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Mastering Product Management Strategies

Learn about product characteristics, brand decisions, packaging strategies, and managing product lines to enhance market offering attractiveness. Discover the importance of branding, product mix consistency, and effective line extension techniques.

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Mastering Product Management Strategies

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  1. Chapter 13 Managing Product Lines, Brands, and Packaging Marketing Management Tenth Edition Philip Kotler

  2. Objectives • Product Characteristics • Building & Managing the Product Mix & Product Lines • Brand Decisions • Packaging & Labeling

  3. Value-based prices Product features and quality Services mix and quality Components of theMarket Offering Attractiveness of the market offering

  4. Potential product Augmented product Expected product Basic product Five Product Levels Core benefit

  5. Convenience Products Shopping Products Unsought Products Specialty Products Consumer-Goods Classification • Buy frequently & immediately • Low priced • Many purchase locations • Includes: • Staple goods • Impulse goods • Emergency goods • Buy less frequently • Gather product information • Fewer purchase locations • Compare for: • Suitability & Quality • Price & Style • Special purchase efforts • Unique characteristics • Brand identification • Few purchase locations • New innovations • Products consumers don’t want to think about. • Require much advertising & • personal selling

  6. Product Mix - all the product lines offered Consistency Product Mix Width - number of different product lines Length - total number of items within the lines Depth - number of versions of each product

  7. Product-Line Length • Line Stretching • Downmarket • Upmarket • Two-way • Line Filling • Line Modernization • Line Featuring & Line Pruning

  8. Quality Economy Standard Good Superior Marriott Marquis (Top executives) High Marriott (Middle managers) Above average Price Average Courtyard (Salespeople) Fairfield Inn (Vacationers) Low Two-Way Product-Line Stretch: Marriott Hotels

  9. What is a Brand? User Culture Personality Attributes Benefits Values

  10. Brand Equity Devoted to Brand Values the Brand (brand as friend) Satisfied & Switching Cost Satisfied Customer (no reason to change) No Brand Loyalty (customer will change)

  11. Brand- Repositioning Decision Brand- Sponsor Decision Brand- Name Decision Brand- Strategy Decision Branding Decision • Brand • No brand • Manu- • facturer • brand • Distribu- • tor • (private) • brand • Licensed • brand • Individual • brand • names • Blanket • family • name • Separate • family • names • Company- • individual • names • Line • extension • Brand • extension • Multi- • brands • New • brands • Cobrands • Reposi- • tioning • No • reposi- • tioning An Overview ofBranding Decisions

  12. Product Category Line Extension Brand Extension Existing New Existing Multibrands BrandName New Brand Strategies New Brands

  13. Good Brand Names: Lack Poor Foreign Language Meanings Distinctive Suggest Product Qualities Suggest Product Benefits Easy to: Pronounce Recognize Remember

  14. Why Package Crucial as a Marketing Tool • Self-service • Consumer affluence • Company & brand image • Opportunity for innovation

  15. Labels Promote Describe Identify

  16. Review • Product Characteristics • Building & Managing the Product Mix & Product Lines • Brand Decisions • Packaging & Labeling

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