Nagesh Pai, Marketing Strategy PT MBA - Marketing– III YR Lecture 4.

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Presentation transcript:

Nagesh Pai, Marketing Strategy PT MBA - Marketing– III YR Lecture 4

Nagesh Pai, Product Based Marketing Strategies Differentiation through Product Design / offering Innovation Understanding how a Product centric approach can contribute to organization goals Need for evolution of Products Product Life Cycle – for Product strategy

Nagesh Pai, 5 levels of product – Philip Kotler

Nagesh Pai, Imagine – Maslows pyramid for a product?

Nagesh Pai, New Product Development - Process Coordinate, stimulate ideas Are the ideas matching with Co. Factors Develop various alternative concepts Positioning and 4 Ps Market and Cost analysis Engineering, tests, branding, packaging Limited version tests Go to market!

Nagesh Pai, PLC strategy – Product considerations Product Strategy Introduction – Offer basic product Growth – Product extensions, service, warranty etc Maturity - Diversify Brands and Models Decline - Phase out older variants and try to bring in new ones Marketing Strategy Introduction – Create awareness and trials Growth – Max. Mkt Share Maturity – Maximize profit / defend share Decline – reduce expenses and milk the brand

Nagesh Pai, Product Strategies Product Positioning Product Re-positioning Product Overlap Product Scope Product Design Product Elimination

Nagesh Pai, Product Strategies Product Positioning Product Re-positioning Product Overlap Product Scope Product Design Product Elimination Occupying a unique space in customers mind so that it stands apart from the competition

Nagesh Pai, Product Strategies Product Positioning Product Re-positioning Product Overlap Product Scope Product Design Product Elimination Review of current position depending on competition forces and changes in customer profile.

Nagesh Pai, Product Strategies Product Positioning Product Re-positioning Product Overlap Product Scope Product Design Product Elimination Competition within brands held by the same organization.

Nagesh Pai, Product Strategies Product Positioning Product Re-positioning Product Overlap Product Scope Product Design Product Elimination Product Mix of a company.. Evolution from single product to multi-product

Nagesh Pai, Product Strategies Product Positioning Product Re-positioning Product Overlap Product Scope Product Design Product Elimination Standard and various levels of Customized Variants of the product.

Nagesh Pai, Product Strategies Product Positioning Product Re-positioning Product Overlap Product Scope Product Design Product Elimination Pruning of the company’s product portfolio

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