MBA 706- LSUS Chen- Mod 6
Traditional Marketing Mix - answer Also known as the 4Ps of marketing
Product Attributes - answer Quality
Features
Style
Design
Product Benefits - answer Elements that consumers perceive as meeting their needs;
typically refer to the product's performance and its image.
Marketing Support Services - answer Additional elements to the core product; include
delivery, installation, guarantees, after-sales service and reputation
Product policy - answer Effective product management depends on two dimensions:
Product life cycle
Portfolio analysis
Product Strategy - answerIn the long term, usually products can be changed radically.
However, in the short term, only minor changes are possible
Four Types of Product Strategy - answerMarket Leader
Market Challenger
Market Follower
Me-too/Market Nicher
Brand Strategies - answerEnable consumers to identify products or services with
promised benefits, and to differentiate from competitors.
Are related with a set of consumer expectations about performance, quality, price, etc.
Intangible asset
Four Brand Strategies - answerCorporate umbrella branding
Family umbrella branding
Range branding
Individual branding
Corporate Umbrella Branding - answer-The company's name is attached to the entire
product portfolio. -Example: the old Kellogg's
Family Umbrella Branding - answer-Covers a range of products in a variety of markets.
-Example: Virgin - trains, rails, mobile phones, music, and financial services
, Range branding - answer-Used for a range of products that have clearly identifiable
links in a particular market.
-Example: GM - Chevy, Buick, GMC, Cadillac, etc.
Individual Branding - answerUsually used to cover one type of product in one type of
market.
-Example: P&G - Pampers (baby care), Tide (fabric care), Bounty (family care), etc.
Brand development (Brand Stretching/Extension) - answerUse the same brand name in
different product categories.
-Example: Marks & Spencer, Google, Starbucks
New Product Development (NPD) - answerTwo approaches: Acquisition & Internal NPD
Acquisition NPD - answerBuy other firms
Buy a license or franchise
Buy patents
Internal NPD - answerIn-house R&D
Outsourcing
New Product (Two Dimensions) - answerRefers to products that are totally new to the
world, product improvements, product modifications and New brands
How new is the product to the company and the market?
New-to-the-World Products - answerCreates an entirely new market, e.g., when Apple
first introduced ipod.
New Product Lines - answerAllows a company to enter an existing product sector for
the first time
Additions to existing product lines - answerAllows a company to add a new product to
an existing product sector (new flavor to an already existing cereal)
Improvements and Revisions to existing products - answerAllows a company to update
an existing product sector (Windows/Mac System Updates)
Repositioning or Retargeting existing products - answerIn order to appeal to new market
segments, e.g., Old Spice
Cost reductions - answerProducts are modified to provide similar performance but at a
lower cost, e.g., iphone XS vs. iphone XR
Pricing strategy (two strategies) - answerPrice-takers
Price-makers
Traditional Marketing Mix - answer Also known as the 4Ps of marketing
Product Attributes - answer Quality
Features
Style
Design
Product Benefits - answer Elements that consumers perceive as meeting their needs;
typically refer to the product's performance and its image.
Marketing Support Services - answer Additional elements to the core product; include
delivery, installation, guarantees, after-sales service and reputation
Product policy - answer Effective product management depends on two dimensions:
Product life cycle
Portfolio analysis
Product Strategy - answerIn the long term, usually products can be changed radically.
However, in the short term, only minor changes are possible
Four Types of Product Strategy - answerMarket Leader
Market Challenger
Market Follower
Me-too/Market Nicher
Brand Strategies - answerEnable consumers to identify products or services with
promised benefits, and to differentiate from competitors.
Are related with a set of consumer expectations about performance, quality, price, etc.
Intangible asset
Four Brand Strategies - answerCorporate umbrella branding
Family umbrella branding
Range branding
Individual branding
Corporate Umbrella Branding - answer-The company's name is attached to the entire
product portfolio. -Example: the old Kellogg's
Family Umbrella Branding - answer-Covers a range of products in a variety of markets.
-Example: Virgin - trains, rails, mobile phones, music, and financial services
, Range branding - answer-Used for a range of products that have clearly identifiable
links in a particular market.
-Example: GM - Chevy, Buick, GMC, Cadillac, etc.
Individual Branding - answerUsually used to cover one type of product in one type of
market.
-Example: P&G - Pampers (baby care), Tide (fabric care), Bounty (family care), etc.
Brand development (Brand Stretching/Extension) - answerUse the same brand name in
different product categories.
-Example: Marks & Spencer, Google, Starbucks
New Product Development (NPD) - answerTwo approaches: Acquisition & Internal NPD
Acquisition NPD - answerBuy other firms
Buy a license or franchise
Buy patents
Internal NPD - answerIn-house R&D
Outsourcing
New Product (Two Dimensions) - answerRefers to products that are totally new to the
world, product improvements, product modifications and New brands
How new is the product to the company and the market?
New-to-the-World Products - answerCreates an entirely new market, e.g., when Apple
first introduced ipod.
New Product Lines - answerAllows a company to enter an existing product sector for
the first time
Additions to existing product lines - answerAllows a company to add a new product to
an existing product sector (new flavor to an already existing cereal)
Improvements and Revisions to existing products - answerAllows a company to update
an existing product sector (Windows/Mac System Updates)
Repositioning or Retargeting existing products - answerIn order to appeal to new market
segments, e.g., Old Spice
Cost reductions - answerProducts are modified to provide similar performance but at a
lower cost, e.g., iphone XS vs. iphone XR
Pricing strategy (two strategies) - answerPrice-takers
Price-makers
