product brand management(pbm)

Product & Brand Management

Introduction to ProductManagement

• What is a Product?A product is anything that can be offered to a market to satisfy a want or a need

• What is Management?Management is coordination of the

resources of the firm to produce goods and services

• What type of Products are Marketed?Physical Goods – Cars, ShampoosServices – Financial, RepairPersons – Movie Stars, Political LeadersPlaces – Switzerland, NanitalOrganizations – Girl Scouts, Political

PartiesIdeas – Family Planning, Driving in Single

Product Classification

• Products are classified into 3 groups according to their durability and tangibility

Non-Durable – Few uses – soaps, saltDurable – Many uses – clothing, cooking rangeServices – Intangibles – banking,

brokerage

Consumer Goods

• Convenience Goods Frequently used, purchased with

minimum effort – bread, cooking oil

• Shopping GoodsPurchased less often, comparison on

price, quality, and style – TV, Mobile Phone

• Specialty GoodsPurchased as desired, branded products

– anti-aging cream, shampoos

• Unsought GoodsPurchased on perceived need, can do

without – food processor, water filter

• Fast Moving Consumer Goods (FMCG)GroceriesSnacksDetergentHair Oil

Industrial Goods

• Capital GoodsPlant Equipment, Computers

• Materials and PartsPlastics, Auto Parts

• SuppliesPaper, Toner

• Business ServicesMarket Research, Patent Services

Product-FocusedOrganization

Head ofCompany/

Division

Manufacturing Marketing Finance CorporateCommunications

ProductManagement

MarketingResearch

MarketingResearch SupportSupport

ManagerProduct BManagerProduct B

ManagerProduct AManagerProduct A

ManagerProduct CManagerProduct C

Characteristics

• Classic brand management structure developed by P&G in 1930s

• Commonly used where different products use the same channels of distribution

• Product Manager acts as a ‘Mini-CEO’

• Product Manager has the ultimate responsibility for the brand

• Associate Product Manager develops brand extensions or manages a small brand

• Assistant Product Manager is responsible for market and share forecasting, budgeting, coordinating with production, executing promotions, and packaging

Advantages

• Center of responsibility is clear• Clear who to turn to for information on the

product• Product has an advocate with training,

experience, persuasion, and communication skills

• Breeding ground for senior executives

Disadvantages

• Narrow focus on one product• Induces a centralized structure• Quest for quarterly or short-term sales and

market share goals• Several salespeople representing different

products calling on the same customer• Inefficient use of marketing funds to build

brand name

Examples

• P&G• General Foods• Adobe• Ford• Mitsubishi• GM (adopted – 1995, dropped – 2002)

Market-FocusedOrganization

Head ofCompany/

Division

ManagerMarket BManagerMarket B

ManagerMarket AManagerMarket A

Manager Market CManager Market C

Characteristics

• Marketing authority by market segment

• Useful when there are significant differences in buyer behavior in the market segments

• Does not give managers full responsibility for the services or products delivered

Advantages

• Focus on the customer as an asset• Easier to justify product modification or

elimination• Useful when bundling different products or

when consumer purchases many different products form the same company

• Enhances product manager interactions due to specific knowledge in the particular segment

Disadvantages

• Possible conflict with the product management structure that may lie below

• ‘Mini-CEO’ training and experience of traditional product managers may be lost

• Most product management skills need to be sustained

Examples

• Levi• Bell

Function-FocusedOrganization

Head ofCompany/

Division

AdvertisingAdvertisingProductPlanningProductPlanning

SalesPromotion

MarketingResearch

Characteristics

• Aligned by marketing functions• Product and market-focused organizations

have aspect of this structure embedded in their organizations

• A single manager is not responsible for day-to-day marketing activities of the product

• Marketing strategies are designed and implemented through coordinated efforts

Advantages

• Administratively simple• Useful if company has few products• The structure is logical with normal marketing

activities• Functional training is easier to deliver• Managers become functional experts

Disadvantages

• Product responsibility is shared so no one down the line can be held accountable

• Requires substantial time in cross-functional meetings

• Training is limited to function• Marketing VP or head needs to do much of

the planning

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Examples

• Intel• Apple• HP

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Factors InfluencingCompetitive Success

Environmental FactorsRate of Technology ChangeNature of CompetitionIntensity of Competition

Organizational FactorsSizeStructureCultureManufacturing Capability

Marketing FactorsProduct QualityCustomer ServiceMarket Research

Managerial FactorsLeadership StyleCommunicationAttitude

Strategic FactorsLong-term ObjectivesStrategic Time HorizonProduct-Market Strategy

Product orBusiness Performance

Changes Affecting Product Management

• The Web• IS Database Management• Increased Emphasis on Brands• Shift in Balance of Channel Power• Increased Importance of Customer Retention• Increased Global Competition

Potential Interactions of aProduct Manager

Product ManagerProduct

Manager

AdvertisingAgency

MediaMedia

PromotionServices

PackagingPackaging

PurchasingPurchasing

SalesSalesMarket

ResearchMarket

Research

Manuf. and

Distrib.

Manuf. and

Distrib.

ResearchandDev.

FiscalFiscal

LegalLegal

PublicityPublicity

Three Levels of a Product

CoreBenefit

or Service

CoreBenefit

or Service

BrandNameBrandName

QualityQualityStylingStyling

FeaturesFeaturesPackagingPackaging

WarrantyWarranty

After-SalesService

DeliveryAnd

Credit

DeliveryAnd

Credit

InstallationInstallation

AugmentedProduct

TangibleProduct

CoreProduct

Product Analysis

1. Category2. Competitor3. Customer4. Demand

1. Category AttractivenessAnalysis

• Aggregate Category Factors• Category Factors• Environmental Factors

Aggregate Category Factors

• Category Size• Category Growth• Stage in the PLC• Sales Cyclicity• Seasonality• Profits

• Category SizeMeasured in units and monetary valueWill revenues support investmentLarge markets are betterLarge categories offer more

opportunities for segmentationLarge size tends to draw competitors

• Category GrowthCurrent growth are importantGrowth projections are crucialFast-growing support high margins and

sustain future profitsAttract competitorsCause dramatic shift in market share

survivability of product

• Stage in the PLCThe introduction stage is unattractive for

new entrantsThe growth stage is attractiveThe maturity stage may be attractive for

some categoriesThe decline is unattractive to new entrants

and low market share holders may exit

Category Attractivenessover the PLC

Stage Intro. Growth Maturity Decline Years

Size Small Moderate Large ModerateGrowth Low High Low NegativeAttract - Low High Low/ Lowivenes High

• Sales CyclicityDue to inter-year variation in demandGeneral Economic conditions introduce

peaks and valleys in sales as GDP varies

Swing in sales, profits, employment, cash available for new product development

• SeasonalityIntra-year cycles in salesClothes, sweets, fire-crackers, and toy

sales during festivalsGenerates price warsMany products are seasonal like cold

remedies, skin creams, ice cream

• ProfitsVary across products or brands in a

category, and over timeInter-industry differences also existAverage profit margins for footwear is

about 6%, personal care 20%, and biotechnology 50%

Chronic low profitability is less attractiveVariation used as industry risk

Attractiveness of MarketFactors

AttractivenessFactor High Low

Category Size + -Category Growth + -Sales Cyclicity - +Seasonality - +Profit + -Profit Variability - +

Category Factors

• Threat of New Entrants• Bargaining Power of Buyers• Bargaining Power of Suppliers• Amount of Intra-category Rivalry• Threat of Substitute Products or Services• Category Capacity

• Threat of New EntrantsIf high, attractiveness diminishesIn early stages of market development it

can help a market to expandUsually it heightens competitiveness and

reduces profit marginsOffset by setting up barriers to entry

Category Factors

1. Potential Barriers to EntryEconomies of ScaleProduct DifferentiationCapital RequirementsSwitching CostsDistribution

Category Factors

• Bargaining Power of BuyersDistributors, original equipment

manufacturers (OEMs) or end users

High if – product bought is a large % of buyer’s cost, product is undifferentiated, buyers earn low profits, buyer can

backward integrate, buyer has full information, when substitutes exist

Category Factors

• Bargaining Power of SuppliersIs a mirror image of buyer powerHigh if – suppliers are concentrated, no substitutes, differentiated product, built

in switching costs, supply is limited

Category Factors

• Amount of Intra-category RivalryIntense category competition is not

attractiveEscalates marketing expenditures, price,

employee switchHigh if – many or balanced competitors,

slow growth, high fixed costs, lack of differentiation, personal rivalry

Difficult for a product manager to have an impact on category rivalry

Dr. A. Kaul

Category Factors

• Threat of Substitute Products or Services Large number is less attractiveThreat from genericsThreat generally in all categoriesHigh rates of returns when few

Dr. A. Kaul

Category Factors

• Category CapacityChronic overcapacity is not a positive

sign for long-term profitabilityOperating at capacity – costs stay low,

supplier bargaining power highIndicates health of categoryRecession may lead to overcapacity

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Category Factors

Porter’s Five Forces Model

Amount of Intra-

Category Rivalry

Amount of Intra-

Category Rivalry

Bargaining Power of Supplier

Threat of Substitute Products or Services

Bargaining Power of

Threat of New Entrants – Barriers to Entry

Dr. A. Kaul

Attractiveness of CategoryFactors

AttractivenessFactor High

Threat of New Entrants - +Bargaining Power of Buyers - +Bargaining Power of Suppliers - +Amount of Intra-Category Rivalry - +Threat of Substitute Products or - +

ServicesUnused Capacity - +

Dr. A. Kaul

Category Factors

Environmental Factors

• Technological• Political• Economic• Regulatory• Social

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• TechnologyIf weak – vulnerable to new product and

global competitionIf well positioned – firm can take

advantage of change

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• PoliticalAffects products with global salesProduct manager must assess political

riskFree market – affected by political party

in power

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• EconomicInterest rate fluctuations – short-term

financingCurrency exchange rates – global marketsEmployment conditions – availability of

skilled laborRecession – sales, GDP growth declinesInflation rates – consumer buying power

diminishes

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• RegulatoryRestrict industry from specific media useStringent testing requirementsAir, water, soil pollutionIntervene in global competition -

dumping

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• SocialTrends in demographics, lifestyles,

attitudes, and personal valuesTrends affect B2B due to derived

demandYoung adultsMature consumersChildren as consumersShift of power from seller to consumer

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2. Competitor Analysis

• To analyze competitors, a commitment to developing a competitive strategy that includes a willingness to expend resources on collecting data is necessary

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Determining the CompetitorSet

• From Commercial and Government Data• Managerial Judgment – experience, internal

sources• Customer-Based Measures – behavioral data• Customer Judgments - surveys

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Using Customer Judgments

• Judged Overall Similarity – for a pair of products

• Similarity within Consideration Set – large set of products divided into groups in which each is a substitute for another

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• Product Deletion – in a group that are substitutes for each other, if one is deleted or not available, which one would the customer select from the choice set or the rest

• Substitution in Use – judged similarities in usage context, use and substitutes are indicated for the target product

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Using Customer Judgments

Defining Competitive Set with Perceptual Mapping

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MoistMoistNeeds RefrigerationNeeds Refrigeration

Between Meal SnackBetween Meal Snack

Easy to CarryEasy to CarryAt School/WorkAt School/Work

Tea/Coffee BreakTea/Coffee Break

Long Time to PrepareLong Time to Prepare

Formal DesertFormal Desert

Corporate Intelligence

Rank US Company

1 Microsoft2 Motorola3 IBM4 P&G5 GE, HP6 Coca-Cola, Intel

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Competitor Analysis Steps

• Data Collection• Data Analysis

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Secondary Sources of Information

SecondaryData

InternalSourcesInternalSources NewspapersNewspapers

AnnualReportsAnnualReports

PatentFilingsPatentFilings

Financial AuditFilings

BusinessPress

GovernmentGovernmentComputerDatabasesComputerDatabasesInternetInternet

NewsReleases

TradeAssociations

PromotionalLiterature

TradePressTradePress

ConsultantsConsultants

CustomerCommunications

Dr. A. Kaul

Data Collection

Primary Sources of Information

PrimaryData

InvestmentBankers

SalesForceSalesForce

SuppliersSuppliers

CustomersCustomers

EmployeesEmployees

SpecializedFirms

ConsultantsConsultants

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Data Collection

Other Sources of Information

• Classified Ads• Trade Shows• Plant Tours• Reverse Engineering• Monitoring test Markets• Hiring Senior Employees

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Data Collection

Competitor Analysis ModelPrimary DataPrimary Data Secondary DataSecondary Data

Key QuestionsWho are they?What are the competing product features?What do they want?What is their current strategy?

Differential Competitor Advantage Analysis

Who has the competitive product advantage?

Differential Competitor Advantage Analysis

Who has the competitive product advantage?

Competitor Marketing PlanWhat are they going to do?

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Data Analysis

Data Analysis Questions

• Who are the major competitors?• How do the competing products or services stack

up against each other?• What are the objectives of the major competitor

products?• What is the current strategy being employed to

achieve the objectives?• Who has the competitive edge?• What are they likely to do in the future?

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Data Analysis

Product Features/AttributeMatrix

Competitor Features/AttributesMemory Price

ProcessorABCD

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Assessing Competitors’ Current Objectives

• Is a critical first step in a competitor analysis for major competitor products

• Gives valuable information on intended aggressiveness of the competitors in the future

• Helps to assess the capabilities of the competitors

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Define the Terms

• Growth Objective – increase unit sales or market share

• Hold Objective – brand losing market share, stop the slide

• Harvest Objective – profit is paramount relative to market share

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Determining the Objectives• Growth Objective

Improve market share at the expense of short-term profits

The following will occur:A cut in priceIncrease in advertising expendituresIncrease in promotions to consumers and

distributorsIncrease in distribution expenses

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• Harvest ObjectiveFocus on profitability – brand marketed

in the opposite way

The following will occur:Increase in priceDecrease in marketing budgets

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Determining the

Objectives

Determining the

Objectives

Examples of Objectives

• Global CompetitorMay be interested in establishing market position even with short-term losses

• Private Firm on Stock Exchange – long-term profits

• Private Family Owned – short-term profits• Public Firm– foreign exchange, employment,

providing services

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• Mergers, Acquisitions, LBORetain market share

• Firms Operating PhilosophyMinimize capital investment

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Assessing the Competitors’Current Strategies

• The important second step in competitor analysis is to determine how competitors are attempting to achieve their objectives

Marketing StrategyDifferential Advantage AnalysisCompetitor’s Will

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Marketing Strategy

• Three Major Components:

Target Market SelectionCore Strategy

Positioning, DifferentiatingImplementation

Supporting Marketing Mix

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Marketing Mix

• The mix provides insight into the basic strategy of the competitor and special tactical decisions

• 4P’s

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• ProductPhysical product or service and how it is sold

• PriceHighly visible

• PromotionWhich type and how often

• PlaceWhich channels are being emphasized?

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Marketing Mix

Tracking Competitors’Strategies

• Industrial ProductsProduct sales literatureThe company’s own sales forceTrade advertising

• Consumer ProductsTracking Ads

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Comparing Value Chains

Firms InfrastructureFirms Infrastructure

InboundLogisticsInboundLogistics

Human Resources ManagementHuman Resources Management

Technology DevelopmentTechnology Development

ProcurementProcurement

OperationsOperations OutboundLogistics

OutboundLogistics

MarketingAnd SalesMarketingAnd Sales

ServiceService

SupportActivitiesSupportActivities

PrimaryActivitiesPrimary

Activities

MARGIN

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Technology Strategy

• Framework of Six CriteriaTechnology SpecializationLevel of CompetenceSources of Capability – Internal/ExternalR&D Investment LevelCompetitive Timing – Initiate/RespondR&D Organization and Policies

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Product Entry DecisionsDecision R&D Marketing TimingFirst State-of-the- Stimulating Early-entryTo Market art Primary Demand in the PLC

Second Advanced, Differentiating Entry Early in

To Market Responsive the Product PLC Growth

Next Ability in Market Entry Duringto Market Applications Segmentation PLC Growth

Late Skill in Process Minimizing Selling Entry Late inTo Market Development and Distribution PLC Growth

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Competitive Product AnalysisMatrix

Marketing Competitor A Competitor BMix Brand A Brand B

Product 1 Product 21. Product

Targeted Segment2. Price3. Promotion

Advertising4. Place5. Technology Strategy

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Differential Advantage Analysis– Capabilities Matrix

Ability To Firm/Product OwnA B C Product

Conceive/Design

Produce

Market

Finance

Manage

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Differential Advantage Analysis– Success Matrix

Critical Success Firm/Product OwnFactors A B C Product

12345Overall Rating

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Assessing A Competitor’sWill

• A strong competitor can be overcome• A weak competitor can cause damage

Assess:How crucial is this product to the firm?How visible is the commitment to the market?How aggressive are the managers?

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Predicting Future Strategies

• Competitor signals with an announcement• Use historical information to forecast:

Competitor’s Strategy – dependent variable

Capabilities and Resource – independent variable

Extrapolate that the trend may continueLink Capabilities/Resources with Strategy

• Simulate by Role-Play

Dr. A. Kaul

3. Customer Analysis• What we need to know about current and potential

customers:1. Who – buys and uses the product?2. What – customers buy and how they use it?3. Where – customers buy?4. When – customers buy?5. How – customers choose?6. Why – customers prefer a product?7. How – customers respond to marketing

programs?8. Will – customers buy it (again)?

Dr. A. Kaul

Segmentation Variables for Consumer Markets

• DemographicsAge, gender, geographic location

• Socio-graphicsIncome, education, occupation, social

class• Personality

traits – ambitious, extrovert• Psychographics and Value

lifestyle – activities, interests, opinions

1. Who Buys and

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Lifestyle Topology

• Strivers• Achievers• Pressured• Adapters• Traditionalists

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1. Who Buys and

Value Topology• Self-respect• Security• Warm relationship with others• Sense of accomplishment• Self-fulfillment• Sense of belonging• Respect for others• Fun and enjoyment• Excitement

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1. Who Buys and

Segmentation Variables forBusiness Markets

• DemographicsIndustry, company size, location

• Operating VariablesCustomer technology, use status, service

• Purchasing ApproachesStructure, power, purchasing criteria

• Situational FactorsSize of order, just-in-time delivery

• Personal CharacteristicsAttitude to risk, loyalty to supplier

Dr. A. Kaul

1. Who Buys and

Benefits

• The Firm Produces Features• The Customer Purchases Benefits• Technology Firms – User friendly• Drill Manufacturer – Sells holes, not drills• Product Manager – Understand the benefits

customers are seeking in the market segment

2. What Customers

Buy and Use?

2. What Customers

Buy and Use?

Dr. A. Kaul

Distinction Between Featuresand Benefits - Cadillac

Features Benefits

300-HP Engine Ability to pull away safelyNorthstar Engine Smooth-running engineAdjustable Seats Stay fit, alert, comfortableABS Brakes Wheels won’t lock and

Dr. A. Kaul

332. What

Customers Buy and

2. What Customers

Buy and Use?

Purchase Pattern• Database Marketers use three criteria for

evaluating and segmenting customers in their databases

Recency – how recently has the customer bought brand?

Frequency – How many different products does the customer buy, and what are the time intervals?

Monetary Value – What is the value of the customer’s purchases in terms of profits?

Dr. A. Kaul

332. What

Customers Buy and

2. What Customers

Buy and Use?

Potential Customers

• Continuum Relating to the ProductUnawareAwareAccepting – Willing to use the productAttracted – Positive towards the productActive – Buy and/or plan to buyAdvocates - Encourage others to buy

Dr. A. Kaul

332. What

Customers Buy and

2. What Customers

Buy and Use?

Product Assortment

• Different Brands Purchased by the Customers for the category in the Segments

• Create Switching Tables• Different Vendors used by Businesses –

Industrial products

Dr. A. Kaul

332. What

Customers Buy and

2. What Customers

Buy and Use?

• Sweets – Festivals • Rainwear – Rainy season• Sunscreen – Summer • Customer Suggestions – Baking soda to

deodorize drains – Lime juice to clean cooking range

Dr. A. Kaul

332. What

Customers Buy and

2. What Customers

Buy and Use?

Channels of Distribution

• Customers Migrate to Other ChannelsSpecialty retailer to DiscountDiscount to Department StoreNeighborhood to SuperstoreSmall Retailer to Large-Volume retailerBrick-and-Mortar to Internet

3. Where Customers

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Timing Issue

• Sales or Price Breaks and Rebates• Fast-Food – Breakfast, lunch, snack, dinner• Woolens – Winter• Capital Equipment – Near fiscal year end• Cold Remedies – Before and during winter

4. When Customers

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Customers CompareAlternatives

• InformationMedia AdvertisementsIn-store personnelWord-of-MouthInternet

• Decision ProcessEmotionalImpulseRational

5. How Customers Choose?

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Multi-attribute Model

• The process of how customers make decisionsAttributes – used by customer to define

the productPerceptions – amount of attributes

possessed by each brand or product in the category

Importance Weights – weights given by customer for each attribute

Dr. A. Kaul

Attributes

• Identifying the relevant set is not easy• Managerial judgment alone can cause

misestimates• Collect information:

Focus-GroupsSurvey/Questionnaire – Open-ended or

close-ended

Dr. A. Kaul

Perceptual or PositioningMap – Bank

Courteous Personnel F A

DInconvenient Convenient

C B ATM Locations

Un-courteous

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Importance Weights

• Direct Questioning• On a scale of 1-to-7 with 7 being very

important and 1 not important, how important is ‘the attribute …..’ in your purchase decision

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Decision Making by Manager for Each Brand

Segment 1 Segment 2

Attribute A Weight x Rating = ScoreAttribute BAttribute CAttribute D

Segment Score ∑

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Rules Available to the Product Manager

• Compensatory Rule – Multivariate ModelAll attributes are considered and

weakness in one can be compensated for by strength in another

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• Lexicographic RuleCompares the products on the most

important attributes alone and eliminates those which are not at the top

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• Conjunctive RuleAssumes the customer sets minimum

cutoffs on each dimension and rejects a product if it has any attributes below the cutoff

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Conjoint Analysis

• An alternative to weights, conjoint analysis permits the product manager to infer the importance of different product attributes in terms of importance

Dr. A. Kaul

Conjoint Analysis – Laptops Computers

• Three AttributesWeight – 1 kg or 2 kgBattery Life – 2 hr or 4 hrBrand – HP or LG

• Task:Rank in order the following

combinations from 1 = most preferred to 8 = least preferred

Dr. A. Kaul

Customer Response – Laptop Computers

Combination Rank

1 kg, 2 hr, HP 41 kg, 2 hr, LG 21 kg, 4 hr, HP 31 kg, 4 hr, LG 12 kg, 2 hr, HP 82 kg, 2 hr, LG 62 kg, 4 hr, HP 72 kg, 4 hr, LG 5

Dr. A. Kaul

Analysis – Laptop Computers

• Preference1 kg, 4 hr, LG with rank 1 – most2 kg, 2 hr, HP with rank 8 – least

• Average Ranking:1 kg option = 2.5 = (1 + 2 + 3 + 4)/42 kg option = 6.5 = (5 + 6 + 7 + 8)/42 hr option = 5.04 hr option = 4.0HP = 5.5LG = 3.5

Dr. A. Kaul

• Difference in the Average Ranks:Weight = 4.0 (6.5 – 2.5)Battery Life = 1.0 (5 – 4)Brand = 2.0 = (5.5 – 3.5)

• The most important attributes to this customer is weight, followed by brand, and then battery life

Dr. A. Kaul

Customer as ProblemSolver

• Extensive Problem Solving – First-time buyers or high-technology products

• Limited Problem Solving – Customer understands functioning and competitors, evaluates on small number of attributes

• Routine Response Behavior – routine purchases with low or high price tag

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Customer Value

• Critical Component of Customer AnalysisBenefit – Customer’s perspectiveCost – price, maintenance

• Sources of Customer ValueEconomicFunctionalPsychological

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6. Why Customers

Prefer a Product?

6. Why Customers

Prefer a Product?

Manifestation of Customer Value

• Price – firm’s assessment of the product’s value

• Price Sensitivity – sales change with price• Satisfaction – Indicated in surveys used as

standard practice• Complaints and Compliments – Number• Word-of-Mouth – Difficult to track

Dr. A. Kaul

336. Why

Customers Prefer a Product?

6. Why Customers

Prefer a Product?

• Margin/Profit Contribution – Higher margins• Sales – Value assessed by the market• Competitive Activity – New-product

introductions• Repeat Purchase Rate – High loyalty indicates

high brand value

Dr. A. Kaul

336. Why

6. Why Customers

Prefer a Product?

Assessing Value of theProduct Category

• Determine the uses of the product• Estimate the importance of the uses• List competing products for the uses• Determine the relative effectiveness of the

product category in each usage situation

Dr. A. Kaul

336. Why

6. Why Customers

Prefer a Product?

Assessing the Value of he Brand/Product/Service

• Assessing the total value of a brand can be done indirectly

• A high-value brand has:High Market ShareHigh Repeat Purchase RateLow Elasticity with respect to PriceLimited Competitive Brand Shopping

Dr. A. Kaul

336. Why

6. Why Customers

Prefer a Product?

• Using customer responses to estimate the value of a brand directly:

Ratings for competing productsConstant sum ratings across brandsGraded paired comparisonsConjoint analysis

Dr. A. Kaul

336. Why

6. Why Customers

Prefer a Product?

Customer Response

• Sensitivity and Preference Varies by Customer:

To Price – and to means of paymentDistribution and Availability – including

the effect of direct marketingAdvertisingPromotionService

Dr. A. Kaul

7. How Customers Respond to Marketing Programs?

Assessing Sensitivity

• Expert Judgment – using knowledge of managers, sales-force

• Customer Survey – including both direct questioning and more subtle approaches as conjoint analysis

• Experiments – both controlled settings and actual market segments

• Analyses of Past Data – across market segments or individual customer records

Dr. A. Kaul

7. How Customers Respond to Marketing Programs?

Decision to Purchase

• Critical Issue – whether new or current customer will purchase the product in the future

• Quality Program – satisfy and retain customers

• Relationship Marketing – long-term, lifetime, value of a customer

Dr. A. Kaul

8. Why Customers

Buy It (Again?)

8. Why Customers

Buy It (Again?)

Quality - Satisfaction

• Quality is ultimately measure in terms of customer satisfaction

• Satisfaction has a strong relative component to quality

Are customers of the product category more or less satisfied than those of a different but potentially substitutable one?

Are customers of the company’s product more or less satisfied than customers of a competitor’s?

Dr. A. Kaul

8. Why Customers

Buy It (Again?)

8. Why Customers

Buy It (Again?)

Measurement ofSatisfaction

• Three Key AspectsExpectations of Performance/QualityPerceived Performance/QualityThe Gap between Expectations and

Performance

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8. Why Customers

Buy It (Again?)

8. Why Customers

Buy It (Again?)

• Indirect MeasuresWord-of-Mouth CommentsComplaintsComplimentsRepeat purchase – or lack thereof

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8. Why Customers

Buy It (Again?)

8. Why Customers

Buy It (Again?)

Why Satisfaction?

• Leads to Loyalty• Customer Retention• Intention to Purchase

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8. Why Customers

Buy It (Again?)

8. Why Customers

Buy It (Again?)

• Satisfied but No Repurchase Due to Poor Product SupplyVariety Seeking or Multiple SourcingLarge Promotional Deals

• Unsatisfied but Continue to PurchaseMonopolyConvenience

Dr. A. Kaul

8. Why Customers

Buy It (Again?)

8. Why Customers

Buy It (Again?)

Segmentation

• Each Customer is Unique• Mass Marketing is Generic• Each Customer Strategy

Time-ConsumingNot Very Profitable

• Group Customers into Segments• A Compromise

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• Insights into Different Kinds of Customer Behavior

• Makes Marketing Programs more Efficient• With IT one-to-one Marketing is Viable• But Segmentation is the Norm

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SegmentationSegmentation

Criteria for Segmentation

• Sizeable• Identifiable• Reachable• Respond Differently• Coherent• Stable

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Methods for MarketSegmentation

• Simple to Apply, Easy-to-Use software, and require Descriptive and Behavioral Data

Cluster AnalysisTabular AnalysisRegression Analysis

Latent Class Analysis

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Cluster Analysis

• Examines the values of the variables for each respondent , from a sample of customers, and then groups the respondents with similar values

PurchaseQuantity

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Cluster

• Phone company employed Cluster Analysis to understand its regional customers

• Six segments based on clustering householdsLow Income/Blue Collar – FledglingsFrugal/Retired – ThriftiesContended Middle Class – ContentedsAspiring M-C Status Seekers – ClimbersTechnology –Driven Strivers – TechiesContended Upper Middle-Class - Executives

Dr. A. Kaul

Cluster AnalysisCluster Analysis

• Industrial-products company segmented its national accounts based on trade-offs between price and service to form four segments

Programmed Buyers – small customer, routine purchases

Relationship Buyers – small buyers, loyal, pay low prices and obtain high service levels

Transaction Buyers – large buyers, obtain price discounts, expect high service levels,

switch suppliersBargain Hunters – large buyers, lowest prices,

highest service levels

Dr. A. Kaul

Cluster AnalysisCluster Analysis

Tabular Analysis

• This analysis uses categorical variables based on customer responses

• Descriptor Variables – related to attitude, independent variables

Convenience OrientedEnthusiasticDisinterested

• Behavioral Variables – dependent variablesSmall/Light, Medium, Large/Heavy

Dr. A. Kaul

Also Called Cross-Tabular

Analysis

Also Called Cross-Tabular

Analysis

Regression Analysis

• Is used when the product manager can specify an explicit relationship between behavioral, dependent variable, and one or more descriptor, independent variable

• However, unlike tabular analysis it assumes a continuously measured dependent variable, quantity rather than category of usage

Dr. A. Kaul

• Usage = f (price, convenience oriented, enthusiastic, disinterested, low, medium, high income)

• Regression performed using regression coefficients to represent the regression model in an equation form

• U = aP + bC + cE + eD + fL + gM + hH

Dr. A. Kaul

Regression Analysis

• Results may suggest:Price sensitivity depends on various

service characteristics – quality, support

Price responsiveness exists across counties and continents – segmentation based n responsiveness rather than country

boundaries are useful for global marketing

Dr. A. Kaul

Regression Analysis

Latent Class Segmentation

• Begins with the market as a whole and then determines what segmentation pattern best trades off few segments and the ability to explain behavior

• The previous methods begin with individuals and then aggregate them

• Is recent, intriguing, requires sophistication – not widely used

Dr. A. Kaul

Judgment-BasedSegmentation

• Useful because segments are readily identifiable and reachable

Heavy, Light, Non-Users• Can be used as a basis for comparison with

results of computer-based analysis• Segments based on intuition may exist only in

the mind of a manager and not in the market

Dr. A. Kaul

Environmental Influences On Consumer Behavior

Dr. A. Kaul

Consumer Motivation - Maslow’sHierarchy of Needs

Dr. A. Kaul

Consumer Decision-MakingProcess

Problem Recognition

Information Search

Alternative Evaluation

Purchase Decision

Post-Purchase

Evaluation

Dr. A. Kaul

Consumer’s InternalPsychological Processes

Motivation Perception Attitude Formation Integration Learning

Dr. A. Kaul

Percentage of Users Loyal toOne Brand in the Category

Product %

Toothpaste 61Automobile 47Perfume/After Shave 46Shampoo 44Soft Drink 44Athletic Shoes 27

Dr. A. Kaul

Consumer Attitude

• Important to Marketers• Summarize a Consumer’s Evaluation of a

Brand or Company• Represent Positive or Negative Feelings• Are Related to Consumer’s Purchase Behavior

Dr. A. Kaul

Demand Analysis

• Three Broad Categories of DemandEffective – demand backed by purchasing

powerPotential – customer possesses

purchasing power but is not currently buying

Latent – one which the customer is unable to satisfy, usually for lack of purchasing power, or availability

Dr. A. Kaul

Classic Demand Curve

Quantity

Dr. A. Kaul

Economic Assumptions of Consumer Demand

• The Consumer wants remain unchanged• Has a fixed amount of money available• Is one of many buyers• Knows the price of all good, which are

homogeneous• If wishes, spends money in very small

amounts• Acts rationally

Dr. A. Kaul

General DemandInfluencers

• Three broad FactorsDemographics – effective demand is

related populationBuyer Behavior – demand reflects the

aggregate needs and wants of individuals in the population

Availability – supply and channels of distribution

Dr. A. Kaul

Decline in Demand

• The reduction in promotional support will often lead to contraction in overall demand as the product loses the front-of-mind awareness, stimulated by advertising, so that usage will gradually decline

Dr. A. Kaul

New Product Development• Slightly New Products - Modification

Change of IngredientsAdding FeaturesResembling Competitor Products

• New ProductsOffensive – gain sales or shareDefensive – match or block competitors

• Really New ProductsCreate/Expand a New Category

Dr. A. Kaul

Development Stages

1. Idea Generation2. Concept Development3. Feasibility Screening4. Concept Testing5. Product Development6. Product Testing7. Market Testing8. Go-No Go Decision

Dr. A. Kaul

Model for New ProductDevelopment

Dr. A. Kaul

Company ObjectiveCompany Objective

ExplorationExploration

Product SuccessProduct Success

ScreeningScreening

Business AnalysisBusiness Analysis

DevelopmentDevelopment

TestingTesting

CommercializationCommercialization

The Booz, Allen and Hamilton Model

Business Analysis

• First Major Decision StageIs venture potentially worthwhile, since expenditures will increase dramatically after this stage?

Market AnalysisExplicit StatementExplanation

Dr. A. Kaul

Model for New Product Development

Market AnalysisDetailing potential total marketEstimated market share with specific

time horizonCompeting products if anyLikely price, break-even volumeIdentification of early adopters, specific

market segments

Dr. A. Kaul

Explicit StatementTechnical AspectsCostsProduction ImplicationsSupplier ManagementFurther R&D

Dr. A. Kaul

ExplanationHow the Project Fits with Corporate

Objectives?

Dr. A. Kaul

Commercialization

• The Second Major Decision Stage is the Commercialization Stage – Launch Stage

• Last Stage in the Development Cycle• Decisions to be made:

When to launch the product?Where to launch it?How and to whom to launch it?

Dr. A. Kaul

ImportantConsiderations

• Seasonality of the product• Whether the launch should fit any trade or

commercialization event• Whether the new product is a replacement for

the old one• Whether it is advantageous to be first to market• Launch location• Launch strategy

Dr. A. Kaul

CommercializationCommercialization

Line Extension

• Line ExtensionProduct variant in the same category

using the existing brand name

Dr. A. Kaul

• Line ExtensionAllow Full Line of ProductsAppeal to Multiple SegmentsIncrease Potential Sales – customer baseAllow Price Discrimination – among

users with different needs and preferences

Can Confuse CustomersCan Dilute/Weaken Brand Equity

Dr. A. Kaul

Line Extension

Brand Extension

• Brand ExtensionProduct in a different category using the existing brand name

Dr. A. Kaul

• Brand ExtensionRiskier than Line ExtensionsBrand must Fit in the New CategoryImage Match

Dr. A. Kaul

Brand Extension

• Brand Risk/Fit/Image

Pepsi Tofu – artificial drink doesn’t go with natural food

IBM Pens – why would they bother?; what do know about making pens?

Minute Maid Cranberry Juice – don’t they make this

already?

Dr. A. Kaul

Brand Extension

Tide Facial Cleanser – makes me think of sandpaper rubbing on my skin

McDonald’s Film Processing – I see chemicals in my food

Dr. A. Kaul

Brand Extension

Really New Products

• Create or Expand a New Category• Are New to Customers• Raise Issues of Channels of Distribution and

Organizational Responsibility• May Create a Need for Infrastructure

Dr. A. Kaul

Examples of ReallyNew Products

• Consumer GoodsPackaged Goods – bottled tea, frozen

vegetablesDurable Goods – microwave ovens,

rooms air conditioners• Industrial Products – microprocessor chips,

mobile phones• Services – ATM’s, credit cards, Internet

Dr. A. Kaul

Getting Ideas for NewProducts

• Customer Analysis – surveys of attitudes and attribute importance – unstructured (focus groups) – structured (conjoint analysis)

• Competitor Analysis – most new products are copies of competitors’ products

Dr. A. Kaul

• Active Search – new products and processes in other areas

• Category Analysis –examining social trends, technologies

• Brainstorming – generating ideas for new products can be difficult

Dr. A. Kaul

Getting Ideas for

New Products

Getting Ideas for

New Products

• Brainstorming

New Market/Customer Acquisition – who else can we sell it to?

Customer Expansion – what else can we sell them?

Dr. A. Kaul

44Getting

Ideas for New

Products

Getting Ideas for

New Products

Product Variants/Line extensions – what different features can we add or replace

Value Chain Changes – how else can we get it to the customer?

Dr. A. Kaul

BrainstormingBrainstorming

Getting Ideas for Really New Products

• Similar to New Products but with a certain radical quality

Asking or listening to dissatisfied customers

Asking non-representative customersOpen-ended qualitative surveysInvolving customers as co-developersListening to newcomers and non-expertsScanning the literature

Dr. A. Kaul

Testing New Products

• Concept TestingSurveys – useful for forecastingFocus Groups – detailed diagnosisDemonstrations – present the concept

• Product Testing• Market Testing

Dr. A. Kaul

• Product Testing1. Product Tests

Uncover product shortcomingsEvaluate commercial prospectsEvaluate alternative formulationsUncover the appealGain ideas for marketing-mix

Dr. A. Kaul

Testing New

Products

Testing New

Products

Types of Product Tests

Small Samples – employeesLimited-Time Horizon – forced-trialPlacement of Product in Homes -

elaborate

Dr. A. Kaul

Product TestingProduct Testing

2. Discrimination and Preference TestingDiscrimination is the ability to correctly identify differences from the product alone, without cues such as brand name and ingredients

Preference can be the result of true discrimination or of random guessing

Dr. A. Kaul

3. Market TestingThe purpose of such tests is to predict

sales and profits from a major product launch

Dr. A. Kaul

‘Practice’ so that marketing, distribution, and production skills are developed before entering full-scale operations

Projections are made for both share and actual sales

Dr. A. Kaul

Market TestingMarket Testing

Test Design RequirementsAction StandardsWhere to TestWhat to DoHow LongCostInformation Gathering

Dr. A. Kaul

Market TestingMarket Testing

4. Quasi-Market TestsMarket tests tend to be expensiveThey take time and tip off competitors

Simulated Test MethodsASSESORBASESLITMUS

Dr. A. Kaul

Evaluation Criteria for ReallyNew Products

• Customer LevelDo customers like it?Is it unique?Will they buy it?How soon/fast will they buy it?

Dr. A. Kaul

• Firm Level1. Does it add to our customer base through

Acquisition?ExpansionLoyalty/retention?Enhanced brand equity?

Dr. A. Kaul

Evaluation Criteria for Really New

Products

2. Does it detract from our customer base through

Cannibalization?Customer defections?Lowered brand equity?

Dr. A. Kaul

Products

3. Do we have the capabilities toDevelop it?Produce it?Distribute and sell it?Buy or partner to do the above?

Dr. A. Kaul

Products

4. Will it be profitableOn a stand-alone basis?Long-run impact on product line?

5. Are there other benefits associated with itLearning/capability enhancement?PR?

Dr. A. Kaul

Products

6. Are there other costs associated with it?Legal liability?PR?

7. Can we control the market in the short and long-run

Against the new entrants?Against the entire competition?

Dr. A. Kaul

Products

Typical Penetration For NewBrand Over Time

Penetration, %

Dr. A. Kaul

Ultimate Penetration Level – 45%

Typical Repeat Rate For NewBrand Over Time

Repurchase, %

Dr. A. Kaul

Ultimate Repeat Rate – 15%

Role of Product DevelopmentManager

• Manages the entre process• Need for interdisciplinary inputs• Need to develop product advantage• Need for speed in the process• Need to manage the information flow• Need to manage the people

Dr. A. Kaul

Factors Affecting Success

Dr. A. Kaul

Successful New ProductSuccessful New Product

ProcessTimingPre-Development ActivitiesDevelopment ActivitiesMarketing ActivitiesLaunch Activities

PeopleMultifunctionalCoordinationProduct ChampionCommunication

StrategyClear ObjectivesInnovation CultureTechnology/MarketingSynergy/Risk

InformationMarketingExternalCommunicationTechnical

ManagementTop CommitmentSet Cultural ClimateTechnology SupportInter-Level Communication

Organizational StructureFlexibleParticipativeInterdisciplinary TeamsFace-to-Face CommunicationsNon-Hierarchical

• Has lost its leading-edge in new product development ,and in bringing new products to market

• What are the reasons?

Dr. A. Kaul

• Apple’s iPod• Samsung’s flat screen TV’s• Korean digital cameras• Chinese pen drives and multimedia players

These companies and sources continue to push Sony out of its core consumer electronics market

Dr. A. Kaul

SonySony

• This problem is partly due to Sony’s corporate culture,where business units are run separately, discouragingagility, cross fertilization, and anticipation of consumer needs

Dr. A. Kaul

Brand vs. Product, Brand Elements 55

Dr. A. Kaul

What is a Brand?

• A brand is a name, terms, sign, symbol, design, or a combination intended to identify goods or services of a firm and differentiate them from the competitors

Dr. A. Kaul

What is a Brand?

• Name a: Why?CompanyProductService

Dr. A. Kaul

A Brand Conveys:

• A Promise• A Warranty

Dr. A. Kaul

Brands – 6 Levels ofMeaning

1. Attributes – Expensive, Durable , Well-Engineered2. Benefits – Expensive Prestige, Status

Durability Long Lasting Well- Eng. Safety

3. Values – Seller’s Matches Buyer’s4. Culture – Firms Culture Quality5. Personality – Motorcycles Swift, Agile

Animal6. User – Type of Customers Demographics

Dr. A. Kaul

Brand Meaning• Deep

Positioning On:ValuesCulturePersonality

• ShallowPositioning Just On:

AttributesBenefitsUsers

Dr. A. Kaul

Using BDI and CDI Indexes

HIGH LOW

HIGHHigh Market Share

Good Market Potential

Low Market ShareGood Market

Potential

LOWHigh Market ShareMonitor for Sales

Decline

Low Market Share Poor Market

Potential

Dr. A. Kaul

Using BDI and CDI Indexes

HIGH LOW

HIGHGood Sales

Potential for both Product Category

and the Brand

Category shows High Potential but Brand is not doing well, the Reasons

should be Determined

LOWThe Category is not

selling well, but Brand is, good

market to advertise but Monitor for

Sales Decline

Both Category and Brand are doing

Poorly, not a good area for Advertising

Dr. A. Kaul

Levels of Relationshipswith Brands

Dr. A. Kaul

Creating a Brand Image

• Competing Brands are Similar• Difficult to Find a Unique Attribute or Benefit• Differentiation on Functional or Performance

Basis not Easy

Dr. A. Kaul

Creating a Brand Image

• Develop Strong, Memorable Identity for the Brand through Image Advertising

• Image or Personality of the Brand is Particularly Important when the Brands are Similar

Dr. A. Kaul

Brand Equity

• Brand Equity is the value of a product beyond that explainable by economic and functional attributes

• Brand equity represents value to the manufacturer and is represented by the premium a customers would pay for one product over another when economic and functional attributes are identical

Dr. A. Kaul

Measuring Brand Equity

• At the Customer Level:Awareness – Necessary for purchaseAssociations – Reactions to the brandAttitude – Favorability, acceptabilityAttachment – Loyalty to the brandActivity – Spreading positive word

Dr. A. Kaul

Manifestation of Customer Value

• Price – firm’s assessment of the product’s value

• Price Sensitivity – sales change with price• Satisfaction – Indicated in surveys used as

standard practice• Complaints and Compliments – Number• Word-of-Mouth – Difficult to track

Dr. A. Kaul

• Margin/Profit Contribution – Higher margins• Sales – Value assessed by the market• Competitive Activity – New-product

introductions• Repeat Purchase Rate – High loyalty indicates

high brand value

Dr. A. Kaul

India’s Trusted Brands1. Colgate2. Lux3. Dettol4. Pond’s5. Tata Salt6. LIC7. Vicks8. Britannia9. Rin10. Bata

Dr. A. Kaul

The World’s Most ValuableBrands

Rank Brand Brand Value,$B

1 Coca-Cola 672 IBM 593 Microsoft 594 GE 535 Nokia 366 Toyota 347 Intel 318 McDonald’s 319 Disney 2910 Google 26

Dr. A. Kaul

Top 20 BrandsRank Brand Brand Value, $B11 Mercedes Benz 2612 HP 2313 BMW 2314 Gillette 2315 American Express 2216 Louis Vuitton 2217 Cisco 2118 Marlboro 2119 Citi 2020 Honda 19

Dr. A. Kaul

Coca-Cola Brands88

Dr. A. Kaul

Factors Affecting BrandEquity

BRAND EQUITYName

Symbol

BRAND EQUITYName

Symbol

BRAND LOYALTYBRAND

LOYALTY

NAME AWARENESS

BRAND ASSOCIATIONS

PERCEIVED QUALITY

BRAND ASSETSBRAND ASSETS

VALUE TO CUSTOMEREasier to Interpret

BenefitsFeel Confident in the

Purchase DecisionGet more Satisfaction

in Use

VALUE TO CUSTOMEREasier to Interpret

BenefitsFeel Confident in the

Purchase DecisionGet more Satisfaction

in Use

Value to FirmBRAND LOYALTY

Efficient and Effective Marketing

ProgramsPrice/Margins

Brand ExtensionsTrade Leverage

Competitive Advantage

Value to FirmBRAND LOYALTY

Efficient and Effective Marketing

ProgramsPrice/Margins

Brand ExtensionsTrade Leverage

Competitive Advantage

Dr. A. Kaul

Brand Positioning

• Is the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market

Dr. A. Kaul

Positioning Strategy

• Competitive Frame of ReferenceMOOV, back pain for women

• Points–of–DifferenceFedEx, overnight delivery nationally

• Points–of–ParitySavlon, antiseptic no sting

• Redefining CategoryBMW, both luxury and performance

Dr. A. Kaul

Introductory BrandingStrategy

PROMOTION

HIGH LOW

HIGHRapid

Skimming(Profits)

SlowSkimming(Profits)

LOWRapid

Penetration(Profits in Short-

SlowPenetration

(Profits in Long-Term)

Dr. A. Kaul

Perceptual or PositioningMap

High Quality F A

DLow HighPerformance C B Performance

Low Quality

Dr. A. Kaul

4P Marketing Mix – 4A Rural Challenges

4Ps 4As

Product AcceptabilityPrice AffordabilityPlace AvailabilityPromotion Awareness

Dr. A. Kaul

Elements of PromotionalMix

• Advertising• Sales Promotion• Publicity and Public Relations• Personal Selling• Direct Marketing• Internet Marketing

Dr. A. Kaul

Corp. Marketing Dept. –Centralized

Marketing

ProductPlanning Advertising Sales

PromotionMarketing Research

Dr. A. Kaul

Marketing Services

Corp. Marketing Dept. –Decentralized

Marketing

SalesProduct

Management

Brand Manager

AdvertisingDepartment

Marketing Research

Marketing Services

Dr. A. Kaul

Brand Manager

• Responsible for Ad and Promotions• Works closely with Outside Ad Agency and

other Marketing Communication Specialists• May have own Ad Agency• May Compete with other, even in the same

Product Category

Dr. A. Kaul

Concrete Objectives –Foster’s Beer

• Strengthen the Brands Image• Maximize Brand Presence• Broaden the Market Base Beyond Traditional

Import Beer Drinkers• Increase Sales

Dr. A. Kaul

Positioning

• In the Minds of the Consumer• For Companies as well as Brands• Distinctive Attribute

Price/QualityUsage/ApplicationProduct Users/Class

• Creative Strategy for Multiple Brands in the same Market Segment

Dr. A. Kaul

Top 10 Advertising Slogansof the Century

Company/Brand Campaign Theme1. DeBeers Diamonds are forever 2. Nike Just do it3. Coca-Cola The pause that refreshes4. Miller Lite Tastes great, less filling5. Avis We try harder6. Maxwell House Good to the last drop7. Wheaties Breakfast of champions8. Clairol Does she…..or doesn’t she9. Morton Salt When it rains it pours10.Wendy’s Where’s the beef?

Dr. A. Kaul

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