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Product Strategies
Product Defined
The sum of the physical, psychological, and sociological satisfactions the buyer derives from purchase, ownership and consumption
Product Life Cycle
Forces management to take a long-range view of marketing planning.
Alter marketing mix to meet changing conditions.
Stages of the Product Life Cycle
Marketing Strategy Duringthe Product Life Cycle
Product Positioning Strategy
1. Techniques
2. Single vs. Multiple Brand Strategy
Product-Repositioning Strategy
1. Reposition among existing customers
2. Reposition among new users
3. Reposition for new uses
Product-Overlap Strategy
1. Competing brands
2. Private Labeling
3. OEM strategy
Product-Scope Strategy
1. Single product
2. Multiple products
3. System of products
Product-Design Strategy
1. Standard products
2. Customized products
3. Standard product with modifications
Product-Elimination Strategy
1. Harvesting
2. Line-Simplification
3. Total-Line Divestment
New-Product Strategy
1. Product Improvement/Modification
2. Product Imitation
3. Product Innovation
Development Process:
Idea Generation
Idea Screening
Project Planning
Product Development
Test Marketing
Commercialization
Diversification Strategy
1. Concentric Diversification
2. Horizontal Diversification
3. Conglomerate Diversification
Value Marketing Strategy
1. Quality Strategy
2. Customer Service Strategy
Some Causes of New Product Failure
Poor up-front intelligence
Failure to stick close to what the company does best
Lack of competitive advantage
Failure to satisfy a need or want
