Week 4 topic notes: Product This topic deals with the lower-tier (product-market level) strategies and tactics used by organisations to manage the activities required to get products to consumers while maximising customer satisfaction and their own organisational goals. It covers aspects such as:
• creating brand equity • crafting the brand positioning • setting product strategy • designing and managing services • introducing new offerings.
Micro and macro perspectives of product
It would be useful at this stage to refer back to the distinction between micro-marketing and macro-marketing, discussed in Week 1. This distinction is drawn upon in the following sections on the micro and macro perspectives of product management.
The micro perspective: The meaning of product
Thus far, the term product has been used without a rigorous definition of what it covers. It is time to remedy that situation because the term is frequently used loosely in the literature, most often to mean a physical good and sometimes including place or service. That is not the preferred definition to be followed here. Rather, the approach by Bagozzi (1986) is preferred using product as a generic term to cover both the physical product, incorporating things, places and services as well as the psychological product, which covers knowledge, feelings, ideas and moral imperatives. Figure 1 conceptualises this broad idea of product in a triangle of the physical product, representation of the product and the meaning of the product.
Figure 1: A conceptualisation of the meaning of a product from Bagozzi 1986 (p. 136).
Examine the following statement by Bagozzi 1986 (pp. 136–137):
As soon as an external stimulus changes (e.g. a new physical attribute is added to an old product or a message is used to transmit a new meaning of the product), then the internal equilibrium of the mental representation will be upset. This may result in a change in the way some or all of the elements of the product are perceived (e.g. shifting from liking to disliking the product) or it may stimulate action to relieve the imbalance (e.g. product trial). Of course, an existing product representation might also change through internal physiological, emotional, or cognitive processes ... Marketers try to adjust their product offerings, messages, prices, and so on, to have a specific impact on the mental and feeling processes of consumers and ultimately on behaviour.
Now try to relate the contents of this statement to changes in the way consumers might feel about a ‘product’, where the product is viewed in its generic sense. Politics offers good examples, as campaign managers of political parties have recently gone to great lengths to package and position their ‘products’, the politicians or aspiring politicians. Voters, as consumers in a general election, frequently change their behaviour from one election to the next as changes in external stimuli (media coverage, foreign affairs, economic conditions and so on) upset the internal equilibrium of the voter’s mental representation. The voter herself or himself might also change, explaining why political campaign managers look closely at changes in voting patterns with advancing age, greater knowledge of policy issues (such as environmental degradation and the need to conserve natural resources), and changes in socioeconomic status, for example.
The complex characteristics of the physical product are brought well to the fore in Figure 2:
Figure 2: Tangible and intangible characteristics of products
The distinction between tangible and intangible product characteristics highlights the fact that marketers of products are concerned with much more than simply the physical object being marketed. This is reflected in the definition of a product as ‘a bundle of characteristics offered by one party, the seller, to another party, the buyer’. Successful marketing depends on beginning with the needs of the consumer and designing products to meet those needs, and designing products that will give the firm a competitive advantage over its opposition.
Hence, product differentiation is a crucial element in marketing, and features strongly in both strategic marketing (see Week 2), because it complements market segmentation, and tactical marketing. Given the complexity of the characteristics of products, noted above, the scope for product differentiation is great, but unequal across products. The answer lies in the nature of central product stimuli.
Central product stimuli
Product characteristics alone are seldom sufficiently compelling to influence a consumer’s behaviour. Let us return briefly to the example of ‘political marketing’. Apart from the politicians, political parties also market their policies. It is difficult for a political party to ‘sell’ the intricate details, or characteristics, of their economic policies, such as tax reform with a central focus on the introduction of a goods and services tax. What voters are interested in are the attributes of the policy—what it means to employees in terms of pay packets, jobs and prices of consumer goods, or to employers in terms of their ability to compete with imports or competitors in international markets.
Product attributes, then, are central product stimuli influencing consumers’ decisions. But they are not the only ones. Package design and positioning are other important factors. At the risk of overdoing the political example, some senior Opposition members were reported as responding to the election result by arguing that there was nothing wrong with their economic policies, but
they would have to be ‘repackaged’. Packages, like the products themselves, do not have to be physical objects.
However, package design impacts on consumer behaviour through either verbal or non-verbal effects: It potentially:
• conveys information about product attributes • conveys information about usage and consequences • stimulates attitudes • stimulates emotional reactions • influences preferences and buying intentions • induces trial and repeat purchasing.
The nature of the impact is multidimensional – shapes, colours, typeface, taste, touch, hearing, and so on. Market analysts still do not have a thorough understanding of how and why all the various dimensions of packaging interact to influence consumers. But, packages are more than a bleakly functional container; they are an extension of the product, particularly in psychological terms.
Two current trends are affecting packaging of products. First, increasingly strict environmental standards are influencing both the volume and nature of packaging. Second, more demanding requirements are being put in place for labelling and information included on packages of products.
Product attributes, therefore, are important in enabling firms to differentiate their products from those of competitors, and in positioning their products relative to those of rival firms. Product and brand positioning are discussed in detail later in this module.
What about services?
An interesting question arises in this context: what is the core of a service provider’s product? What is their central product stimulus?
The core product of service providers is capability. Engineers, architects, mining contractors, (turnkey) computer system designers certainly create bridges, houses, delivered ore and computer systems, respectively. But this is not their output. Their output is the conformity of the features of the output with the customer’s aspirations. And those aspirations are often vague; that’s why the customers use a professional service provider.
The marketing task, then, is not to promote absolute accomplishments so much as delivery of attributes against clients’ declared aspirations. This can be very difficult and heavily reliant on word-of-mouth communication, or testimonials. MBA marketing is very much in this situation.
Product lines and the classification of physical products
A product line is defined in the text as a related group of products. The classification and design of product lines are central issues in product management. These issues are faced by firms trying to introduce new products into a market and existing products into new markets, and firms which are modifying their product lines.
Category of goods can refer to physical characteristics as well as width, depth or space in marketing.
Brand name is a common expression for a trademark, which is a legal term, covering words, symbols or marks that have been legally registered by a company to give that company proprietary right to use it. Success or otherwise of a product can be substantially influenced by a trademark that has been poorly conceived or which lacks the necessary legal enforcement.
Product lines are identifiable in terms of:
• the functions they perform • the market segments to which they belong • the channels through which they are marketed.
Two decisions which commonly face business firms are (a) whether to add a new product line, and (b) how to optimise the timing of an extension to the product line. Kotler et al. (2009) present a detailed treatment of product line management. Nine factors that commonly need to be taken into account when adding a new product line are:
• customer preference • corporate expertise • marketing efficiency • complementarity among lines • effect on the influence of distribution channels • competitors’ lines • diversification strategy • financial requirements • projected profitability and cash flows.
Figure 3: Considerations in adding a new product line
Firms need to consider, in particular, the trade-offs that usually have to be made in adding a new product line. The trade-off is between additional profits from meeting consumers’ needs on one hand and the fixed costs of adding new products to a line as well as the adverse effects of additional products on the demand for existing products; the ‘cannibalisation’ effect (Dobson & Kalish, 1988, pp.107–108).
To avoid cannibalisation, a firm would want to introduce new products that lead to overall market growth. Mason (1990, pp. 59–60) suggests four factors that help firms identify situations where market growth is likely:
• when the new product is seen as significantly different from, and/or superior to, existing products
• if consumers derive increased satisfaction from increased consumption • when there tend to be fewer products in the growth and early maturity stages of the
product life cycle (see below) than in later stages • if the product is a non-essential item.
Cannibalisation effects can be better overcome by elaborating on the desirable attributes of the product or brand extensions than by reminding customers of positive associations with the original product or brand (Aaker & Keller, 1990, p. 27).
There are three major factors influencing the optimal timing for a product line extension (Wilson & Norton, 1989):
• the interrelationship of sales of the existing and planned new products, determined by the extent of substitution and diffusion
• the margins of existing products relative to margins of extensions to the product lines • the relationship of the length of the firm’s planning horizon to the existing product’s
diffusion time.
Wilson and Norton’s empirical work confirmed what Mason (1990) had found – that it is preferable to introduce extensions to the product line early in the life cycle of existing products.
Product classification typically commences with a premise that product lines comprise those products which belong to the same class. Product class distinction usually commences with physical products, and a broad distinction is made between industrial and consumer goods. Each of these classes can be further sub-divided.
An example is the typology of consumer products and industrial products in the textbook. The authors begin by following the conventional line in broad classification between consumer and industrial products. They then distinguish four classes of consumer goods on the basis of the consumer’s shopping habits (convenience, shopping, specialty and unsought products) and three types of industrial products: materials and parts, capital items and supplies (including services).
Representing a product to consumers
It is a fact that products represent more than just their physical state. Many types of symbols can be used to represent a product. Three main characteristics of images which make them such a powerful influence on consumers’ behaviour are: _______________________________________________________________________________________________________________________________________
• their means of communication • their means of influence and control • the seller’s need for self-expression.
Product and brand decisions
Product decisions refer to the decisions related to product positioning, quality control and product variety. Brand decisions means the decisions associated with brand building and brand extension.
Product positioning
Market segmentation strategies entail the definition of the important components of markets – consumers and products – and the markets themselves according to their characteristics. These classifications are then used as the basis of a competitive marketing strategy.
Within such a strategy, business firms use product management strategies and tactics to secure particular segments within the markets they have chosen to enter, and so improve their chances of satisfying consumer demand and their overall competitive position in the market. This is termed product positioning or, if it relates to a particular product brand, brand positioning. The rationale behind product and brand positioning is similar to that for market segmentation, namely, exploitation of the characteristics of the product or consequences of its use.
A distinction should be drawn between product positioning and conveying characteristics of a product or brand to consumers. A feature of product or brand positioning is the way in which a product or brand is presented to consumers in relation to its competitors. The brand name alone does not necessarily relate a product to its competitors, but is primarily aimed at conveying an image of the product regardless of whether this image is actual or perceived.
In positioning their products or brands, firms rely on two types of consumer response. They are perceptual/cognitive responses (sensory and thinking reaction) and preference/affective responses (emotional reaction).
Perceptual mapping is a vital analytical technique in product and brand positioning. Perceptual mapping is also important in new product development, as demonstrated by Assael (1985, pp. 259–262). Assael refers to three methods which are commonly used in perceptual mapping, namely multidimensional scaling, property fitting and cluster analysis.
Another method used in product and brand positioning is conjoint analysis or conjoint measurement. Frequently, a large number of product or brand characteristics can be defined in positioning which can lead to a choice among numerous combinations. Conjoint analysis is used to elicit consumers’ preferences among these different characteristics, or combinations of characteristics.
Companies can follow different strategies in positioning their products: product attribute (e.g., price or taste), product benefits (often linked to attributes), functions, user category, competitive products, or some hybrid of these. One could also identify a set of tactics associated with each of these strategies.
An interesting example is that of the personal computer industry. Companies use their products’ attributes, benefits and functions to place them at an advantage to the products of their competitors. They are also careful to position their products in relation to the different categories of computer users. A classic case has been the growth of firms producing IBM–compatible personal computers which have been able to position their products favourably in comparison with IBM’s own products. IBM’s preoccupation with mainframe computers has caused it to fall behind its competitors in the personal computer market in respect of product attributes, benefits and functions.
Finally, the concept of positioning can be broadened to cover not just products and brands but also whole businesses. An illustration based on retailing management is given below.
A central facet of modern retailing management is repositioning—adapting the business to a changing retailing environment. A retailer’s existing positioning base is continually being eroded by maturing markets and aggressive competitors seeking opportunities for profit and growth. Often the repositioning required is small and gradual—a natural evolution into new generation merchandise, broadening assortments or updated methods of presentation. Sometimes, however, the repositioning has to be more radical—a switch into new types of stores, a change into major new merchandise areas or a total re-presentation of the stores. Such changes are riskier and harder to evaluate. They are riskier in that the abrupt change can lose existing customers without successfully creating a new customer base. They are harder to evaluate in that it may take many months or even years before the beneficial effects of the changes are fully realised in new customer loyalties and shopping patterns. (Corstiens & Doyle 1989, p.170)
As with brand and product repositioning, business repositioning is usually accompanied by an intensive advertising campaign.
Product quality
Concerns about product quality lie at the heart of production-marketing relations. Product attributes can take on special importance where quality is a major factor influencing consumption decisions. Evidence exists that there is a positive relationship between brand name and perceived quality (Rao & Monroe, 1989).
Quality issues have become a special problem in the delivery of services because of difficulty in understanding and controlling quality of services. According to Zeithaml, Berry and Parasuraman (1988, p. 35):
Because services are performances rather than objects, precise manufacturing specifications for uniform quality rarely can be established and enforced by the firm. Quality in services is not engineered at the manufacturing plant, then delivered intact to the consumer. Most services cannot be counted, measured, inventoried, tested, and verified in advance of sale to ensure quality delivery. Furthermore, the performance—especially those with a high labour content—often differs among employees, among customers, and from day to day. In most services, quality occurs during service delivery, usually in an interaction between the customer and contact personnel of the service firm. For this reason, service quality is highly dependent on the performance of employees, an organizational resource that cannot be controlled to the degree that components of tangible goods can be engineered.
Zeithaml et al. propose that the quality perceptions of consumers of services are influenced by four distinct gaps occurring in organisations. These gaps are illustrated below, reproduced from their article.
Figure 4: Conceptual model of service quality
Product variety
The following extract is taken from an article by Lancaster (1990, p. 190) and covers reasons for variety within a product group, and the four contexts in which to consider questions concerning the degree of product variety. These questions cover both the micro and macro aspects of product management:
In a market economy, it is clear that variety within a product group will persist only if one or more of the following is true:
each individual consumer seeks variety in his own consumption;
different consumers want different variants because tastes vary;
individual firms can increase profits by producing a variety of models; and
firms can increase profits by differentiating their products from those of their competitors.
Note that none of the above (or any combination of them) is sufficient to guarantee variety in the market.
Thus there are four contexts in which to consider questions concerning the degree of product variety:
1. The individual consumer. How many of the available variants within a single product group will the individual choose? What determines the choice?
2. The individual firm. What degree of product variety is it most profitable for the firm to offer in a given competitive situation?
3. Market equilibrium. What degree of product variety will result from the operation of the market within a particular competitive structure?
4. The social optimum. What degree of product variety is optimal for society on some criterion? How is this related to the market equilibrium?
Brand management
In recent times, companies have been finding it increasingly difficult to retain brand loyalty and to use brand positioning to increase product sales. Brand management is increasingly becoming important for marketers for strategic reasons. There are several reasons for the interest in brand management.
The high costs associated with the launching of new brands and the high failure rates of new products are motivating marketers to invest in brand management. Way back in the 1990s the cost of bringing a new brand to market (with a 50% probability of failure) in the US was estimated at US $100 million (Ourusoff, 1992).
Increasing costs of advertising and distribution coupled with the huge number of brands entering markets every year increase the competition for the customer’s mind as well as for access to the distribution channel (Aaker, 1991). Brand building and management achieves increased significance and becomes the only way of accessing the customer’s mind as well as the distribution channel.
Brand management has also become important because increasing value is being attached to ‘brands’ during mergers, takeovers and leveraged buyouts. For example, in the late 1980s in the US, cigarette giant Phillip Morris paid US $ 13 billion to acquire the assets of Kraft, six times its book value (Morgensen, 1991).
Branding is increasingly being realised as a powerful tool that can be used to generate important benefits such as customer loyalty and repeat purchase behaviour. Further, manufacturers of consumer products have realised the value of branding to counter the increased power of retailers and strengthen their presence with the retailers (Park & Srinivasan, 1994).
Branding rather than technology is considered influential in maintaining differentiation. Technological advancements have allowed organisations to produce products of superior quality. The parity between products in terms of quality is increasing. Firms are no longer able to differentiate on quality alone. On the other hand, competing on price is depleting the profit potential and hence firms increasingly want to use branding as a means to compete in the market place on alternative grounds apart from price and product specifications.
Further, there is a realisation among marketing professionals that increased emphasis on price often results in excessive use of price promotions, which in turn will deteriorate the industry into commodity like businesses (Aaker, 1996).
The emergence of consumers with more individualistic tastes and values is likely to present opportunities for brands to present a picture of personality and values to the new consumers. More complex and integrated communication techniques available to marketers permit the creation of an emotional relationship between the brand and the consumer. Given the large investments being made in brands, brand management is considered useful to fully exploit the assets of an organisation and to generate additional value from the investments already made in to brands.
Brand management has also become popular because of the potential for brand extensions and cobranding opportunities that are considered to be less risky and less expensive than launching a new brand.
Brand extension
- has become an increasingly popular strategy employed by firms with well-known brand names. It entails exploitation of existing well-known brands in new market segments in combination with an advertising campaign. Mars Inc., the confectionery manufacturer, and other major firms have been employing this strategy recently.
Brand equity
- had acquired prominence in the marketing literature by the end of the 1980s. The broad meaning attached to the term brand equity was that of the value endowed by the brand to the product (Farquahar, 1989).
Brand equity has been defined from a variety of perspectives.
There are definitions of brand equity from a financial perspective based on the financial value it generates for the firm. These definitions stress the value of a brand to the firm. The following definition by Simon and Sullivan (1993, p. 29) provides insight into the financial perspective.
The value of incremental cash-flow which accrue to a branded product over and above the cash flows which would result from the sale of a product with no brand name.
Brand equity is also defined stressing the value of a brand to the consumer. The following definition by Keller (1993, p. 8) provides insight into the consumer perspective.
Brand equity is the differential effect of brand knowledge on consumer response to the marketing of the brand.
The following definition from Aaker (1991) is the most comprehensive definition of brand equity available in the literature. Aaker (p.15) defined brand equity as:
a set of brand assets and liabilities linked to a brand, its name and symbol, that add to or subtract from the value provided by a product or service to a firm and/or to that firm’s customers.
In effect, Aaker conceptualised brand equity as a set of assets (or liabilities). Brand awareness, brand associations, perceived quality, brand loyalty and other proprietary assets were the five _______________________________________________________________________________________________________________________________________
assets of brand equity he proposed. From the consumer perspective, brand awareness, brand associations, perceived quality and brand loyalty are the four most important dimensions.
New product development and Product Life Cycle (PLC)
The effectiveness of a business organisation depends in most cases on its ability to develop new products and manage existing ones, keeping it in the vanguard of the markets in which it participates. The potential gains from new products are demonstrated in the following quotation from Rao and McLaughlin (1989, p. 80):
National brand manufacturers cite several reasons for introducing new products. New products are thought to maintain interest of both channel intermediaries and consumers in increasingly mature markets; they extend an item to an adjacent product space in an effort to attract incremental business; many can be attributed to manufacturers’ attempts to take advantage of new technologies; some are attempts to preempt competitive thrusts for greater exposure on retail shelves; others are efforts to transform commodity-based products to higher value-added items as manufacturers attempt to differentiate their offerings and avoid competition based on price alone.
The ability to develop new products depends on the success that the organisation has in linking its competitive marketing strategy (i.e., determining which markets it should be in and how it should defend its market share) with its product-specific strategy of product introduction (see below) and its product management tactics (i.e., how to come up with the products that enable product leadership in the selected markets).
It is of little surprise, then, that your textbook allots two chapters to product management. It provides a clear illustration of the place of product tactics in the overall framework of organisational decision making. These product tactics are classified into two categories, namely those associated with new product development and management of existing products throughout the PLC. It also should be noted that these two categories contain not only sets of tactics but also lower-tier strategies.
The lower-tier product strategies and tactics can be put into matrix form (Figure 5), as presented by Ansoff (1965, p. 109).
Figure 5: Ansoff’s market matrix
This diagram neatly shows the relations between markets and products, and thereby the links between competitive marketing strategy and product strategies and tactics.
In respect of the responsiveness of product design, the motor vehicle manufacturing industry provides an interesting example of the importance of speed in getting new products from the laboratory to the showroom. Japanese firms can produce a replacement motor vehicle design within three years; the corresponding period among the US firms is four to five years. _______________________________________________________________________________________________________________________________________
Consequently, the average age of US models is over five years whereas it is below three years for Japanese firms.
The process of new product development
Dickson (1997) describes the new product development as a five step process.
The first step is idea generation. New ideas first go through the ‘initial screen against company mission and competencies’.
At the second stage, the new ideas are screened against environment realities.
The third stage of product development is to consolidate product concept. Decisions on positioning fit and profitability are made at this stage.
Product prototypes are designed and developed at the fourth stage.
Finally, the new product is put into the market for final tests.
Note the combination of lower-tier product strategies and product tactics. Retention processes entail the introduction of the product, implementation of marketing mix and other programs referred to in the enactment process, and putting into practice a cycle of monitoring, assessment and control, followed by appropriate feedback.
There are some crucial observations to note about this model:
• the processes contained in the model follow what can be described as a systems approach, or the application of systems thinking;
• the strategic imperative is apparent: a firm needs to be able to respond to, and influence, environmental forces, particularly competitive ones;
• the focus on the consumer or customer is paramount; and • evaluation is iterative rather than a one-off activity; it takes place at each stage in the
new product development process.
Product Life Cycle (PLC)
One of the most controversial areas in marketing is the concept of a product life cycle (PLC) which has arisen from studies of the evolutionary processes of products. Four stages are typically identified in the PLC: introduction (high definition television); growth (compact discs); maturity (audio tapes); and decline (long-playing vinyl records). Tull and Kahle (1990), however, correctly add a fifth stage—death. While not all products necessarily end up at this stage, it is a sufficiently common event to require consideration in its own right.
Kotler et al. (2009, p. 307) present a useful four-stage schema of the PLC with the dominant characteristics, marketing objectives and strategies in each stage. This table is worth examining although, arguably, it has one major fault. A lot of the so-called strategies are really too specific in time frame and action to warrant being termed strategies – policies or tactics would appear more appropriate. A separate section for marketing strategy according to life cycle stage would then need to be added.
Holak and Tang (1990) introduced an alternative concept to the PLC, called the product evolutionary cycle (PEC) which, they suggest, provides a more complete picture of the effects of _______________________________________________________________________________________________________________________________________
marketing mix and competition on product sales. As an example of the use of the PEC concept, they studied the effects of advertising on sales in three segments of the cigarette market. They discovered a gradual but significant decline in advertising effect as products with more distant lineage coexist and compete.
Holak and Tang’s (1990, p. 17) distinction between the PLC and PEC is drawn as follows:
... life forms evolve through a process involving change that is (1) cumulative, (2) motivated by well-defined forces, (3) directional, and (4) patterned (Tellis and Crawford 1981). Analogously, products may evolve in a cumulative, patterned way. One might draw an analogy between products and the dynamic transformation of Darwin’s famous finches. According to Darwin, the first finches (pioneer product) that reached the Galapagos Islands were able to increase rapidly in number because of the lack of competition for food (consumers). The increasingly large finch population soon outstripped the supply of seeds (saturated market), thus causing more birds to seek alternate food sources such as insects, leaves, or fruit (market segmentation). Natural selection led to proliferation of finches with an appropriately modified beak (product development or product line extension), and ultimately a distinctive variation (Racle 1979, p 26-9). Like Darwin’s finches, products may coexist and have an indeterminate life in the context of the PEC.
Three forces are the basis for product evolution (Tellis & Crawford, 1981). Managerial creativity in the form of strategic decision variables is the most controllable underlying mechanism. Consumer behaviour and competitive actions compose market dynamics, the force that essentially allows for survival of the fittest. The third factor, government mediation, serves as a regulatory force.
References
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