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MARK 5311 Marketing

Product Decisions. AGENDAProduct Strategy DecisionsDefinition of

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MARK 5311 Marketing

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    1. MARK 5311 Marketing Product Decisions 3/25/2008

    2. Product Decisions AGENDA Product Strategy Decisions Definition of “product” Product Hierarchy Service Marketing Branding Strategy Decisions Significance of Branding The concept of brand equity New Product Development Decisions The Process of New Product Development New Product Development and Product Life Cycle Wrapup - Key Take-aways Next time

    3. Product Decisions Product Strategy A “product is” …a bundle of expectations that performs physical functions and enhances ego … everything a person receives in an exchange Benefits Risks

    4. Product Decisions Product Strategy Product Hierarchy (how products relate) Need - core need Transportation Product family - all products satisfying a core need Vehicles Product class - functional coherence within family Work trucks Product line - closely related within a class same customers, outlets, prices Pickup trucks Product type - different forms of same product Crew-cab pickup Brand - one manufacturer’s offering F-150 Item - one unit within a brand an SKU

    5. Product Decisions Product Strategy What do we buy during the exchange process? Generic product features broadest view of expectations Extended product features accompanying cluster of features Tangible product features precise specifications

    6. Product Decisions Product Life Cycle What’s Happening Here???

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