Product Man

Card Set Information

Author:
Calime
ID:
19165
Filename:
Product Man
Updated:
2010-05-13 14:06:16
Tags:
Product
Folders:

Description:
MNM3036
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user Calime on FreezingBlue Flashcards. What would you like to do?


  1. Meaning of Product
    • A tangible, A service, an idea, or a combination, that through exchange
    • satisfies consumers needs
  2. Layers of Product
    • CAT PP
    • Core
    • Augemented
    • Tangible
    • Potential
    • Product Image
  3. Classifying Prods
    1- Tangible Physical Characteristics
    • DNS
    • Durable
    • Non-durable
    • Services
  4. Factors distinguishing
    Marketing of Services
    from
    Marketing of Goods
    • I VIP
    • Intangibility
    • Variability
    • Inseprability
    • Perishability
  5. Consumer Products
    • CONS
    • Convenience Products
    • - Staple
    • - Impulse
    • - Emergency
    • Shopping Products
    • Speciality Products
  6. Industrial Products
    • PIS
    • Production Goods
    • - Raw Materials
    • - Manufactured Mals & Component parts
    • - Process Materials

    Installations & Accessories

    • Supplies & Services
  7. Product Attributes
    • F***Qu***S
    • Features
    • Quality
    • Style & Design
  8. Product Quality enhances profitability in 2 ways?
    • Market Route - improved Quality raises value prod in consumers eyes
    • Cost Route - defect free outputs reduce operating cost per unit
  9. Product Quality
    2 dimensions
    • Quality - ability of prod to perform its functions
    • Quality Consistency - Zero Defects
  10. Product Quality
    Other Dimensions
    CRAP F*** uPS

    • Conformance
    • Reliability
    • Aesthetics
    • Performance
    • Features
    • Perceived Quality
    • Serviceability
  11. PACKAGING Roles
    • DREaM Pistol Defence Club
    • Distribution
    • Reuseability
    • Enclosure & Protection
    • Market Segmentation
    • Product Development
    • Differentiation
    • Communication
  12. PACKAGING
    TYPES
    • F**K MaRriageS
    • Family / Individual
    • Kaleidoscopic
    • Multiple
    • Reusable
    • Special
  13. Labelling
    Types
    • GIT
    • Grading Labels
    • Informative Labels
    • Trademark Labels
  14. Product Support Services
    to provide help to customer with purchase / use of product.

    • Determine - services that target customers values
    • - Relative importance of these services
  15. Product Line Strategies
    • Line Extension
    • Brand Leverage
    • Line Pruning
    • Line Retrenchment
  16. Product Mix
    1. Definition
    2. Generalisations
    • Def - Complete set of product lines & items a company offers for sale.
    • eg - Woolworth prod mis = food & clothing

    • Generalisations
    • 1. Consists of all product lines org offers
    • 2. Consists of multiple prod lines - made up of sub-lines
    • 3. Sub-line consists of various prod items
    • 4. Different strategy required for each prod item
    • 5. Stategy components can be shared between prod lines and complete prod mixes
  17. Product Portfolio
    BCG Growth Share Matrix
    • Star - High Market Share - High Market Growth (top left quad)
    • - Fundamental to Orgs growth
    • - Produce lots of Cash

    • Problem Child - Low Market Share - High Market Growth (top right quad)
    • - stars of tomorrow
    • - inject huge sums of cash to keep up with growin market & retain / grow share

    • Cash Cow - High Market Share - Low Market Growth (bottom left quad)
    • - Cash generators
    • - continuous & constant contribution to revenue stream

    • Dog - Low Market Share - Low Market Growth (bottom right quad)
    • - unprofitable - incur losses
  18. Strategies for prod portfolio
    • BUILD
    • HOLD
    • HARVEST
    • DIVEST
  19. Limitations of Growth Share Matrix
    • Model tends to be arbitrary & theoretical
    • Insufficient Evidence to placement of prod and not enough knowledge.
    • Fails to delineate the synergies between 2 or more strat bus units
    • Market growth rate inadequately depics overal attractived of market
    • Relative Market Share inadequately describes overall competitve strength
  20. PRODUCT LIFE CYCLE
    Definition
    PLC - a planning tool that describes the stages a product will pass through from its introduction to its decline
  21. PLC
    Importance to Business
    • 1. Tool used in planning and analysing products
    • 2. Explains changes in sales and profits over certain period
    • 3. Provides guidelines for implementing strategies
    • 4. Requires management of strategies through phases
    • 5. Applicable to all products / services
  22. PLC PHASES
    • INTRODUCTION
    • GROWTH
    • MATURITY
    • DECLINE
  23. INTRODUCTORY PHASE
    Characteristics
    • 1. Low initial sales
    • 2. Customer resistance to new products
    • 3. High marketing costs
    • 4. Few distribution channels
    • 5. High manufacturing costs and production problems
    • 6. Very few competitors
    • 7. Low profit levels
    • 8. Price determined by nature of product
  24. GROWTH PHASE
    Characteristics
    • 1. Strong growth in sales
    • 2. Increase in number of competitors
    • 3. Product improvements
    • 4. Increase in number of intermediaries
    • 5. A rapid incread in profits
    • 6. Lowering of prices
  25. MATURITY PHASE
    Characteristics
    • 1. Levelling off of sales growth
    • 2. Increased level of competition
    • 3. Lowering of prices
    • 4. Increased markeing cost to maintain position
    • 5. Declining profits
    • 6. Product differentiation and modification
  26. DECLINING PHASE
    Characteristics
    • 1. Rapid and permanent decline in sales
    • 2. Decline in market size
    • 3. Decline in profits
    • 4. Decrease in competitor numbers
    • 5. Decisions by management to withdraw or harvest
    • 6. Reduction and elimination of product promotion
  27. INTRODUCTORY PHASE
    Strategies
    Objective - Create awareness and promote trial.

    • Product Decisions - Minor modifications / unchanged
    • Distribution - Decide on number and kind of middlemen
    • Price & Marketing Comms - Used to create primary demand - Rapid / Low Skimming or Rapid / Slow Penetration
  28. GROWTH PHASE
    Strategies
    Objective -Build brand preference & loyalty & increase no of outlets

    • Product Decisions - production sufficient quantites & design of a service strategy to enhance long term relationships with customer
    • Distribution - How to expand the availability of product through additional intermediaries.
    • Pricing - Reduce selleing price as result of increased competition
    • Marketing Comms - Create secondary demand & remind & persuade customer to buy product
  29. MATURITY PHASE
    Strategies
    Objectives - to retain

    • Retain existing marketing strategy
    • Retain current product and revise other marketing instruments
    • Change all the marketing instruments
    • Introduce product differentiation
    • Extend product range
    • Modify marketing instruments
  30. DECLINE PHASE
    Strategies
    Objective - Reduce costs & brand expenditure & milk product

    • Continue with existing marketing strategy
    • Revise the existing marketing strategy
    • Withdraw products
  31. Kinds of PLC
    • TRADITIONAL
    • CLASSIC
    • FASHION FAD
    • EXTENDED FASHION FAD
    • SEASON OF FASHION
    • REVIVAL
  32. Types of New Products
    Manufacturers Point of View
    • NeweR LINes
    • New to the world
    • Repositioned products
    • Line Extensions
    • Improved Producs
    • New to the marketer
  33. Types of New products
    Consumer Point of view
    • Continuous Invention
    • Dynamically continuous Invention

    Discontinuous Invention
  34. Success of New products
    • Capability and systems to id customer needs
    • Optimal usage of existing strengths & resources
    • Screening and Testing before investin money
    • Coordination between R&D & Marketing
    • Atmosphere promoting Entrepreneurship & Risk Taking
    • Link to vision, mission and goal
  35. Failure of New Products
    • Not Unique product benefits
    • Underestimate competiton
    • Cost of Production higher than anticipated
    • Marketing Plan not thorough - rushed
  36. Management of Ideas for New Product Development
    • Organisational levels - corp / divisional
    • Organisational structures - must support dev initiative
  37. Management of Ideas NP Development
    Methods to organise
    • Product Manager
    • New Product Manager
    • New Product Committees
    • New Product Departments
    • New Product Venture Teams
  38. Role of Management in NP Development
    • Financial Management - investment, capital
    • HR - new personnel / department
    • Information Management - R&D dep for new ideas
    • Purchasing Department - adjust buying patterns
    • Marketing Department -product mix, communicate to markets, lead to loyalty
  39. STRATEGIES for NP development
    PLANNED OBSOLESCENCE

    PHYSICAL OBSOLESCENCE

    PSYCHOLOGICAL OBSOLESCENCE

    PRODUCT STANDARDISATION
  40. NP Development PROCESS
    1. IDEA GENERATION

    2. IDEA SCREENING

    3. CONCEPT TESTING

    4. BUSINESS ANALYSIS

    5. PRODUCT DEVELOPMENT

    6. TEST MARKETING

    7. COMMERCIALISATION
  41. IDEA Generation
    • Customers
    • Competitors
    • Employees & R&D
    • Top Management
  42. Idea Screening
    • Mistakes - dismiss good idea
    • - procede with bad idea
  43. Concept Testing
    • Core Ideas - short gen statements xplaining what prod can do
    • Positioning Statments - Outline main & secondary benefits
  44. Product Development test
    • Funtional - safe & effective
    • Consumer - brand id, package, label
  45. Test Marketing
    • Limited geographical area
    • If feasible or not
  46. Commercialisation
    • Immediate National Launch
    • Rolling Launch
  47. CONSUMER ADOPTION PROCESS
    Stages of NP Acceptance
    • All I Ever Tried was Amazing
    • AWARENESS
    • INTEREST
    • EVALUATION
    • TRIAL
    • ADOPTION
  48. Factors infuencing Adoption process
    • Difference in peoples readiness to try
    • - Innovators
    • - Early Adopters
    • - Early Majority
    • - Late Majority
    • - Laggards
    • Personal influence on adoption of new products
  49. Effect of an Innovations Characteristics on its Rate of Adoption
    • Relative Advantage
    • Compatability
    • Complexity
    • Divisibility
    • Communcatability

What would you like to do?

Home > Flashcards > Print Preview