Pure bundling –product is offer only as bundle. • “Tied in sales”. • Ex: actor and other talents in a film company . • Mixed bundling- less cost than if sold separately.
  38. 38. Co Branding 4/28/2014 •Two companies join to create a new product carrying both their brands. Examples: •Taco bell and KFC. •McDonalds & movie Mulan. •Pizza Hut & Pepsi. •Cereal box with other thing inside.
  39. 39. Ingredient branding • creating a brand for an ingredient or component of a product • Intel Inside for processors and chipsets in computers of various producers. • NutraSweet and Canderel, a brand name for the artificial sweetener Aspartame in the food industry (Coca-Cola light) 4/28/2014
  40. 40. packaging • All activities of designing and producing the container for a product. • The fifth “P”. • An element of product strategy. • Buyer’s first encounter with product. 4/28/201 4
  41. 41. Contd..  Self service: • 50-70% of all purchase sold on self service basis . • Packaging should: attract attention, describe the product features, creates consumer confidence, make favorable overall impression.  Consumer affluence: • rising consumer affluence means more willingness to pay for convenience, appearance, dependability and prestige of better packages.
  42. 42. Contd…  Company and brand image: • Instant recognition of company brand. • Create visible billboard effect.  Innovation opportunity: • Unique materials and features that could benefit consumers and increase profit of producers.
  43. 43. Packaging objectives • Identify the brand • Descriptive and persuasive information • Transportation and protection • At home storage • Aid product consumption 4/28/201 4
  44. 44. Warranties and guarantees • All sellers are legally responsible for buyer’s normal or reasonable expectations. • WARRANTIES  Formal statements of expected product performance by manufacturer.  Products can be returned to manufacturer for repair, replacement, or refund.
  45. 45. Functions of Labels • Identifies • Grades • Describes • Promotes 4/28/2014
  46. 46. Contd.. • EXTENDED WARRANTIES  Best Buy & Circuit City. • GENERAL & SPECIFIC GUARANTEES  P&G - product returned if customer satisfaction not met.  CROSS - pens & pencils guaranteed for life.
  47. 47. Warranties and guarantees 4/28/201 4
  48. 48. conclusion 02-Apr-14