Setting Product Strategy

SETTING PRODUCT
STRATEGY
Under the guidance of Prof. B S Prakash
PGPBA 2014-16

- By Team RANKS
Radhika Odugoudar
Anish Rawat
Niharika Joshi
Kiran Karpur
Shreekarthik Shesha

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B1412
B1401
B1411
B1405
B1415

Marketing Management

Overview
 Product Definition
 Market Offering Elements
 5 Product Levels
 Product Classification
 Product Differentiation
 DESIGN of Product
 Product & Brand Relationships
 Product Systems & Mixes
 Product Mix Length & Product Line Length
 Product Life Cycle
 Product Line Analysis
 Line Stretching
 Product-Mix Pricing
 Co-branding
 Packaging: The 5th P
 The Colour Wheel of Branding and Packing
 Labeling
 Warranties & Guarantees
 Case Study

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Marketing Management

Product Definition
A product is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.
Products include physical goods, services, experiences, events, persons, places, properties, organizations,
Information and ideas.
Layman’s definition of product……..
It is bundle of happiness !!!

Market Offering Elements

5 Product Levels
In planning its market offering, the marketer needs to address five product levels. Each level adds more customer value, and the five constitute a customer-value hierarchy.
• The fundamental level is the core benefit: the service or benefit the customer is really buying. A hotel guest is buying rest and sleep. The purchaser of a drill is buying holes. Marketers must see themselves as benefit providers.
• At the second level, the marketer must turn the core benefit into a basic product. Thus a hotel room includes a bed, bathroom, towels, desk, dresser, and closet.

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Marketing Management

• At the third level, the marketer prepares an expected product, a set of attributes and conditions buyers normally expect when they purchase