4/20 Warm-up 1. Identify 2 competitors in the same market. 2. Explain how your business distinguishes itself from its competitors What do they want people.

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Presentation transcript:

4/20 Warm-up 1. Identify 2 competitors in the same market. 2. Explain how your business distinguishes itself from its competitors What do they want people to believe?

Key Product Marketing Concepts Product Positioning Product in relationship to competitors.\ Product Life Cycle Adjusting marketing strategies based on sales/revenue. Managing Product Portfolio BCG Matrix

Product Positioning Position product in the mind of the market FOCUS An Image Market’s Perception Set Apart from Competition GOAL

a BRAND is... Vision for Employees (staff = brand builders) Values, Identity, Vision Positioning (functional & emotional) Risk Reducer (build trust) Experience Short-hand (delivers chunks of information) Shape Public’s Perception (images, feelings, impressions) Promise Consistency Internal External

Apple Case Study - Objectives Define product line, mix and range. Identify stages in the life cycle of Apple’s products Calculate annual sales Illustrate the life cycle using charts Identify marketing strategies appropriate for each stage Explain the connection between investment/profit/cash flow & the life cycle stages Identify extension strategies Use the Boston Consulting Group (BCG) matrix to analyze a product portfolio

Product Life Cycle (PLC)

PLC & Sales/Profit

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BCG Matrix

Boston Consulting Group (BCG) Matrix STARS High Market Share in a Growing Market Balanced financial characteristics + Generate Cash - Require Investment Strategy = maintain market share (transition to “Cash Cow”) QUESTION MARKS Low Market Share in Growing Market Negative financial characteristics - Require Investment Generate little cash Strategy = increase investment or divest CASH COWS High Market Share in a Low Growth Market Positive financial characteristics Require little investment + Generate Cash Strategy = maintain high profits, use excess cash for other products/projects DOGS Low Market Share in a Low Growth Market Positive/Negative/Balanced financial characteristics - Require little investment + Generates little cash Strategy = harvest (reduce costs) or divest Market Growth Relative Market Share High Low

Quality High Price Low Price High Quality Product Positioning Map PremiumRip-off Value Bargain Chipotle Taco del Mar Qdoba Taco Time Taco Bell