PRODUCT MARKETING

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1. Role of Marketing 2. Marketing Concepts 3. Marketing Objectives 4. Marketing Process

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Presentation Transcript

Slide 1: 

The business activity of presenting products or Services in such a way as to make them desirable PRODUCT MARKETING By Saima Yasmin Khan 2008.MS.EM.05 MSc .Engineering Management, Deptt. Of IME University of Engineering & Technology, Lahore, Pakistan

Presentation Overview : 

Presentation Overview 1. Role of Marketing 2. Marketing Concepts 3. Marketing Objectives 4. Marketing Process

Role of product marketing : 

Role of product marketing Product marketing in a business addresses four important strategic questions: What products will be offered (i.e., the breadth and depth of the product line)? Who will be the target customers (i.e., the boundaries of the market segments to be served)? How will the products reach those customers (i.e., the distribution channels to be used)? Why will customers prefer our products to those of competitors (i.e., the distinctive attributes and value to be provided)?

The Marketing Concept : 

The Marketing Concept The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. 1. Focusing on customer needs before developing the product 2. Aligning all functions of the company to focus on those needs 3. Realizing a profit by successfully satisfying customer needs over the long-term

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Step 1: EvaluationHow your product will best fit in marketplace Step 2: ReviewData analysis leads to a clear plan of action Step 3: ExecutionProduct is managed to achieve success Marketing Objectives

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1.Situation Analysis 2.Marketing Objectives 4.Marketing Mix Decisions 5.Implementation & Control 3.Marketing Strategy Marketing Process

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1. Situation Analysis There are several frameworks that can be used to add structure to the situation analysis 5 C Analysis company, customers, competitors, collaborators, climate. PEST analysis macro-environmental political economic, societal, and technological factors SWOT analysis strengths, weaknesses, opportunities, and threats

5 C Analysis : 

5 C Analysis 1.Company Product line Image in the market Technology and experience Culture Goals 2.Collaborators Distributors Suppliers Alliances 4.Customers Market size and growth Market segments Benefits that consumer is seeking, tangible and intangible. Motivation behind purchase; value drivers, benefits vs. costs Decision maker or decision-making unit Retail channel - where does the consumer actually purchase the product? Consumer information sources - where does the customer obtain information about the product? Buying process; e.g. impulse or careful comparison Frequency of purchase, seasonal factors Quantity purchased at a time Trends - how consumer needs and preferences change over time 5.Climate (or context) The climate or macro-environmental factors are: Political & regulatory environment governmental policies and regulations that affect the market Economic environment business cycle, inflation rate, interest rates, and other macroeconomic issues Social/Cultural environment society's trends and fashions Technological environment new knowledge that makes possible new ways of satisfying needs the impact of technology on the demand for existing products. 3.Competitors Actual or potential Direct or indirect Products Positioning Market shares Strengths and weaknesses of competitors

PEST Analysis : 

PEST Analysis 1.Political Analysis Political stability Risk of military invasion Legal framework for contract enforcement Intellectual property protection Trade regulations & tariffs Favored trading partners Anti-trust laws Pricing regulations Taxation - tax rates and incentives Wage legislation - minimum wage and overtime Work week Mandatory employee benefits Industrial safety regulations Product labeling requirements 4.Technological Analysis Recent technological developments Technology's impact on product offering Impact on cost structure Impact on value chain structure Rate of technological diffusion 2.Economic Analysis Type of economic system in countries of operation Government intervention in the free market Comparative advantages of host country Exchange rates & stability of host country currency Efficiency of financial markets Infrastructure quality Skill level of workforce Labor costs Business cycle stage (e.g. prosperity, recession, recovery) Economic growth rate Discretionary income Unemployment rate Inflation rate & Interest rates 3.Social Analysis Demographics Class structure Education Culture (gender roles, etc.) Entrepreneurial spirit Attitudes (health, environmental consciousness, etc.) Leisure interests

SWOT Analysis : 

SWOT Analysis Situation Analysis /\ Internal Analysis External Analysis Strengths Weaknesses Opportunities Threats | SWOT Profile Internal Analysis Company culture Company image Organizational structure Key staff Access to natural resources Position on the experience curve Operational efficiency Operational capacity Brand awareness Market share Financial resources Exclusive contracts Patents and trade secrets External Analysis Customers Competitors Market trends Suppliers Partners Social changes New technology Economic environment Political and regulatory environment

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1. Specific :Be precise about what you are going to achieve 2.Measurable :Quantify your objectives 3.Achievable :Are you attempting too much? 4.Realistic : Do you have the resource to make the objective happen (men, money, machines, materials, minutes)? 5.Timed : State when you will achieve the objective (within a month 2. Marketing Objectives SMART objectives

3. Marketing Strategy : 

3. Marketing Strategy Describe your target market Which segment? How will we target the segment? How should we position within the segment? Why this segment and not a different one? (This will focus the mind). Define the segment in terms of demographics and lifestyle. Show how you intend to 'position' your product or service within that segment. strategic marketing decisions

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The selected strategy may aim for any of a variety of specific objectives, including optimizing short-term unit margins revenue growth market share long-term profitability, or other goals Targets of marketing strategy

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To achieve the desired objectives, marketers typically identify one or more target customer segments which they intend to pursue. Customer segments are often selected as targets because they score highly on two dimensions: The segment is attractive to serve because it is large, growing, makes frequent purchases, is not price sensitive (i.e. is willing to pay high prices), or other factors. The company has the resources and capabilities to compete for the segment's business, can meet their needs better than the competition, and can do so profitably. The implication of selecting target segments is that the business will subsequently allocate more resources to acquire and retain customers in the target segments than it will for other, non-targeted customers.

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In conjunction with targeting decisions, marketing managers will identify the desired positioning they want the company, product, or brand to occupy in the target customer's mind. This positioning is often an encapsulation of a key benefit the company's product or service offers that is differentiated and superior to the benefits offered by competitive products. For example, Volvo has traditionally positioned its products in the automobile market in North America in order to be perceived as the leader in "safety", whereas BMW has traditionally positioned its brand to be perceived as the leader in "performance." Ideally, a firm's positioning can be maintained over a long period of time because the company possesses, or can develop, some form of sustainable competitive advantage. The positioning should also be sufficiently relevant to the target segment such that it will drive the purchasing behavior of target customers.

The 4 P's of Marketing Marketing decisions generally fall into the following four controllable categories: Product Price Place (distribution) Promotion These four P's are the parameters that the marketing manager can control, subject to the internal and external constraints of the marketing environment. The goal is to make decisions that center the four P's on the customers in the target market in order to create perceived value and generate a positive response. 4. The Marketing Mix Decisions

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Brand name Functionality Styling Quality Safety Packaging Repairs & Support Brand Warranty Accessories & services The term "product" refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made: PRODUCT 1.Product Decisions

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Pricing strategy (skim, penetration, etc.) Suggested retail price Volume discounts and wholesale pricing Cash & early payment discounts Seasonal pricing Seasonal Bundling Price flexibility Price discrimination Some examples of pricing decisions to be made include 2.Price Decisions

3.Distribution (Place) Decisions : 

3.Distribution (Place) Decisions Distribution channels Market coverage (inclusive, selective, or exclusive distribution) Specific channel members Inventory management Warehousing Distribution centers Order processing Transportation Reverse logistics Distribution is about getting the products to the customer Some examples of distribution decisions include

4.Promotion Decisions : 

4.Promotion Decisions In the context of the marketing mix, promotion represents the various aspects of marketing communication, that is, the communication of Information about the product with the goal of generating a positive customer response. Promotional strategy (push, pull, etc.) Personal selling & sales force Marketing communications budget Sales promotions Public relations & publicity Advertising Marketing communication decisions include

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At this point in the process, the marketing plan has been developed and the product has been launched. Results of the marketing effort should be monitored closely. As the market changes, the marketing mix can be adjusted to accommodate the changes. Often, small changes in consumer wants can addressed by changing the advertising message. As the changes become more significant, a product redesign or an entirely new product may be needed. The marketing process does not end with implementation - continual monitoring and adaptation is needed to fulfill customer needs consistently over the long-term. 5. Implementation and Control

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Start-up costs Monthly budgets Sales figure Market share data Consider the cycle of control Remember that there is no planning without control. Control is vital 5. Marketing Controls

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The market success of any existing or new product is based on strong marketing to create and communicate meaningful customer value. A comprehensive structure of advertising, public relations development and product marketing strategies is required to build the life-support system for the product success.