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PRODUCT MANAGEMENT

PRODUCT MANAGEMENT. Marketing Management Session 6 and 7 October 10 and 17. SESSION OUTLINE (Oct.10). Brief review Theoretical concepts Managerial concepts Video: « Marketing a Product Range ». REVIEW. Planning the marketing strategy involves: Situation analysis and setting objectives

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PRODUCT MANAGEMENT

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  1. PRODUCT MANAGEMENT Marketing Management Session 6 and 7 October 10 and 17

  2. SESSION OUTLINE (Oct.10) • Brief review • Theoretical concepts • Managerial concepts • Video: « Marketing a Product Range »

  3. REVIEW • Planning the marketing strategy involves: • Situation analysis and setting objectives • Market segmentation • Selecting target market(s) • Defining a positioning strategy • Developing the marketing mix

  4. MARKETING MIX • Controllable variables: • Product • Price • Promotion • Place

  5. MARKETING MIX Price Product Place Promotion

  6. MARKETING MIX Engineering Price Product Accounting/ Finance Place Promotion Operations Sales

  7. THEORETICAL CONCEPTS • Definition of a product • Product classifications (see Exhibit 9-4 and 9-5, pp. 304 and 309) • Product life cycle

  8. DEFINITION OF A PRODUCT Central product Tangible product Augmented product

  9. CLASSIFICATION OF CONSUMER GOODS See Exhibit 9-4, page 304

  10. CLASSIFICATION OF BUSINESS PRODUCTS See Exhibit 9-5, page 309

  11. INTANGIBLE GOODS • Simultaneous consumption and production • Wide variations in demand over short periods of time • Many different types of services: • continuous services (electricity, telephone) • produced by a person (banking) • produced to a person (doctor, hairdresser)

  12. MANAGERIAL DECISIONS • Elements of the product: • physical attributes • brand name and logo • packaging and colours • format • labelling • guarantees, after-sales service

  13. MANAGERIAL DECISIONS • Managing an existing product line • Developing and introducing new products • Organizing the marketing department

  14. NEXT SESSION • Product life cycle • New product introductions • Case discussion: Cineplex Odeon • Review for mid-term exam

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