Principles of marketing: Lecture 21 provide students with knowledge about: product; goals of packaging; universal product code (UPC); product - support services; product line strategies; product line extensions; major stages in new-product development;... Please refer to this lesson for details!
MGT301 Principles of Marketing Lecture21 Summary of Lecture20 Individual Product Decisions Product Attributes Branding Packaging Labeling Product Support Services Quality Quality Features Features Design Design Branding Brand Development Four Brand Strategies Product Category Existing Brand Name Existing New New Line Extension Brand Extension Multibrands New Brands Today’s Topics Product (cont ) A A Good Good Brand Brand Name Name Is Is • • • • • Short and simple Suggestive of product benefits Legally available No negative imagery Easy to spell, read, and pronounce • Adaptable for international markets • Adaptable to packaging/labeling needs • Adaptable to any advertising medium Generic name: A brand name that has become a generally descriptive term for a class of products – If this occurs, the original owner loses exclusive right to the brand name (which is very bad for marketers) – Examples: nylon, aspirin, escalator, kerosene, etc Stage 5: Business Analysis – Sales, cost, and profit projections Stage 6: Product Development – Prototype development and testing Stage 7: Test Marketing Standard test markets Controlled test markets Simulated test markets Standard Standard Test Test Market Market Controlled Controlled Test Test Market Market Full Full marketing marketingcampaign campaign in inaasmall smallnumber number of of representative representative cities cities AAfew few stores storesthat thathave have agreed agreed to tocarry carrynew new products products for for aafee fee Simulated Simulated Test Test Market Market Test Testin inaa simulated simulated shopping shopping environment environment to toaasample sampleof of consumers consumers Stage 8 Commercialization NewProduct Development Management Top Level Support Authority Key Issues Market-Guided R&D Integration & Coordination Enough for today. . Summary Packaging Labeling Product Support Services Companies should design its support services to profitably meet the needs of target customers and gain competitive advantage. Product Line Strategies New Product Development Marketing Strategy Concept Development and Testing Idea Screening Idea Generation Business Analysis Product Development Test Marketing Commercializatio n Next… – New Product Development (cont ) – Product Life Cycle (PLC) MGT301 Principles of Marketing Lecture21 ... Commercializatio n Next… – New Product Development (cont ) – Product Life Cycle (PLC) MGT301 Principles? ?of? ?Marketing Lecture? ?21 ... obtain ideas for new services Step 2 Assess costs? ?of? ?providing desired services Step 3 Develop a package? ?of? ?services to delight customers and yield profits to the company Product Line Strategies... Companies should design its support services to profitably meet the needs? ?of? ?target customers and gain competitive advantage. How? Step 1 Survey customers to assess the value ? ?of? ?current services and to obtain ideas for new services