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Marketing Management-Product Management

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Marketing Management-Product Management

  1. 1. 1
  2. 2. Marketing mix and product management. At the end of this module the learning actuates are. 1. What is a product? 2. Various levels of product. 3. How products are classified? 4. Differentiation 5. Product and brand relationships 6. Packaging 2
  3. 3. What is a Product? A product is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.
  4. 4. Components of the Market Offering Attractiveness of the market offering Value-based prices Product features and quality Services mix and quality
  5. 5. Five Product Levels
  6. 6. Marketing mix and product management. 1. Core product - Most fundamental benefit customer is buying. - Heart of the system. Refrigerator - Basic purpose. Preservation. - To preserve you need a compressor and cooling system. - This is core. 6
  7. 7. Marketing mix and product management. 2. Basic product - Do you buy compressor? - You buy a basic product? - Formal Refrigerator - Compressor is mounted on a body /cabinet. - There is a door, shelves, trays. - This is basic product. 7
  8. 8. Marketing mix and product management. EXPECTED PRODUCT - A set of attributes and conditions customers expect. This depends on the chosen target audience. - This is expected from a marketer. Refrigerator - Freezer. - Bulb. - Thermostat. - Quiet not noisy. - Different types of shelves. - Antirust system. This is expected product. 8
  9. 9. Marketing mix and product management. AUGMENTED PRODUCT - Prepare a product that exceeds customer expectation. Is the reason to buy. - Add further attributes - Each attribute adds cost - Will customer pay enough to cover the extra cost? Refrigerators - Easy financing scheme - Four year warranty on compressor - Free rice – cooker with every refrigerator purchased. 9
  10. 10. Marketing mix and product management. POTENTIAL PRODUCT - Companies search for new ways to satisfy customers and distinguish their offer. Refrigerator - Water dispenser – on the door  Prevent frequent opening of doors.  Faster cooling.
  11. 11. PRODUCT 11
  12. 12. Marketing mix and product management. WHAT DO WE OBSERVE? - Most competition at augmentation level. - Constant innovation. - Understand how customers use their product. - New features add to the cost. - Marketers have to find out that whether customers are willing to pay extra cost.
  13. 13. Marketing mix and product management. REFRIGERATORS. 1. Whirlpool • Quick lce making 1. Samsung • Super x – flow Uniform cooling. 3. LG • Nutritional value maintained. 3. ALLWYN • Efficient compressor. 3. KELVINATOR • Coolest.
  14. 14. The Wedding Market is a MetaMarket
  15. 15. Product Classification Schemes Durability Use Tangibility
  16. 16. Durability and Tangibility Nondurable goods Services Durable goods
  17. 17. Marketing mix and product management. A. Durability & Tangibility 1. Non-durable goods - Consumed in one or few uses - Consumed quickly - Frequent purchase - Need to make them available in many locations - Heavy promotion - Induce trial Example Coke, Modern bread, Lux Soap, Mother Diary Milk
  18. 18. Marketing mix and product management. 2. Durable goods - Used many times - More personal selling/service - Seller’s assurance about product longevity Example - Refrigerators - Mixer - Car  Higher priced than non-durable  Consumer involvement is high as they are high priced
  19. 19. Marketing mix and product management. 3. Services - Intangible - Inseparable - Variable - Perishable Example - Beauty parlour - Education Services - A Surgery - Listening to concert - Airlines
  20. 20. Marketing mix and product management. Therefore  Products which are predominantly tangible are called goods  Products, which are predominantly intangible, are called services.
  21. 21. Consumer Goods Classification Convenience Unsought Shopping Specialty
  22. 22. Industrial Goods Classification Materials and parts Supplies/ business services Capital items
  23. 23. Marketing mix and product management. B. Consumer – Goods classification Based on shopping habits 1. Convenience goods Goods purchased - Frequently - Immediately - Minimum effort Example - Newspapers - Bread - Milk Distributed at shops very near to households
  24. 24. Marketing mix and product management. 2. Shopping goods - Goods that the customer in the process of selection and purchase - Characteristically compares on such basis as suitability, quality, price and style Examples - Furniture - Clothing - Appliances
  25. 25. Marketing mix and product management. 3. Speciality goods - Unique characteristics - Unique brand values - Buyers willing to make extra efforts Example - House - Jewellery Very few outlets, exclusive - Cars
  26. 26. Marketing mix and product management. 4. Unsought goods - Goods the consumer does not know about or does not normally think of buying - Consumers made aware through promotional efforts of the firm. Examples - Life insurance - Security equipments - Fire extinguisher
  27. 27. Marketing mix and product management. PRODUCT MIX - Set of all products and items that a particular seller offers for sale Example: BPL • Consumer products - TVs, Washing Machine • Cellular Services - Mobile operations in Mumbai • Telecom - Instruments
  28. 28. PRODUCT 28
  29. 29. PRODUCT 29
  30. 30. Marketing mix and product management. Product Mix-concepts 1. Width - How many different product lines are carried by the organization 2. Length • Total number of items in the mix 3. Depth • How many variants are offered of each product in the line
  31. 31. PRODUCT 31
  32. 32. HUL PRODUCT 32
  33. 33. PRODUCT 33
  34. 34. PRODUCT 34
  35. 35. Marketing mix and product management. 4. Consistency How closely related the various product lines are in end use, production requirements, distribution channels or some other way. Proctor and Gamble - Very consistent - Why - Products are available through the same distribution channels
  36. 36. Marketing mix and product management. GE • Very inconsistent • Are Refrigerators, Aircraft engines and Electricity equipment available from same places • No ? • Refrigerators - Shops • Aircraft Engine’s - Direct
  37. 37. Hindustan Lever Limited Product Mix : Width = 4 Length = 13; Total Depth = 76 Average Depth = 76 /13=5.84 Soap (Length = 5) Detergent (Length = 4) Shampoo (Length = 2) Toothpaste (Length = 2) Lifebuoy (D = 8) Lux (D =6) Dove (D = 2) Breeze (D = 12) Pears (D = 2) Wheel (D = 4) Rin (D = 4) Surf (D =6) Surf Excel (D = 2) Clinic (D =8 Sun-Silk (D = 12) Close-Up (D = 4) (Pepsodent (D = 6) T Depth: 30 T Depth: 16 T Depth: 20 T Depth: 10 Av Depth: 6 Av Depth: 4 Av Depth: 10 Av Depth: 5 PRODUCT 37
  38. 38. Product Differentiation  Product form  Features  Customization  Performance  Conformance  Durability  Reliability  Repairability  Style
  39. 39. Service Differentiation  Ordering ease  Delivery  Installation  Customer training  Customer consulting  Maintenance and repair  Returns
  40. 40. IHCL  operates in the luxury, upper upscale, upscale and value segments of the market through the following:  Taj is the flagship brand for the world’s most discerning travelers seeking authentic experiences in luxury. Besides luxurious living and fine dining, Taj Hotels also promise a whole new experience of tranquillity and total ‘wellness’ through Jiva Spas, a unique concept that brings together the wisdom and heritage of the Asian and Indian philosophy of wellness and well-being.
  41. 41.  Taj Safaris is India's first and only wildlife lodges circuit that allows travelers to experience the unparalleled beauty of the Indian jungle amidst luxurious surroundings  Vivanta by Taj provides the new generation of travelers a contemporary and creative hospitality experience that matches their work-hard, play-hard lifestyles.
  42. 42.  The Gateway Hotel chain is a pan-India network of hotels and resorts that offers business and leisure travelers a contemporary hotel experience.  Ginger is IHCL’s revolutionary concept in hospitality for the value segment. 42
  43. 43.  Taj Trade and Transport operates the chain of Taj Salon and Taj Khazana lifestyle boutiques across selected properties of the Taj group. Taj operated salons are currently operating at 12 locations in the group. PRODUCT 43
  44. 44. Maintenance and Repair
  45. 45. The Product Hierarchy Need family Product family Product class Product line Product type Item
  46. 46. 46 7-Levels of Product Hierarchy  Product need—to satisfy a need e.g. feet protection  Product class—a family of products having similar function e.g. all shoes  Product line—a group of products with closely related functions e.g. sports shoes  Product type—products within a line having similar form e.g. basket-ball shoes  Brand—a 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
  47. 47. Line Stretching Down-Market Stretch : Surf excel- wheel, Lo’real- Garnier, Taj-Ginger Down-Market Stretch : Surf excel- wheel, Lo’real- Garnier, Taj-Ginger Up-Market Stretch: Toyota's Lexus, Nissan's Infiniti, and Honda's Acura Up-Market Stretch: Toyota's Lexus, Nissan's Infiniti, and Honda's Acura Two-Way StretchTwo-Way Stretch
  48. 48. Line Filling & Pruning Product line filling is the addition of further items to the current line of products that a company is dealing in. Eg.Maruti Suzuki had launched Alto in the year 2000 which was a product between two other models of Maruti- Maruti 800 and Maruti Zen. Basically , it was an effort on part of the company to fill the gap that existed in the market segment by introducing this new model ALTO . On the other hand, product line pruning is the removal of the unprofitable products from the product line. Eg. Toyota Kirloskar phasing out their model Qualis, when it was not adding any value to the product line as such.
  49. 49. Co-branding
  50. 50. Ingredient Branding Revotron is the new hope of Tata Motors. Tata Motors which once was the number 2 in the Indian car market, is now finding it difficult to be in the top 5 thanks to the nagging quality issues coupled with a negative brand perception. This brand is another example of ingredient branding. The 1.2 Ltr engine is being promoted heavily by Tata Motors ahead of the launch of the two major new products - Tata Bolt and Zest. The Revotron brand is endorsed by the Indian F1 Racing star Narain Karthikeyan. The USP of the Revotron engine is the 3 driving modes which is usually seen in high end cars. There is a city mode, Eco mode and a Sports mode. For a value-driven brand like Tata Motors, this proposition is a very powerful differentiation. Platforms and not products are now important to a company's success. For automakers, engines offer the platforms on which many products can be made. Honda has recently demonstrated the power of platform with the diesel IDtec engine.Tata Motors hope that the better engineered Revotron would help build a better image for the cars produced under it.
  51. 51. What is the Fifth P? Packaging, sometimes called the fifth P, is all the activities of designing and producing the container for a product.
  52. 52. Factors Contributing to the Emphasis on Packaging Self-serviceSelf-service Consumer affluenceConsumer affluence Company/brand imageCompany/brand image Innovation opportunityInnovation opportunity
  53. 53. Innovations in Packaging
  54. 54. Packaging Objectives  Identify the brand  Convey descriptive and persuasive information  Facilitate product transportation and protection  Assist at-home storage  Aid product consumption
  55. 55. Functions of Labels Identifies Grades Describes Promotes
  56. 56. Warranties and Guarantees

Notas do Editor

  • Video icon links to Marriott video on Marriott’s downward stretch.

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