unitIII

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krishna prasad Unit III Development of marketing offerings strategy- New product Development Product life cycle management Product line decisions Product mix Product differentiation Brand management Packaging

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krishna prasad New product development Need: changes in customer needs, technological changes,competion, product lifecycle Types:Innovative,replacement, imitative idea Idea generation Internal,externa sources Customers,R&d,competittors,employees Screening of ideas Concept development & testing Product features Consumer application Product class Idea generation Internal,externa sources Customers,R&d,competittors,employees Screening of ideas Drop bad ideas Select possible ideas Marketing strategy & development Target market, Positioning, Marketshare,price,longrunsales Business analysis Profit projections,estimationoflongrange risk Product development Product development according to consumer ussage,style,reliability Test marketing Observation n sample market, identify the potential problems Commercialization When,where,why,how, whom,what decisions for whole market

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krishna prasad Product life cycle introduction Growth maturity decline Low sales Negetive profit Innovative customers Few competitors Product awareness Expenditure Offer basic product Cost price Offer basic product Advertising more raising sales raising profits early adopters growing competitors market share services, extensions penetrate price intensive distribution mass advertising peak sales high profits middle majority stable competitors defending market share diversification ,models competitive price more intensive distribution differences&benefits adv declining sales Decline profits Laggards Declining Reduce expenditure drop weak brands cost price dropout lets adv cost cut

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krishna prasad Product line decisions A group of products that are closely related to their function, sold to same customer group, or fall within price range. Product line length Up selling –eg:maruthi800---alto Cross selling-eg:H.P sells all computer needs Economic up & down—eg.Vidiocon T.V,Fridge,washing mashine Length causes; cost rise,desigin&engineering costs, inventory costs, processing costs advertising costs etc. Line stretching: Down market stretch.,upmarket stretch., two way stretch Line filling; Line modernization, featuring, pruning

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krishna prasad product mix The set of all product lines and items that a particular seller offers for sale. Breadth length depth consistency Different products lines Total numberofites that company carries Number of versions offered by each product Shows how the closely related the various product lines

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krishna prasad Product differenciation For branding products must be differentiated.. FORM FEATURES, PERFORMANCE, QUALITY ,DURABILITY, RELIABILITY ,STYLE SEVICE DIFFERENCIATION ORDEREIN EASY, QUICK DELIVERY, INSTALATION ,CUSTOMER TRAINING ,REPIR ,CUSTOMER CONSULTING.

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krishna prasad Brand management Bran as a name, term,sign,symbol or design or a combination of them intend to identify the goods. Role; identification to customers product differentiation, reduces risk, simplify product handling, tracing, helps to organize inventory, accounting records. offers firms legal protection Brand name protect by registered trade narks, Manufacturing process protected by patents Packaging protected by copyrights Brand elements:Memorable,likeability transferable,adaptable,protectable Brandewuityhow consumer think,feel,act with brand Brand knowledge Alltthoughts,feelings,imagesbeliegfs

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krishna prasad Branding decision Branding decision Brand sponsor decision Family brand decision Should a brand be developed Who should sponsor Individually or family Brand,,non brand Manufacturer brand Private brand,mixed Individual, blanket familyseperatefamilycompanu or individual Brand extension decision multibrand Brand repositioning Should other products be given the same brand name Should two or more brand developed in the same product category Should the brand be repositioned Brand extension or next., One brand or more Brand repositioning or repositioning

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krishna prasad Packaging Packaging as all the activities of designing and producing the container for product. factors Self service consumer affluence a company &brand image innovation opportunity Attention convinience,prestige reconnition,brand benefit to consuners objectives identification,persuasiveinformation,protection,transportation,storage,consumptionaid Lableing warranties guarantees Brand name,informaiton repair,replacement,refund superior quality to competitor

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krishna prasad Product life cycle introduction Growth maturity decline Low sales Negetive profit Innovative customers Few competitors Product awareness Expenditure Offer basic product Cost price Offer basic product Advertising more raising sales raising profits early adopters growing competitors market share services, extensions penetrate price intensive distribution mass advertising peak sales high profits middle majority stable competitors defending market share diversification ,models competitive price more intensive distribution differences&benefits adv declining sales Decline profits Laggards Declining Reduce expenditure drop weak brands cost price dropout lets adv cost cut