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1、ProductStrategy●LearningGoals1)Explainthemarketingconceptionofaproductandlistthecomponentsofaproductstrategy.2)Describetheclassificationsystemforconsumerandbusinessgoodsandservices.3)Distinguishbetweenaproductmixandaproductline4)Identifyandbrieflydescri
2、beeachofthefourstagesoftheproductlifecycle.5)Listthestagesofthenew-productdevelopmentprocess6)ExplainhowfirmsidentifytheirproductsProductstrategyThecreationofnewproductsisthelifebloodofanorganization.[Sinceproductsdonotremaineconomicallyviableforever,ne
3、wonesmustbedevelopedtoensurethesurvivalofanorganization.]●classificationsofgoodsandservices●productlinesandproductmix●productlifecycle●productidentification[throughbrandnamesanddistinctivepackaging]●ProductstrategyWhatisaproduct?[abundleofphysical,servi
4、ce,andsymbolicattributes/designedtosatisfyconsumerwants]Whatisproductstrategy?[involvesconsiderablymorethanjustproducingagoodorservice;focusesonbenefits]Itincludesdecisionsabout:●packagedesign●brandname,trademarks●warranties●productimage●newproductdevel
5、opment●customerservicee.g.YourfavoritesoftdrinkDoyoulikeitforitstastealone,orotherattributessuchascleverads,attractivepackaging,easeofpurchasefromvendingmachinesandotherconvenientlocations,andoverallimage?[Otherattributesthantastemayinfluenceyourchoicem
6、orethanyourealize.]7ØClassificationsofgoodsandservices[Dependingonthepurchasersoftheparticularitem:B2C,B2B]●classifyingconsumergoodsandservices[purchasedforconsumers’ownuseandenjoymentandnotforresale]Basedonconsumerbuyinghabits[ofthemajorityofpurchasers
7、]◇Convenienceproducts:itemsthattheconsumerseekstopurchasefrequently,immediately,andwithlittleeffort,usuallyitemsstockedin7-eleven,vendingmachines,andlocalnewsstands,e.g.Newspapers,chewinggum,breadetc.◇Shoppingproducts:thosetypicallypurchasedonlyafterthe
8、buyerhascomparedcompetingproductsincompetingstores.E.g.Furniture,fridge,TVset,etc.◇Specialtyproducts:thosethatapurchaseriswillingtomakeaspecialefforttoobtain[alreadyfamiliarwiththeitemandconsidersittohavenoreasonablesubstitute]e.
