Marketing Management Session 7 PRODUCT MANAGEMENT Marketing Management Session 7 2018-11-11

SESSION OUTLINE Cineplex Odeon presentations Characteristics of services vs. goods The product life-cycle New product introduction Review for mid-term exam

INTANGIBLE GOODS Simultaneous consumption and production Wide variations in demand over short periods of time Many different types of services: continuous services (electricity, telephone) produced by a person (banking) produced to a person (doctor, hairdresser)

PRODUCT LIFE CYCLE See Exhibit 10-1, page 336

PRODUCT LIFE CYCLE Based on diffusion of innovations (Rogers, 1972, U of Ohio) Five consumer segments: Innovators Early adopters Early majority Late adopters Laggards

USEFULNESS? Guideline for marketing managers Egg and chicken problem Industry sales vs. individual products Universality?

NEW PRODUCT INTRODUCTION « Oxygen » of the company Technological development vs. consumer driven introductions New product development process Introduction timing: First-mover advantage Follower advantage

REVIEW FOR MID-TERM

CHAPTERS 1, 2, AND 3 Definitions of marketing Marketing concept vs. production and sales orientation Universality of marketing Mass marketing vs. target marketing Four Ps Elements of a marketing plan Market growth strategies

SEGMENTATION Homogeneous sub-market Criteria for good segmentation: homogeneous within heterogeneous between operational substantial stable over time

POSITIONING Perceptions of consumers’ competitive brands in a product-market perceptual maps Important part of marketing strategy Starting point for designing marketing plan

CONSUMER BEHAVIOUR Model of buyer behaviour social variables psychological variables external variables marketing strategy environment Model of decision-making process steps order of steps

MARKETING RESEARCH Primary vs. secondary data Research types exploratory descriptive causal Data collection methods Technical aspects sampling questionnaire design

PRODUCT MANAGEMENT Theoretical aspects: Managerial aspects product definition product classification product life-cycle Managerial aspects elements of the product decision brand management

OFFICE HOURS Monday, October 20: all day Tuesday, October 21: p.m. only Wednesday, October 22: p.m. only Thursday, October 23: a.m. Phone or e-mail questions