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PRODUCT STRATEGY
Presented by:-A.MANIVVANNAN
Nov10
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What Is a Product ?
Product:
A bundle ofattributes
The Total Product Tangible attributes: materials, size, weight, design,
packaging, performance, comfort
Intangibles: brand image, styling, other benefits
(installation, delivery, credit, warranty, after-sale
service, return policy)
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Marketing Mix 4 ps
Product -----
Price ----------
Place ---------
Promotion -
Customer Value
Cost to the customer
Convenience
Communication
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Product strategy - Marketing mix
Marketing mix are controllable variable which
has to be carefully managed and must meet
the needs of the target group. All elements of
the mix are linked and must support each
other.
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Product strategies
When an organisation introduces a product in amarket
they must ask themselves a no of questions.
1.Who is the product aimed at ?
2.What benefitwill they expect ?
3. How do they plan to position the product within the
market?
4.What differential advantage will the product offer
over their competitors?
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Product strategy 3 Levels of product
Philip kotler suggested that a product should be viewed in three levels.
Level 1: Core Product.What is the core benefit your product offers?.Customers who purchase a cameraare buying more then just acamerathey are purchasing memories.
Level 2 Actual Product: All cameras capture memories. The aim is to ensurethat your potential customers purchase your one. The strategy at this levelinvolves organisations branding, adding features and benefits to ensurethat their product offers a differential advantage from their competitors.
Level 3: Augmented product:What additional non-tangible benefits can youoffer? Competition at this level is based around after sales service,warranties, delivery and so on. Viveks a retail store offers free five year
guarantee on purchases of their Television sets, this gives their `customersthe additional benefit ofpeace ofmindover the five years should theirpurchase develop a fault.
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Total Product Concept
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Marketing Mix
Product strategies
Product
Decisions
Branding Quality Features
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Product Decisions
When placing a product within a market many
factors and decisions have to be taken into
consideration. These include:
Product design Will the design be the selling
point for the organisation as we have seen
with the new VW Beetle.
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Product Decisions
Product quality: Quality has to be consistent
with other elements of the marketing mix. A
premium based pricing strategy has to reflect
the quality a product offers.
Eg. Honda
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Product Decisions
Branding:- In principles of marketing by philip
Kotler and Gary Armstrong a brand is defined
as the name, term, symbol or combination of
these that identifies the maker or seller of the
product.
Brand must stand out and be recognizable and
should help the firm differentiate itself from
its competitors.
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Product Decisions
Product features: What features will you add
that may increase the benefit offered to your
target market?Will the organisation use a
discriminatory pricing policy for offering these
additional benefits?
Eg. Apple i-pod
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Global Product Decisions
Existing Products
Product phase-out
Product modification
Product introduction into new markets
Product performance management
New Product
Product development Product introduction
Product performance management
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Product Strategy
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Eg. TATA Indica - Positioning
& Ace
Multiple brand positioning - HUL
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Eg:- Kissan Jam ( other than spreading on bread can
be used on chappati, paratas etc)
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Th
e View from Toyota
Our global strategy used to center on world
cars, which we would modify slightly to
accommodate demand in different markets.Today our focus is shifting to models that
we develop and manufacture especially for
selected regional markets.
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The View from Honda
We are the most international of the Japanese companies.
At the moment we are the most diversified, and we will
be more diversified in the future. Still, I think it would be
very hard to build a one-type world car. In the end, I
dont think it would be very efficient.
---Nobuhiko Kawamoto
President and CEO, Honda Motor Company
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Tha
nk You!!!