Product Strategies

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Product Strategies
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Product Defined

• The sum of the physical, psychological, and
  sociological satisfactions the buyer derives from
  purchase, ownership and consumption

3
Product Life Cycle

• Forces management to take a long-range view of
  marketing planning.
• Alter marketing mix to meet changing conditions.

4
Stages of the Product Life Cycle
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Marketing Strategy Duringthe Product Life Cycle
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Product Positioning Strategy

• 1. Techniques
• 2. Single vs. Multiple Brand Strategy

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Product-Repositioning Strategy

• 1. Reposition among existing customers
• 2. Reposition among new users
• 3. Reposition for new uses

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Product-Overlap Strategy

• 1. Competing brands
• 2. Private Labeling
• 3. OEM strategy

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Product-Scope Strategy

• 1. Single product
• 2. Multiple products
• 3. System of products

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Product-Design Strategy

• 1. Standard products
• 2. Customized products
• 3. Standard product with modifications

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Product-Elimination Strategy

• 1. Harvesting
• 2. Line-Simplification
• 3. Total-Line Divestment

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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

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Diversification Strategy

• 1. Concentric Diversification
• 2. Horizontal Diversification
• 3. Conglomerate Diversification

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Value Marketing Strategy

• 1. Quality Strategy
• 2. Customer Service Strategy

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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