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    1 : PRODUCT DEVELOPMENT JOE BOB’s AMAZING CAT FOOD “ All products are mortal” (Part 2 of 2)
    2 : Remember:Keys in Business Success 1. Calculated Risk Taking - investing money - P (B) of failure - success 2. Borrowing Ideas 3. Specialty Products - imaginative services 4. Structured Marketing Mix Assumption: target market problem solution & skilled personnel SUCCESS (Sales&Mktg. Exe. Inst., 1974)
    3 : Organizing to Develop and Manage Products Product manager … has total responsible for a product, a product line, or several distinct products that make up a group Brand manager … is responsible for a single brand Market manager … is responsible for all the marketing activities that serve a group of customers Venture team …is a cross-functional group that creates entirely new products. Team members come from different functional areas of the organization.
    4 : Product creating products so that customers perceive them as different from competing products Form Creation Idea Demand Acceptance Estimation Profit (Management’s View)
    5 : Product design and features - style is the physical appearance, … Product quality - level and consistency of durability, … Product support services - Delivery, installation, … SPORTS DRINK Sports Drink Product Differentiation Through Quality, Design, and Support Services Branding is fundamental to differentiation.
    6 : Influenced by Marketing Mix & * Available technology * Government standards * Level of competition * “Consumer expectations” define product quality Product Differentiation through Quality MARKETING MIX Principle: avoid promotions that “overpromise” benefits Product Quality is the ability (characteristic) to perform as expected in satisfying customer needs
    7 : Product Quality Car – SUV – Truck - safety issues Crash-tests are conducted by the US government and Insurance Institute for Highway Safety New Safety Innovations for older drivers: Improved designs make for a sturdier car Sophisticated Cruise-Control Systems Collision Mitigation Brake Systems FDA, Federal Drug Administration FAA, Federal Aviation Association
    8 : Quality’s Lagging Role Percentage of Companies That Consider These Criteria of Primary Importance in Compensating Senior Managers
    9 : Product Differentiation by Design Product attributes (tangible or intangible) separate your product from others Product design allows functional performance of tasks & may provide a competitive advantage
    10 : A clean, visually attractive cabin. Spacious and comfortable seats. An environment that promotes safety. Adequate temperature & quietness On-time flights. Entertainment. Case Example: Airlines Assess Customer Needs
    11 : THE SOLUTION: A product redesign Smaller/bigger gyms/bars Reality: airport nightmares, lost luggage, cramped seating, arrival-departure delays, no food , low customer service
    12 : Product Differentiation through support services Product Support Services Are human or mechanical efforts that add value to a product such as financing, warranties, guarantees, repairs & training. Are a competitive advantage when all other product features are equally matched by competitors
    13 : Product Positioning is creating a desired product concept based on consumer perceptions. Segmentation is grouping of people by needs or wants. Positioning: is the way consumers perceive the brand relative to its competitors caused by how a product is marketed to attract the targeted segment ID competitive advantage by Differentiating the product & Stressing salient characteristics
    14 : Hypothetical Perceptual Map for Pain Relievers Perceptual maps show marketers how closely products are conceptually positioned by consumers to “ideal points,” to their own products, and to competitors’ products.
    15 : Product Positioning and Repositioning Repositioning a Product Adjusting a product’s present position can strengthen/increase its market share and profitability. Repositioning is accomplished by changing the product’s features, price, distribution, or image by focusing on people who use the product . Adding new products to the line may necessitate the repositioning of older products.
    18 : The Brand Race (Positioning) Dr.Batory #1 BATTLE of the BRANDS - ID competitive advantage - Stress salient characteristics - Differentiate product
    19 : Top editors of women’s magazines are being replaced. What Do Women Want-To Read? WSJ, 4June2001 Market Changes: The market for women’s magazines has shifted towards more specialized magazines. Older magazines that offer an overview of women’s issues such as beauty, fashion, health, and sex are now finding themselves obsolete. Applied Marketing
    20 : Specialized Magazines Real Simple – simplifying your life Lucky – shopping In Style – Fashion Self – Health/Beauty
    21 : Glamour Bonnie Fuller was fired after sales fell 11% in 2002. Under her leadership, the magazine started to look too much like Cosmo, its top competitor. Wants to go back to its old ways of putting out serious pieces about health and politics. Kathy Betts was fired as editor in chief Sales had declined over 7% last year and there was a definite increase in staff turnover Under Betts the magazine was starting to lose its reputation for sophisticated fashion coverage. Harper’s Bazaar
    22 : Product Deletion Product Deletion is the process of eliminating a product from the product mix Reasons to remove a product: Slow sales create higher unit-production costs, inventory costs, and distribution costs. To prevent negative feelings from affecting the company’s other products.
    23 : Product Deletion Process FIGURE 12.5 Source: Martin L. Bell, Marketing: Concepts and Strategy, 3rd ed., p. 267; Copyright © 1979, Houghton Mifflin Company. Reprinted by permission of Mrs. Martin L. Bell. Common choices: Postpone the decline or accept its inevitability

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