Defining the Exchange: Product and Pricing Strategies

Defining the Exchange: Product and Pricing Strategies

Defining the Exchange: Product and Pricing Strategies Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 1 Product Characteristics Types of products Stages of products

Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 2 The Product Continuum Tangible Goods Products Intangible Services Ideas Prentice Hall, 2007

Excellence in Business, 3e Chapter 13 - 3 Augmenting the Basic Product Core benefits Actual product Augmented product Prentice Hall, 2007 Excellence in Business, 3e

Chapter 13 - 4 Characteristics of Service Products Intangible quality Perishable nature Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 5

Consumer Products Convenience products Shopping products Specialty products Unsought goods Prentice Hall, 2007 Excellence in Business, 3e

Chapter 13 - 6 Industrial Products Expense items Short term Pencils Printer cartridges Capital items Long term Copy machines Computers Prentice Hall, 2007

Excellence in Business, 3e Chapter 13 - 7 Products and Their Uses Raw materials Components

Supplies Installations Services Business equipment Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 8 The Product Life Cycle

Introduction Growth Maturity Decline Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 9

Product Makeovers Reinvigorated designs Refreshed marketing efforts Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 10 New Product Development 1. Idea generation 2. Idea screening

3. Business analysis 4. Prototype development 5. Test marketing 6. Commercialization Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 11 Idea Generation Customers Competitors Employees

Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 12 Idea Screening Industrial products Feasibility study Consumer products Concept testing Prentice Hall, 2007

Excellence in Business, 3e Chapter 13 - 13 Business Analysis Forecast sales Estimate costs Project profits Prentice Hall, 2007 Excellence in Business, 3e

Chapter 13 - 14 Prototype Development Packaging Marketing mix Production Resources Prentice Hall, 2007

Excellence in Business, 3e Chapter 13 - 15 Test Marketing Introduce the product Monitor customer reactions Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 16

Commercialization Production Distribution Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 17 Product Identities Branding Packaging

Labeling Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 18 Branding Products Equity Name selection Sponsorship Prentice Hall, 2007

Excellence in Business, 3e Chapter 13 - 19 Packaging and Labeling Function The product Information Inventory control Strategy Display Differentiation Appeal

Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 20 Product Strategies Product line Product mix

Product expansion International markets Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 21 Product Line and Product Mix Width Length Depth

Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 22 Product Expansion Add items in a product category under the same brand name Add new products with the same product name Apply a successful brand name to a new category

Translate a successful brand in a different product format Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 23 International Markets Standardization Customization Prentice Hall, 2007

Excellence in Business, 3e Chapter 13 - 24 Product Positioning Features Services Image

Price Category Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 25 Product Positioning Errors Under positioning Over positioning Confused positioning

Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 26 Developing Pricing Strategies

Marketing objectives Government regulations Consumer perceptions Consumer demand Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 27 Cost-Based Pricing Fixed costs Break-Even

= Point Selling price per unit-Variable costs per unit Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 28 Other Pricing Strategies

Price-based Optimization Skimming Penetration Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 29 Price Adjustment

Strategies Discount pricing Bundling Dynamic pricing Prentice Hall, 2007 Excellence in Business, 3e Chapter 13 - 30

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