Copy of M1 Product & Product Related Strategies

8/8/2019 Copy of M1 Product & Product Related Strategies

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Product & ProductProduct & Product

Related StrategiesRelated Strategies

Module 1

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Product Characteristics &Product Characteristics &

ClassificationsClassifications Product Levels : Based on Customer Value

Potential ProductPotential Product

Augmented ProductAugmented ProductExpe

cted ProductExpected Product

Ba

sic ProductBasic Product

Core benefitCore benefit

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Product ClassificationsProduct Classifications

Based on Durability & Tangibility Non Durable Goods Durable Goods Services

Classification of Consumer Goods Convenience Goods

Staples, Impulse goods, Emergency goods

Shopping Goods Homogeneous, Heterogeneous

Specialty Goods Unsought Goods

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Product ClassificationsProduct Classifications

.Contd.Contd Classification of Industrial Goods Materials

Farm Products, Natural Products

Spare Parts Component Materials, Component Parts

Capital Items Installations, Equipments

Operating Supplies Business services

Maintenance & Repair, Business Advisory Services

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Differentiation of Products &Differentiation of Products &

ServicesServices Product Differentiation Form Features Performance Quality Conformance Quality Durability Reliability Repairability Style

Product Design

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Differentiation of Products &Differentiation of Products &

ServicesServices Service Differentiation Ease of Ordering

Service Delivery

Installation

Customer Training

Customer Consulting

Maintenance and Repair Product Returns / Service Cancellations

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Product & BrandProduct & Brand

RelationshipsRelationships The Product Hierarchy Need Family

Product Family

Product Class/Category

Product Line

Product Type

Item/Unit/Product Variant

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Relationships .Relationships . Product Systems & Mixes Width Length

Depth Consistency

Product Line Analysis Product Line Length Line Stretching Down Market, Up Market, 2 Way Line Filling Line Modernization, Featuring & Pruning

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Relationships .Relationships . Product Mix Pricing Product Line Pricing

Optional Feature Pricing

Captive Product Pricing

Two Part Pricing

By Product Pricing

Product Bundling Pricing Co Branding & Ingredient Branding

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Packaging, Labeling,Packaging, Labeling,

Warranties & GuaranteesWarranties & Guarantees Packaging Primary, Secondary & Shipping Packages

Need for Packaging Self Service

Consumer affluence

Company & Brand Image

Innovation Opportunity Labeling

Warranties & Guarantees

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New ProductNew Product

DevelopmentDevelopment

&&Product Life CycleProduct Life Cycle

StrategiesStrategiesModule - 2Module - 2

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New ProductsNew Products

Cost Reductions

Repositionings

Improvements & Revisions

Addition to Existing Product Lines

New Product Lines

New to the World Products

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Principles to Guide NPDPrinciples to Guide NPD

Working with Potential Customers

Employee Empowerment

Dabble Time for Employees

Letting the Things to Move on innovate

through failures

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Factors Hindering NPDFactors Hindering NPD

Shortage of Ideas in certain areas

Fragmented Markets

Social & Government Constraints

Cost of Development

Capital Shortages

Slower Development Time Shorter Product Life Cycles

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Lessons for the Success of NewLessons for the Success of New

ProductsProducts The Value Associated with the brand

Me-Too Marketing is the No.1 Killer

People dont want to highlight their

shortcomings

Too Different products are usually failures

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OrganizationalOrganizational

Arrangements of NPDArrangements of NPD Budgeting for NPD

Organizing NPD Desired team leadership & level of expertise

Team member skills & expertise

Level of interest in a particular NP Concept

Potential for personal reward

Diversity of team members

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Managing the NPDManaging the NPD

Stages in New Product Development Process

1. Idea Generation

2. Idea Screening

3. Concept Development & Testing

4. Marketing Strategy Development

5. Business Analysis

6. Product Development7. Market Testing

8. Commercialisation

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1. Idea Generation1. Idea Generation

Interacting with others

Creativity Techniques Attribute Listening

Forced Relationships

Morphological Analysis

Reverse Assumption Analysis

New Contexts Mind Mapping

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Idea ScreeningIdea Screening

Idea Manager/Idea Committee DROP Errors* & GO Errors

Product Failures Absolute, Partial, Relative

Product-Idea Rating Tool Probability of success Probability of Technical

completion X Probability of Product

Commercialisation X Probability of Technical

Commercialisation X Probability of EconomicSuccess

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Concept Development &Concept Development &

TestingTesting Concept Development Category, Brand concepts

Concept Testing Communicability & Believability

Need Level

Gap Level

Perceived Value Purchase Intention

User Targets, Purchase Occasion, Frequency

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Conjoint Analysis Ex: By considering Five Design elements such

as;

Package designs V/s Utility Brand Names V/s Utility,

Price V/s Utility,

Good Housekeeping seal V/s Utility,

Money Back Guarantee V/s Utility.

Concept Development &Concept Development &

TestingTesting

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Marketing Strategy &Marketing Strategy &

Business AnalysisBusiness Analysis Marketing Strategy

Business Analysis Estimating Total Sales

Estimating Costs & Profits Breakeven, Risk Analysis

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Product DevelopmentProduct Development

Physical Prototypes QFD, CA EA

Customer Tests Alpha and Beta Testing

The Rank Order Method

The Paired Comparison Method

The Monadic Rating Method

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Market TestingMarket Testing

Consumer Goods Market testing Sales Wave Research

Simulated Test Marketing

Controlled Test Marketing Test Markets Selection

How many test cities?

Which cities?

What information? What action to take?

Business Goods Market Testing

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CommercializationCommercialization

When : Timing First, Parallel & Late entries

Where : Geographic Strategy

To Whom: Target Market Prospects

How: Introductory Market Strategies Critical Path Scheduling

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The Consumer AdoptionThe Consumer Adoption

ProcessProcess BCG Matrix

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The Consumer AdoptionThe Consumer Adoption

ProcessProcessUnderstanding Adoption through PLC

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Drop ErrorsDrop Errors I Have got a Great Idea

It Wont Work Here

We Have Tried it Before

This Isnt The Right Time It Cant Be done

It Is Not the Way We Do Things

We Have Done All Right Without It So Far It Will Cost Too Much

Let Us Discuss It At Our Next Meeting

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Budgeting for NPD

Stage No. of Ideas Pass Ratio Cost / Idea Total Cost

Idea Screening 1:4 5000

Concept Testing 1:2 75000

Product Development 1:2 1000000

Test Marketing 1:2 5000000

National Launch 1:2 50000000

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Product-Idea Rating ToolProduct-Idea Rating Tool

Product SuccessRequirements

RelativeWeightage

(a)

ProductScore

(b)

Product

Rating

C=a x b

Unique or Superior Prod .40 .8 .32

High Performance : Cost .30 .6 .18

High Market Support .20 .7 .14

Lack of Strong Competition .10 .5 .05

Total 1.00 .69

Rating Scale : .00 to .30 Poor, .31 to .60 Fair,

.61 and Above Good and can be accepted

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Pricing StrategiesPricing Strategies

Module - 3Module - 3

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PricingPricing

Meaning

Importance

Consumer Psychology & Pricing Reference Prices

Price Quality Inferences

Price Cues

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Setting the PriceSetting the Price

Step 1: Selecting the Pricing Objective Survival

Maximum Current Profit

Maximum Market Share Maximum Market Skimming

Product Quality Leadership

Other Objectives

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Contd.Contd.Step 2: Determining the Demand Price Sensitivity

Estimating Demand Curves

Price Elasticity of Demand

Step 3: Estimating Costs Types of Costs & Levels of Production

Accumulated Production Activity Based Cost accounting

Target Costing

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Contd.Contd.Step 4: Analyzing Competitors Costs,Prices and Offers

Step 5: Selecting a Pricing Method Markup Pricing

Target Return Pricing

Perceived Value Pricing

Value Pricing

Going Rate pricing Auction Type Pricing

Group Pricing

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Contd.Contd. Step 6: Selecting the Final Price Impact of Other Marketing Activities

Company Pricing Policies

Gain & Risk Sharing Pricing Impact of Price on Other Parties

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Adapting the PriceAdapting the Price

Geographical Pricing

Price Discounts & Allowances

Promotional Pricing

Differentiated Pricing

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Initiating & Responding toInitiating & Responding to

Price ChangesPrice Changes Initiating Price Reduction

Initiating Price Increase

Responding to Competitors Price Changes

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IntegratedIntegrated

MarketingMarketing

CommunicationCommunication(IMC)(IMC)Module - 4Module - 4

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Marketing CommunicationMarketing Communication

Role

Marketing Communication & Brand Equity

The Communications Process Models Macro-Model of Communication Process

Micro-Model of Communication Process

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Developing EffectiveDeveloping Effective

CommunicationCommunication Identify Target Audience Determine The Communications Objectives

Design Communication

Select Communications Channels Establishing Total Mark. Comm. Budget

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CommunicationCommunication Identify the Target Audience

Determine the Communications objective Category Need, Brand Awareness, Brand

Attitude, Brand Purchase Intention

Design the Communications Message Strategy

Creative Strategy Informational & Transformational Approach

Message Source

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CommunicationCommunication Select the Communication Channels Personal Communication Channels

Non Personal Communication Channels

Integration of Communication Channels

Establishing Total Mark. Comm. Budget Affordable Method

Percentage Of Sales Method Competitive Parity Method

Objective & Task Method

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D idi M k CD idi M k C


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Deciding on Mark. Comm.Deciding on Mark. Comm.

MixMix Types of Mark. Comm. Mix

Advertising Sales promotion Publicity & PR Events & Experiences

Direct Marketing Personal Selling

Factors in Setting the Mark. Comm. Mix Type of Product Market Buyer Readiness Stage Product Life Cycle Stage

Measuring Communication Results44


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Managing the IMC ProcessManaging the IMC Process

Coordinating Media Single Vehicle Single Stage Campaign

Single Vehicle Multi Stage Campaign

Multi Vehicle Multi Stage Campaign

Implementing IMC

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Marketing Communication &Marketing Communication &

Brand EquityBrand Equity

Marketing

Communication

Program

Advertising

Sales

Promotion

Events &

Experiences

Publicity

& PR

Personal

Selling

Direct

Marketing

Brand

Awareness

Brand

Image

Brand

Responses

Brand

Relationships

Brand

Equity

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Media

Macro-Model ofMacro-Model of

Communication ProcessCommunication Process

Sender EncodingMessage

Decoding Receiver

Feedback Response

Noise

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Micro-Model ofMicro-Model of

Communication ProcessCommunication ProcessStages AIDA

Model

Hierarchy

Of Effects

Innovation

adoption

Comm.

Model

Cognitive

Stage

Affective

Stage

BehaviourStage

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DistributionDistribution

ManagementManagement

Module 5Module 5

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Marketing Channels & ValueMarketing Channels & Value

NetworksNetworksMarketing Channels Intermediaries Merchants, Agents, Facilitators Marketing Channel System Push, Pull

Strategies

Channel Development Customer types Habitual shoppers, High value

Deal seekers, Variety Loving shoppers, High

Involvement shoppers.

Hybrid Channel IBM, ICICI Bank, RelianceMoney.

Channel Integration Order, Return, Discounts.

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The Role/Functions of MarketingThe Role/Functions of Marketing

ChannelsChannels Intermediaries bring in pooled financial resources They help in breaking the bulk They are normally cost effective due to

specialization Many small value large volume items can be sold

through Marketing channels only Gathers information about customers, competitors

and other marketing forces Develop & disseminate persuasive

communications Reach agreements on price and other terms Place orders, provide successive movement and

storage of physical products taking risks

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Channel & FlowsChannel & Flows

Physical Product & Service channel types Sales channel Delivery channel Service channel

Channel flows Forward & Backward Physical flow Title flow Payment flow Information flow Promotion flow

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Ph i l Titl P t


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Physical Title PaymentInfo Promotion

Suppliers

Transporter

Warehouses

Customers

Transporters

Dealers

Manufacturer

Transporter

Warehouses

Suppliers

Customers

Dealers

Manufacturer

Suppliers

Banks

Customers

Banks

Dealers

Manufacturer

Banks

Suppliers

Transporter

Warehouses

Customers

Trans, Banks

Dealers

Manufacturer

Transporter

Warehouses

Suppliers

Ad

Agency

Customers

Dealers

Manufacturer

Ad

Agency

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Channel LevelsChannel Levels

Consumer Marketing Channels Zero Level Channel

Indirect Channels

Industrial Marketing Channels Zero Level Channel

Indirect Channels

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k i


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Consumer MarketingChannels0 Level 1 Level 2 Level 3 LevelManufacturer Manufacturer Manufacturer Manufacturer

Wholesaler Wholesaler

Jobber

Retailer Retailer Retailer

Consumer Consumer Consumer Consumer

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d i l k i Ch l


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Industrial Marketing Channels

0 Level 1 Level 2 Level 3 Level

Manufacturer Manufacturer Manufacturer Manufacturer

Manufacturers

Reps.

Manufacturers

Sales Branch

Industrial

Distributor

Industrial

Distributor

Industrial

Distributor

Industrial

Consumer

Industrial

Consumer

Industrial

Consumer

Industrial

Consumer

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Ch l D i D i i


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Channel Design DecisionsChannel Design Decisions

Customers Expectations Lot Size Waiting & Product Delivery Time

Spatial Convenience

Product Variety

Service Backup

Establishing Objectives & Constraints

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Channel Design DecisionsChannel Design Decisions


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Channel Design DecisionsChannel Design Decisions Identifying Major Channel Alternatives

Types of Intermediaries Direct Sales Force Expansion Agents/Jobbers Hiring Distributors Appoint/Contract/Agreement

Number of Intermediaries Exclusive Distribution Selective Distribution Intensive Distribution

Terms & Responsibilities of Intermediaries Price Policy

Conditions of Sale Distributors Territorial rights Mutual services & Responsibilities

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Ch l iCh l D i


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Channel DesignChannel Design

DecisionsDecisions Evaluating Major Alternatives Economic Criteria l v ta e d a ageC

Control & Adaptive Criteria Agents concentrating on Profitability

Lack of Technical Knowledge of the Product/Service

Lack of Commitment

Lack of Adaptability

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E i C it i Ch l


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Economic Criteria ChannelAdvantage

High

HighLow

Value

Addof

Sales

Cost Per Transaction

Internet

Tele

Mktg

RetailStores

Distrib-

utors

Value Add

Partners

Sales

Force

DirectM

ktg.

Chan

nel

Indire

ctMk

tg.

Chan

nel

Direct

Sales

Ch

annel

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E i C it i Ch l


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Economic Criteria ChannelAdvantage

Level of Sales (Rs.)

SellingCosts

(Rs.)

Manufacturers SalesAgencies

Company Sales Force

SB

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Ch l M tCh l M t


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Channel ManagementChannel Management

DecisionsDecisions Selecting Channel Members Training Channel Members Motivating Channel Members Channel

Power

Coercive Power Reward Power Legitimate Power Expert Power

Referent Power Evaluating Channel Members Modifying Channel Arrangements

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Ch l I t ti &Ch l I t ti &


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Channel Integration &Channel Integration &

SystemsSystems Vertical Marketing Systems (VMS) Corporate VMS

Administered VMS

Contractual VMS New Competition in Retailing

Horizontal Marketing Systems

Multi-Channel Marketing Systems Planning Channel Architecture

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Pl i Ch l


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Planning ChannelArchitecture

V

E

ND

O

R

Demand Generation Tasks

C

U

S

TO

M

E

R

LeadGenrn

QulfngSales

PreSales

SalesClose

Sr. AftSales

AccountMgmt

Internet

National Ac

Mgmt

Direct Sales

Tele Mktg

Direct Mail

Retail Stores

Distributors

Dealers, VAP

AdvertisingMarke ti

ngChanne

ls&

Method

s

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C fli t C ti &Conflict Cooperation &


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Conflict, Cooperation &Conflict, Cooperation &

CompetitionCompetition Types of Conflict & Competition

Vertical Channel Conflict

Horizontal Channel Conflict

Multi - Channel Conflict

Causes of Channel Conflict Managing Channel Conflict

Cooperation

Diplomacy

Mediation Arbitration

Legal & Ethical Issues in Channel Relations

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E C M k tiE C M k ti


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E-Commerce MarketingE-Commerce Marketing

PracticesPracticesE- Business/Commerce E-Purchasing, E -Marketing

Pure-Click Companies The Dot Com Bubble

B2B & B2C E-Commerce Supplier Websites

Infomediaries

Market makers

Customer Communities

Brick-and-Click Companies

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Module IV

Business Buying Behavior

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TYPES OF BUSINESS MARKETS


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Industrial market

Reseller market

Government market

Non-profit organizations

Different players in the buying company evaluate

supplier offerings along different choice criterias

Satisfy diverse requirements through one offering

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CHARACTERISTICS OF BUSINESS


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BUYER

Time taken in the purchasing process is long

Business buyers are less in number

Business buyers purchase in large quantities

Specialized products and marketing services

could be offered by sellers

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Nature and size of customers are different

Complexity of buying

Economic and technical choice criteria

Higher Risks

Buying to specific requirements

Reciprocal buying

Negotiation 70


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Close customer-supplier relationship Professional purchasing

Several buying influences

Multiple sales calls

Fluctuating demand

Geographically concentrated buyers

Direct purchasing

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PARTICIPANTS IN BUSINESS BUYING


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PROCESS

Initiator

Influencer

Decider

User

Buyers

Gatekeepers

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BUSINESS BUYING DECISION PROCESS


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1. Recognition of a problem or Need

2. Determination of specification and quantity

3. Search for potential sources / suppliers

4. Evaluation of proposals and selection of

suppliers

5. Selection of an order routine

6. Multiple Sourcing

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EVALUATION OF CHOICE


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Quality

Price and life cycle costs

Continuity of supply

Perceived risk

Personal likes and dislikes

Implications for marketers

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BUYING SITUATIONS


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Straight Re-buy

Modified Re-buy

New Task - AIETA

Systems Buying & Selling

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DEVELOPMENTS IN PURCHASING


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PRACTICE

JUST IN TIME PURCHASING (JIT)

Aims to minimize stocks by organizing a supply

system which provides materials and

components as they are required

Stockholding costs of the buyers significantly

reduced or eliminated

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CENTRALIZED PURCHASING


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CENTRALIZED PURCHASING

Several operating units within a company

having common requirementsOpportunity to strengthen a negotiating

position by bulk buying, central purchasing

Encourages purchasing specialists to focuson a small group of products

Develops an extensive knowledge of costfactors and operations of suppliers

Supplier: Dedicated teams to serve a largecompany; Develop long term relationships

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REVERSE MARKETING

Proactive, aggressive stance on purchasing

Buyer attempts to persuade the supplier toprovide exactly what the organization wants

Purchaser takes initiative to approach new

or existing suppliers, persuades them to meettheir supply requirements

Pose threats to non-cooperative in-suppliers

Major opportunities to responsive in-andout-suppliers

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LEASE

Contract by which the owner of anasset grants the right to use the assetfor a period of time to another party in

exchange for payment of rent

Supplier will improve the quality ofproduct as the risks of ownershipremains with him

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DIFFERENCE BETWEEN

BUSINESS AND CONSUMERMARKETS CHARACTERISTICS OF

BUSINESS MARKETS

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MARKET STRUCTURE

Fewer sellers and buyers

Business demand is derived

No direct one-to-one relationship betweenbusiness buyers sales fluctuations and

business marketers sales

Reverse price elasticity of demand

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Business market significantly larger than

consumer market

Organizational decision-making unit

(DMU) involves several individuals

Businesses tend to concentrate

geographically

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MARKETING PERSPECTIVE

Segmentation variables different

Business markets have higher investments

in capital equipments and R&D

Business goods are less dependent on

regional and tastes and preferences

Business marketers focus on improving

profits in the short run

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B i k t i ti t h l


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Business market innovations technology-push type and consumer market

innovations demand-pull type Business marketers are far more customer

oriented than are consumer marketers

Reciprocity in business markets Key account management in business

markets

For many business marketers educatingtheir customers is an important task

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CUSTOMER BEHAVIOR

Business marketers are closer to customers

Number of customers in business marketsare small but their per order size is normally

high Purchasing motives of business buying are

maintaining and furthering organizational

goals Business buyers may impose substantial

penalties for non-performance by suppliers

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Business markets characterized by

reverse marketing

Business buyers show strong loyalty to

their current supplier

Business buyers involvement in a

purchase is much greater than that of a

customer in consumer market

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Business buying decision process is

complex and involves several functionalareas of the buying organization

Business buyers risk can be very high

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Market Segmentation


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Segmentation is the process of dividing the market

of a product or service in smaller groups of

customers

Customers in one group should:

Buy the product for the same purpose

Use the product in the same wayBuy the product in the same way

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Market Segmentation Levels


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Segment Marketing Serving a particular Segment

Individual Marketing Targeting Individuals (B2B)

Niche Marketing Narrow Market & No / Few Players

Local Marketing With ref. to Global Marketing

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Purpose of Market Segmentation


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Target market selection

Tailored marketing mix

Differentiation

Opportunities and threats

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Market Segmentation for TargetM k ti


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Marketing

Selection of a target market

Target market strategies

Undifferentiated targeting

Concentrated targeting

Multi-segment targeting

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Bases of Market Segmentation C M k t


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Consumer Markets

Behavioral variables

Psychographic variables

Profiling

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Market Segmentation - Behavioralt ti


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segmentation

Benefits sought

Purchase occasion

Purchase behavior

Brand loyalty

Usage

Perception and beliefs

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Market Segmentation-P h hi t ti


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Psychographic segmentation

Lifestyle

Personality

Demographic variables

Socio economic variables

Geographic variables

Market Segmentation - Profile segmentation

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Market Segmentation BusinessMarkets


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Markets

Demographics

Industry Sector

Organizations Size

Location

Operating Variables

Organizations Technology

Product & Service Use Status

Organizational Capabilities

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Market Segmentation


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Purchasing Approaches

Purchasing Function

Purchasing Policies

Relationship among Buyers & Sellers

Situational Factors

Urgency of Order Fulfillment

Product ApplicationSize of Order

Other Personal Factors Risk Taking & Etc96

Effective Segmentation


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Measurable

Substantial

Accessible

Differentiable

Actionable

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POSITIONING


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Positioning is the perception or the image that

customers have of the company and its products

Responsibility of the company to manage its

customers perceptions

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Every fact and act of the company shapes customer

perceptions directly or indirectly

Company should evaluate every activity in terms of

its role in creating positive customer perceptions

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ELEMENTS OF POSITIONING


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Target market

Undifferentiated targeting

Concentrated targeting

Multi-segment targeting

Differential advantage

Communicating the differential advantage to

customers

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POSITIONING, DIFFERENTIATIONAND MARKETING MIX


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AND MARKETING MIX

Product

Promotional

Distribution Price

Packaging

People

Process

Physical evidence

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DIFFERENTIATION IN THE STEPSOF THE CONSUMPTION CHAIN


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OF THE CONSUMPTION CHAIN

Make the customer aware of his needs

Facilitate his search process

Differentiate to make it convenient for the customerto buy the product

Provide real value through product or service

delivery

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Facilitate installation

Payment modes according to customer

convenience

Storage mechanism should match with the

physical surrounding of the customer

Erase customer worry about repair or

replacement

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No-questions-asked return policy

Convenient disposal of product

Differentiate by always being forthcoming to helpthe customer

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CRITERIA FOR SUCCESSFULPOSITIONING


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POSITIONING

Clarity Consistency

Credibility

Competitiveness

Precision

Target audience

Differentiate

Reflect organizationalvalues

Address customer

needs Specific

Ability to deliver the

promise

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DILUTION OF POSITIONINGREPOSITIONING


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REPOSITIONING

Same product and target market

Change in the image of the product

Product repositioningIntangible repositioning

Tangible repositioning

Documents

Copy of M1 Product & Product Related Strategies