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Objectives of the Session 1. To understand the product concept 2. To understand the concept of branding 3. To understand the stage gate system for new product development
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Objectives of the Session • Questions that marketers face in differentiating their offerings from those of their competitors. How should our product offering, whether a good or a service, be designed to give it a chance to win sustainable competitive advantage? • What product decisions must we make to deliver the benefits and value promised in our positioning statement or value proposition? • How can products and product lines best be managed to satisfy the needs of different market segments, rather than simply taking market share from the firm’s other products? • Finally, given the importance of new products in the long-term success of most firms, how can new product development be managed, from a process perspective, to ensure a timely flow of new products that enjoy favourable reception by customers?
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What is a product? • A product can be defined as anything that satisfies a want or need through use, consumption, or acquisition. Thus, products include : • objects (TVs, radios, cars), • services (medical, educational), • places (New York, Moscow), • people (Tony Blair and other politicians everywhere), • activities (entering a contest or visiting aweight-loss • clinic), and • ideas
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Features versus benefits • Features are the tangible or intangible attributes given the product by its designers. • Benefits are the solutions to customer problems or needs delivered by the product.
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What is a product? • 3 levels of product • Core product or benefit • Tangible product • Product features • Packaging • Augmented product • Warranty • Other services eg delivery, installation • And intangible associations such as image
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Product Line & Product Mix • Product Mix: the group of products sold by a company, e.g. all of the products sold by Heinz (soups, baby foods, beans, etc.) • Product Line: a group of broadly similar products in terms of function, e.g. Ford’s line of car models
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Branding Strategies • Individual branding requires the company to provide each product with a distinctive name. This type of branding is practiced by such firms as Procter&Gamble (Tide and Ariel detergents, Crest toothpaste), and Accor hotels (Mercure, Novotel, Motel 6).
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Branding Strategies • Family branding uses the same brand name to cover a group of products. There are several variations of family branding including its use primarily with related items (Campbell’s soups and Dyson’s vacuum cleaners), its use with all company items regardless of whether they are use-related (General Electric is an example), and the use of a family name combined with individual product names (Kellogg’s Raisin Bran cereal). • The major arguments for using family branding are reduced costs and transfer of customer satisfaction from one product to another bearing the same name. The latter makes it easier to launch product modifications such as new package sizes.
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Branding Strategies • Co-branding uses multiple brand names with a single product or service offering. To be successful, the new product should either open another segment or add value in existing segments. • Globalization; building a global brand is often difficult for a variety of reasons: the meaning of the brand name evoking negative associations in some countries; the presence of strong local brands; and the heavy investments required. Still, if successful, the scale effects can dramatically enhance sales and profits. The most successful global brands include Coca-Cola, Kellogg’s, Nike, Starbucks, McDonald’s, Kodak, Marlboro, IBM, American Express, Sony, Mercedes-Benz, and Nescafe
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Product Line & Product Mix • Product Mix: the group of products sold by a company, e.g. all of the products sold by Heinz (soups, baby foods, beans, etc.) • Product Line: a group of broadly similar products in terms of function, e.g. Ford’s line of car models
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Product Line & Product Mix • Line filling: This strategy lengthens the product line by adding items or features within the present range. Its objective is to satisfy more customers, to increase sales and profits, to placate dealers who want a full-line supplier, and to ward off competitors. e.g. Mercedes • Line Stretching: This strategy involves lengthening the product line beyond its current range of variables, such as size and price.e.g. Aircraft manufacturers, such as Boeing. • Line Extensions: This strategy consists of introducing new products that differ significantly from those in the existing line by more than just size and price.
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Eight Dimensions of product/service quality • Performance • Features • Reliability • Conformance • Durability • Serviceability • Aesthetics • Perceived Quality
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Difference between a Product and a Brand • A product is something with merely a functional purpose • A brand is a product that provides functional benefits plus added values that some consumers value enough to buy
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Managing the NPD Process: The Stage-Gate System Detailed Investigation Preliminary (Business Case) Idea Assessment Preparation Gate Stage Gate Stage Gate 1 1 2 2 3 Initial Second Decision on Screen Screen Business Case
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Managing the NPD Process: The Stage-Gate System Full Production Testing & & Market Development Validation Launch Stage Gate Stage Gate Stage 3 4 4 5 5 Post- Pre- Post- Development Commercialization Launch Review Business Analysis Review
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