module 6 products brands and npd final.pdf
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7/27/2019 Module 6 Products Brands and NPD FINAL.pdf
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MM555Module 6 Product Development
Source: http://www.forbes.com/sites/sap/2012/12/03/6-steps-to-executing-a-content-strategy/
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Session Outline
Welcome Review of Module 5
Internal Classes - Activity
Digging Deeper
Module 6: Products, Brands and New Products
Development
Break
Learning Activity
Next Steps
Marketing plan group time
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Review Module 5: Learning Objectives
1. Be able to distinguish among the various types of businessmarkets
2. Identify the major characteristics of business customers
and transactions3. Understand several attributes of the demand for business
products
4. Become familiar with the major components of a buyingcentre
5. Understand the stages of the business buying decisionprocess and the factors that affect the process
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DIGGING DEEPER
In the News; Out of Academia; Around the Grounds
“In each Module we encourageyou to hunt out the latest news;
explore the research and scansocial media for what’s new,what’s important and what haspiqued your interest on the topicof marketing”
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…..What Caught Your Eye This Week?
Source: http://thisweekin.com
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This Week’s Reading….…..Which Ideas Will You Hold Onto?
Luan, Y.J. and K. Sudhir. 2010. Forecasting marketing-mix
responsiveness for new products. Marketing Research 47 (3):
444-457.
Bryce, D. and J. Dyer. 2007. Strategies to crack well-guarded
markets. Harvard Business Review 85 (5): 94-92.
Can you think of some
examples of effective
strategies in competitive
markets?
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Module 6: Learning Objectives
1. Define ‘product’ and product attributes
2. Outline how an organisation can differentiate its products to
obtain a competitive advantage3. Explain the value of branding brand management
4. Briefly review the concept of the product life cycle &
marketing implications
5. Discuss the new-product development process and themajor considerations in managing this process
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MODULE 6: PRODUCT
Customers rarely buy what the business thinks it sells. One reason
for this is, of course, that nobody pays for a ‘product’. What is paid
for is satisfaction.......Drucker (2010)
M k i M F k
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Marketing Management Framework
The MM555 Marketing Management Framework drawson a number of sources including Iacobucci (2013),
Armstrong et al (2012) and Gibbs (2009) and includesthe key factors which need to be taken into accountwhen developing a comprehensive marketing strategy.
Create Value
Product / Service
People
Processes
Physical Evidence
Capture Value
Price
CommunicateValue
Integrated MarketingCommunications
(includingPromotion)
Deliver Value
Placement Logistics
Customer Consider factors suchas decision making,
values, needs &wants
CompanyOr organisation. What
is our StrategicPurpose? Capabilities?
Weaknesses?
ContextWhat’s going on in
the macroenvironment?
CollaboratorsWho do we work with?Who are our partners?
CompetitorsWho are our current
and potentialcompetitors? Whereare they placed in the
market?
SegmentationBased on geographic,
demographic,psychographic and/or behavioural factors
TargetingConsider strategic fit;
potential and defensibilityagainst competition
Analysis &Strategy
Planning &Implementation
PositioningYour place in the market space
Core benefit propositionUnique selling proposition
Positioning Statement
DifferentiationDifferentiating the marketoffering to create superior
customer value
Implementation, Monitoring &Measuring Outcomes
Marketing is
about creating
customer value
and profitable
customer
relationships
Marketing Objectives
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A Product Defined
A good, a service, or an idea received in an exchange
Can be tangible (good) or intangible (service) or a combination of both
‘products’ versus ‘services’
It includes functional, social, and psychological utilities or benefits
A good is a tangible physical entity (or thing)
Laptop, desk, book, vehicle or house
A service is a mostly intangible result of the application of
human and mechanical efforts to people or objects
Entertainment, education, medical examinations, real estate or
business services
An idea is a concept, philosophy, image, or issue
Political, religious, social or secular activities can all be communicated
to try to gain acceptance
What is a Product?
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Total product concept
1
• Describes the core product, expected product, augmented product
and potential product in order to analyse how the product creates
value for the customer.
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Consumer Products
• Consumer product categories
Convenience products
• Inexpensive and frequently purchased
Shopping products
• Buyers willing to expend considerable effort in planning andmaking the purchase
Specialty products
• Possess one or more unique characteristics and buyers arewilling to expend considerable effort to obtain them
Unsought products• Purchased when a sudden problem must be solved, customers
are unaware of them and do not usually think of purchasingthem
William Pride, OC Ferrell, Bryan Lukas, Sharon Schembri and OutiNiininen 2011 Marketing Principles Asia Pacific Edition CengageLearning
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Classifying Products
Convenience product and shopping product
An ice cream bar is a convenience product. Hotels are shopping products
William Pride, OC Ferrell, Bryan Lukas, Sharon Schembri and OutiNiininen 2011 Marketing Principles Asia Pacific Edition CengageLearning
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Business Products
Products bought to use in an organisation’s
operations, to resell, or to make other productsInstallations - facilities and non-portable equipment Accessory equipment - not part of final productRaw materials - natural materials part of productComponent parts - finished items ready for assembly or need little processingProcess materials - used in production but notidentifiableMRO supplies - maintenance, repair, andoperating items not part of final productBusiness services - intangible products used inoperations
William Pride, OC Ferrell, Bryan Lukas, Sharon Schembri and OutiNiininen 2011 Marketing Principles Asia Pacific Edition CengageLearning
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Classifying Products
Business product
Boeing aircraft are products designed for use by business customers
William Pride, OC Ferrell, Bryan Lukas, Sharon Schembri and OutiNiininen 2011 Marketing Principles Asia Pacific Edition CengageLearning
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Product Line and Product Mix
•Product item
‒ A specific version of a product that can be designated as a distinct offeringamong a firm’s products
•Product line ‒ A group of closely related product items viewed as a unit because of marketing, technical or end-use considerations
•Product mix ‒The total group of products that an organisation makes available tocustomers
•Width of product mix
‒The number of product lines a company has
•Depth of product mix ‒The average number of different product items offered in each product line
William Pride, OC Ferrell, Bryan Lukas, Sharon Schembri and OutiNiininen 2011 Marketing Principles Asia Pacific Edition CengageLearning
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The Four Stages of the Product Life Cycle
• By understanding the typical life cycle pattern, marketers canmaintain profitable product mixes
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Packaging
• Involves the development of a container and a graphic
design for a product• Packaging Functions
–Protect the product from damage
–Offer convenience to consumers
–Prevent waste and make storage easier –Promote the product by communicating its features and uses
Convenience
packaging
Outback spiritcompetes by
designing packages
that are convenient to
use, and reusable
New packaging
Altering thepackage - Cadbury was
very successful inchanging the Fun FilledFreddo into an AdventureFreddo, with muchmore economicalpackaging
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BRAND STRATEGIES
How to stand stand out from the competition
Source: The Brand Agency W oodside Internal Marketing Campaign 2013
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Brands are Big Business ! “..the combined value of Australia’s 30 most
valuable brands (was)$50.7 billion, a 1% fall
from 2011.”BrandFinance Australia Top 30 in 2012
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Request our servicesand brand
More acceptance of new brand services
Refuse substitutes
Revenue increases
External Benefits of Building Strong Brands
Minimal consideration
of other brands
Ready to pay apremium price
Brandrecommendation
Clarity in externalfocus & brand
execution
Cost decreases
Customer Benefits
(Davis & Dunn 2002)
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more attractivelicensing candidate
Protection againstprice wars
Premium Pricing vs.competitive products
More attractive topotential co-brandingpartners
Greater newproduct/servicesuccessRevenue increases
Internal Benefits of a Strong Brand
Drives profitability
Employee pride inservice
Magnet for recruiting
Garner Loyalty
Mitigate brand crisismore effectively
Better leverage with
channel partners
Clarity in internalfocus & brand
execution
Cost decreases
STRONG
Brand
(Davis & Dunn 2002)
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Creating and Managing Brands
EstablishBrand
Strategy and
Architecture
Determine
Governance
Structure
Definethe
Brand’s
Identity
Establisha
Distinctive
Positioning
Align
All
Touchpoints
Measureand
Report
Progress
Step 1 Step 2 Step 3 Step 4 Step 5 Step 6
Internal branding comprises activities and processes that help
to inform and inspire employees.
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Single Brand Architecture
A Branded House
Single Unitary Brand
Architecture used to createa single powerful image
Multiple Brand Architecture
House of Brands
Favoured by decentralised
companies targetingdiverse markets.
Establish
Brand
Strategy and
Architecture
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Brand 360°
Align
All
Touchpoints
Ensure that all customer touch points are branded(Image Source: redtiemarketing )
Also consider:• Product Experience• Policies and Processes
• HR Practices• Crisis Management• Corporate Facilities• Internal Processes
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When high valuebrands fall short of delivering on highexpectations…
They create newsof the other sort……
Source: Google Image result for “BP logo”, 2013
Breaking the Brand Promise
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NEW PRODUCT DEVELOPMENT
It is not how many ideas you have. It’s how many you make happen. Accenture (2012)
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Larson T 2011 Product Development Research Group Web page http://www.bth.se/ing/pi.nsf/pages/pd Downloaded 18/02/13
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Module 6: Learning ObjectivesChecking In…..
1. Define ‘product’ and product attributes
2. Outline how an organisation can differentiate its products to obtain a
competitive advantage
3. Explain the value of branding brand management
4. Briefly review the concept of the product life cycle & marketing implications5. Discuss the new-product development process and the major considerations
in managing this process.
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15 min Break
32
N t St F2F
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Next Steps – F2F
Review the Material for Module 7: Services Marketing
Be prepared to tell a good/bad service experience story Complete the required reading. Short of time? Focus on Ford & Dickson 2012
o Ladhari, R. 2009 "A review of twenty years of SERVQUAL research",International Journal of Quality and Service Sciences, Vol. 1 Iss: 2, pp.172 –
198 o Grönroos, c. and Ravald, A. 2011 "Service as business logic: implications for
value creation and marketing", Journal of Service Management, Vol. 22 Iss:
1, pp.5 – 22
Case preparation
Don’t forget to Dig Deeper!
Focus
N t St O li
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Next Steps – Online
Review the Material for Module 7: Services Marketing
Refer to the Weekly Newsletter for areas to Focus on Complete the required reading. Short of time? Focus on Ford & Dickson 2012
o Ladhari, R. 2009 "A review of twenty years of SERVQUAL research",International Journal of Quality and Service Sciences, Vol. 1 Iss: 2, pp.172 –
198 o Grönroos, c. and Ravald, A. 2011 "Service as business logic: implications for
value creation and marketing", Journal of Service Management, Vol. 22 Iss:
1, pp.5 – 22
Don’t forget to Dig Deeper!
Focus
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