presentation by narendra mishra govindballabh dugrakoti

8/14/2019 Presentation by Narendra Mishra GovindBallabh Dugrakoti

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ProductProduct

decisiondecisionPresentation By

Narendra Mishra

GovindBallabh Dugrakoti



• In marketing, a product is anything thatcan be offered to a market that mightsatisfy a want or need.

• A product is a physical good, service, idea,person or place that is capable of offeringtangible and intangible attributes thatindividuals or organisations regard as sonecessary, worthwhile, or satisfying that theyare prepared to exchange money, patronage or some other unit of value in order to acquire it.

CONCEPT OF PRODUCTCONCEPT OF PRODUCT



Customer value hierarchyCustomer value hierarchy



§ON THE BASIS OFCHARACTERSTICS OF PRODUCT

•Durable products •Non-durable products

•Service products

PRODUCT CLASSIFICATIONPRODUCT CLASSIFICATION



Goods and servicesGoods and services

Good Goods /Service Service

shovel Restaurant’s offering Employment agency service



consumer behaviour basedconsumer behaviour basedclassifications; Melvin T. Copelandclassifications; Melvin T. Copeland

•Convenience goodsConvenience goods

•Shopping goodsShopping goods

•Speciality goodsSpeciality goods

•Unsought goodsUnsought goods



ON THE BASIS OF CONSUMERON THE BASIS OF CONSUMERBEHAVIOURBEHAVIOUR



•Raw material

•Manufactured materials and component parts.

•process materials.

• Installation.

•Accessory equipment.

•Operating services and Supplies

CLASSIFICATION OFCLASSIFICATION OFORGANIZATIONAL PRODUCTORGANIZATIONAL PRODUCT



Form

Fea-

tures

Perfor-

mance

Conform-

anceQuality

Dura-

bility

Relia-

bility

Repair-

abilityStyle Design

PRODUCT

DIFFERENTIATION



The Product LifeCycle



Introductionq

Growth•

Maturity

Decline

Four stagesFour stages



Growth slump-maturityGrowth slump-maturitypatternpatternx axis-time, y axis-salesx axis-time, y axis-sales



Rollout takes timePromotional expenditure /sales

is highest 1)inform potential

customer•2)Induce product trial•3)Secure distribution outletsProfits are negative•PIONEER ADVANTAGE

•

introduction stageintroduction stage



qProduct

qPrice

qDistribution – selective

q

qPromotion - brand awareness.

early adoptersq

Marketing strategiesMarketing strategies



Rapid climb in sales•Marketing strategies Product

Price

Distribution

Promotion•

•

Growth stageGrowth stage



qExists for longer period• three stages• 1. growth• 2. stability• 3. decaying maturity

qcompetition

Maturity stageMaturity stage



q Technologicaladvancement

qConsumer tasteqCompetition

•

DeclineDecline stagestage



Weed out weak products

Focus on potential products

Research and development

Investments

Marketing strategiesMarketing strategies



The sum of all the products and variants offeredby an organisation.

The product mix can be split into the following:

•Product lines.•Product mix width.

•Product line length

•Product line depth.

•Product consistency

•

PRODUCT MIXPRODUCT MIX



•

DETERGENTS TOOTHPASTE BAR SOAP DISPOSABLEPAPER• DIAPERS

PRODUCT•

• •

IVORY GLEEM IVORY PAMPERS CHARMIN• DREFT CREST CAMAY LUVS PUFFS• TIDE ZEST BOUNTY• CHEER SAFEGUARD• BOLD OIL OF OLAY• GAIN• ERA• DASH

Product-Mix WidthProduct-Mix Width



Product – Line Analysis•

Product line length

WAYS OF ANALYSINGWAYS OF ANALYSING



vLine stretching• a. Down-market stretch• b. Up-market stretch• c. Two-way market stretch

vLine filling

vLine modernization

vLine featuring

vLine pruning

Product line lengthProduct line length



NEW PRODUCTNEW PRODUCTDEVELOPMENTDEVELOPMENT

PROCESSPROCESS



=make a company look innovative=increase profits because they are

generally priced 10 to 15 percent

above older items=become a major part of a product line

BENEFITS FROM DEVELOPINGBENEFITS FROM DEVELOPINGNEW PRODUCTSNEW PRODUCTS



•

1. Generating ideas• 2. Screening ideas• 3. Developing a business proposal• 4. Developing the product• 5. Testing the product• 6. Introducing the product• 7. Evaluation customer acceptance

•

STEPS REQUIRED FORSTEPS REQUIRED FORDEVELOPING NEW PRODUCTSDEVELOPING NEW PRODUCTS



◦ New product ideas come from a variety of sources:

=customers

=competitors

=channel members=company employees

=research and development departments

GENERATING IDEASGENERATING IDEAS



Ideas for new products are screened andevaluated, and matched against the company'soverall objectives to see if they fit.

•

SCREENING IDEASSCREENING IDEAS



A product idea must be considered in regard to itspotential for profit. A business proposal isdeveloped to evaluate the size of the market,sales, production requirements, costs,

technological trends, and risk

DEVELOPING A BUSINESSDEVELOPING A BUSINESSPROPOSALPROPOSAL



During product development, a prototype (a modelof the product) is made, and marketers develop amarketing strategy. The prototype is tested, andadjustments are made to improve the final

product.

DEVELOPING THE PRODUCTDEVELOPING THE PRODUCT



◦ Newly developed products are usuallytested to obtain customers' responses. Commonstrategies are:=evaluation by a focus group

TESTING THE PRODUCTTESTING THE PRODUCT



◦ If customer response is favorable, the product is introducedinto the marketplace. This stage is calledcommercialization. The costs of introducing a newproduct often are quite high. At this stage, the companywill need to:

=advertise the product=train its sales force

INTRODUCING THEINTRODUCING THEPRODUCTPRODUCT



After the product has been introduced, marketerstrack new product performance to evaluatecustomer acceptance of the product and themarketing strategies used to introduce the

product.

EVALUATING CUSTOMEREVALUATING CUSTOMERACCEPTANCEACCEPTANCE



ADOPTION PROCESSADOPTION PROCESS



•Adopters of new products move through fivestages.

1.Awareness

2.Interest

3.Evaluation

4. Trial

5.Adoption

6.

Stages in adoption processStages in adoption process



Readiness to try new products and personalinfluence.

Characteristics of the innovation Organization’s readiness to adopt

innovations

Factors influencing theFactors influencing theadoption processadoption process

http://www.google.co.in/imgres?imgurl=http://api.ning.com/files/ZTBWJ5emK6ZkvO8qCSck0-0hpBJOVDWwityr3ftEkj6obBQofsTMoXYaR5CWkXTXDr-wx7nlLCm-zm3AGEQ4iz38RAWtEeSp/PEPSI.jpg&imgrefurl=http://100porciento.ning.com/&h=627&w=800&sz=114&tbnid=UgGLp4tlxxQJ::&tbnh=112&tbnw=143&prev=/images?q=pepsi+pictures&hl=en&usg=__0knxToYjhP1WjyNH8Yah_2BCJ_A=&sa=X&oi=image_result&resnum=4&ct=image&cd=1



Branding, packaging,andlabeling








Branding



BRAND



It is any name, term, symbol, sign designor unifying combination of these thatident ifies and dist inguishes one productfrom compet itors product

BRAND

http://www.itcportal.com/products-microsite/014



• Brand(ing): The art of taking somethingcommon and improving on it in ways thatmake it more valuable and meaningful



Branding terms

•Trade mark - brand name, symbol, or logo whichis registered and protected for the owner’s sole

use.•Brand mark - the element of the visual brand

identity that does not consist of words butdesign and symbols.

•Brand name - word or illustration thatdistinguishes one seller’s goods from another.



An Overview ofAn Overview of



An Overview of An Overview of Branding DecisionsBranding Decisions

Branding

Decision

•Brand

•Nobrand

Brand-Sponsor Decision

•Manu-facturer brand

•Distribu-tor

(private)brand

•Licensedbrand

Brand-Name

Decision

•Individualbrandnames•Blanketfamilyname•Separate

familynames•Company-

individualnames

Brand-Reposition

ingDecision

•Reposi-tioning

•Noreposi-tioning

Brand-StrategyDecision•Brand

extensionLine

extension

•Multi-brands

•Newbrands

•Cobrands



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Brand EquityBrand Equity

A brand has value, called brand equity.Brand equity is based on brand loyalty,name awareness, perceived quality, strongassociations, patents, etc.

•

vBrand equitymakes brand and

line extensionseasier .

http://www.geocities.com/tharrin1975/coke1.jpg



http://www.geocities.com/tharrin1975/LOGO1.gif








BRAND EQUITY MODELSBRAND EQUITY MODELS

Brand assetvaluator

Differentiation

Energy

Relevance

Esteem

knowledge

Energized brand

strength

Brand Stature



Mallward Brown and WPP Brand dynamics pyramid

•

2. BRANDZ2. BRANDZ

AdvantageBonding

Performance

Relevance

Presence

Nothing else beats it

Does it offers somethingbetter than the others?

Can’t it deliver?

Does it offer me something?

Do I know about it



Brand awareness, brand loyality and brandassociation that combined to add or subtractedfrom the value provided by product.

3.AAKKER MODEL,3.AAKKER MODEL, David AakerDavid Aaker



stages of brand development

4.Brand resonance model4.Brand resonance model

IdentityWho are you?

MeaningWhat are you?

ResponseWhat about you?

relationship



Resolnance



Easy to rememberEasy to pronounce

Positive connotationReinforces and communicatesproduct benefits

Good brand nameGood brand name



Good Brand Names:Good Brand Names:

Suggest

ProductBenefit

s

Distinct

ive

LackPoor

ForeignLangua

geMeanin

gs

Suggest

ProductQualitie

s

Easyto:

Pronou

nceRecogn

izeRemem

ber

Designing holistic marketingDesigning holistic marketing



Designing holistic marketingDesigning holistic marketingactivitiesactivities

§Personalization

§Integration•InternalizationChoose the right moment

Link external and internal marketingBring the brand alive for employees

Leveraging secondaryLeveraging secondary



Leveraging secondaryLeveraging secondaryassocistionassocistion

•To country•To a person

•To geographical region•Through a sporting event



Managing Brand Equity

•Brand Reinforcement•Brand Revitalization



All activities that are aimed atdesigning and producingcontainer for products

packagingpackaging

bj ibj ti



Identify the brand

Convey information

Transportation and protection

Aid product consumption

objectivesobjectives



Self service

Customer affluence•

Company and brand image

Innovation opportunity

As marketing toolAs marketing tool



A simple tag attach to the product or anelaborately designed graphic that is part of the package

legal obligations

Huge information is to be provided

LABELINGLABELING



LabelsLabels



Obligation of seller about performance of product

•

a formal assurance that certain conditionswill be fulfilled, especially that a productwill be of a specified quality

Warranty and guarenteeWarranty and guarentee



Marketing management: Philip kotler, Kelvinlane keller (12edition,2006)

• Pearson prentice hall•Marketing management: Philip kotler, Kelvin

lane Keller (13edition,200Ø Marketing by Zikmund &d”Amico

Ø www.wikipedia.com•

refrencesrefrences

AnyAny



•

•

?•

AnyAnyquerriesquerries



Thank youThank you

M i b d i



Measuring brand equityMeasuring brand equity

Indirect Approach-it assesses potential source of brand

equity by identifying and tracking knowledge structures

Direct Approach- it assesses the actual impact of brandknowledge on consumer response to different aspect of themarketing

Value Stages



sd sd sdsd

Multipliers

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presentation by narendra mishra govindballabh dugrakoti

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