v47 ch12 setting product strategy chino ibarra
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Marketing Management: Top 10 Concepts in Setting Product StrategyTRANSCRIPT
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SETTING PRODUCT STRATEGY
Luis Angelo M. Ibarra12.01.09
Top 10 Concepts
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Setting Product Strategy
1. Product levels must be addressed2. Create a brand identity3. Provide value-added services for
further differentiation4. Market an optimal set of products5. Offer customizable product mixes
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Setting Product Strategy
6. Create a product map to assess the competition
7. Utilize line stretching to cater to a spectrum of markets
8. Product-mix pricing provides customers with options
9. Involve in co-branding and ingredient branding to maximize exposure
10. Looks do matter
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1. Product Levels
1. Core Benefit – end in mind of customer2. Basic Product – how or what to provide3. Expected Product – customer expectations4. Augmented Product – value add aside from
expected5. Potential Product – vision of what it can
become
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2. Brand Identity
Brand Identity differentiates a product from others. It can be different through the following:1.Form2.Features3.Customization4.Performance Quality5.Conformance Quality6.Durability7.Reliability8.Repairability9.Style
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3. Valued Services
Services differentiation –creating identity through the services provided.1.Ordering Ease2.Delivery3.Installation4.Customer Training5.Customer Consulting6.Maintenance and Repair
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4. Product Hierarchy
6 levels of product hierarchy:1.Need Family – benefit provided2.Product Family – products providing satisfying a core need3.Product Class – products with functional coherence4.Product Line – with similar function with other products5.Product Type – items which share forms of the product6.Item – distinct unit
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5. Product Mixes
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6. Product Map
To see the competition’s offering and which are directly against your product.
Also to identify market segment.
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7. Line Stretching
Stretches that may be done:1.Down-Market Stretch2.Up-Market Stretch3.Two-way Stretch
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8. Product-Mix Pricing
Product-mix pricing options:1.Product line – different offerings in a line2.Optional feature – additional features3.Captive product – printer and ink4.Two-part pricing – same network rates, other network rates5.By-product6.Product bundling – bundled together, value meals
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9. Branding
Co-Branding. Joining two known brands into a joint product.
Ingredient Branding. Like co-branding, but creates brand equity for materials, components, or parts needed for other branded products –e.g., Dell and Microsoft.
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10. Packaging
Aesthetics matter. With good packaging, consumers are made more confident of the products quality. And if the packaging is uniquely done, it helps build brand identity.
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SETTING PRODUCT STRATEGY
Luis Angelo M. Ibarra
Top 10 Concepts