Balance Session Plan

 Classes remaining 4 weeks Marketing 12 Lectures (End of term-4th Dec)



 Marketing Mix
 Product Strategy- Elements/ Product Mix/ PLC/ NPD - 2 Sessions
 Pricing Strategy- Pricing Process/ Pricing Methods - 1 Session
 Place Strategy- Significance of Channels/ Types of channels/ Role of
intermediaries/ Disintermediation/ Channel conflict -2
Sessions
 Promotion Strategy- Communication mix/ Comparision/ Definitions/
5Ms of advertising -2
Sessions


 Marketing Process
 Marketing Plan- Significance and contents - 1 Session
 Marketing Implementation and Control - 1 Session
MARKETING
MIX
Product Strategy
 Elements of a Product
 The Product Mix
 PLC (Product Life Cycle)
 NPD (New Product Development)
Marketing Mix

Product Place

Mix

Price Promotion
Product
Anything that can be offered to a market to
satisfy a want or need.

Product is a key element in the market mix

Seller sells Customer buys

Product Value

5
Product Levels
SN Product Level Example of a Hotel
1 CORE BENEFIT- What the customer is “ rest and sleep”
2 really
BASIC buying
PRODUCT- The core benefit into Bed, bathroom, towel,
3 a tangible basic
EXPECTED product
PRODUCT- desk, almirah
Set of attributes Clean Bed, Fresh
4 and conditions buyers
AUGMENTED normallyExceed
PRODUCT- expect Towels, Quietness
WiFi, Pickup and Drop,
5 customer
POTENTIAL expectations
PRODUCT- Possible Business arrangements,
augmentations and transformations the travel arrangements
product might take in the future

6
Product Classification
Schemes
 Durability
& Tangibility
§ Nondurable goods
§ Durable goods
§ Services
 Use

7
Consumer Goods
Classification
 Convenience- frequent and immediate buy
§ Staples- regular basis- toothpaste, soaps
§ Impulse goods-without planning- chocolates
§ Emergency goods- for urgent need- raincoats
 Shopping- furniture clothing
 Specialty-cars, cameras
 Unsought- does not think of buying- life insurance

8
 Industrial Goods
Classification
 Materials and parts- raw materials-farm or natural,
manufactured part
 Capital items
 Supplies/business services

9
Product S e rv ice s
Differentiatio D iffe re n tia tio
n n
Product form
 Ordering ease
 Features  Delivery
 Performance  Installation
 Conformance  Customer training
 Durability  Customer consulting
 Reliability  Maintenance
 Reparability
 Style
 Design


10
The Product Hierarchy
From basic needs to a particular item


 Need family- the core need- security

 Product family- all product classes that can
satisfy a core need-savings and income
 Product class or category-group of products
within the product family functionally close
to each other- financial instruments
 Product line- a group of products within the
product class that perform a similar
function- life insurance
 Product type- a group of product within the
product line that share one of several
product forms- term life insurance
 Item- a distinct unit within the brand or
product line distinguishable by size, price,
appearance etc.- LIC T 13 life insurance.

11
 Product Systems and
Mixes
 Product System- a group of diverse but related items that
function in a compatible manner- PC, Projector, Voice
system.
 Product Mix (Product assortment)- Set of all products and
items a seller offers to sell.
 Depth
 Length Product Mix Width
 Width

Length Personal Wash Laundry Skin Care
Lux- Almond oil, Milk Surf Fair & Lovely
Cream, Sandal (Variants)-
Lifebuoy
Depth Rin Pond’s
Liril Wheel Vaseline

12
Product Life Cycle
 Introduction
 Growth
 Maturity
 Decline

13
Facts about Life Cycles
 Products have a limited life.
 Product sales pass through distinct
stages.
 Profits rise and fall at different stages.
 Products require different marketing,
financial, manufacturing, purchasing,
and human resource strategies in each
stage.

14
Marketing Program
Modifications
 Prices
 Distribution
 Advertising
 Sales promotion
 Services

15
 New Products
Development
 New-to-the-world
 New product lines
 Additions to product lines
 Improvements to products
 Repositionings
 Cost reductions

16
Concepts in Concept
Development
 Product idea
 Product concept
 Category concept
 Brand concept
 Concept testing

17
Concept Testing
 Communicability and believability
 Need level
 Gap level
 Perceived value
 Purchase intention
 User targets, purchase occasions,
purchasing frequency

18
Marketing Strategy
 Targetmarket’s size, structure, and
behavior
 Planned price, distribution, and
promotion for Year 1
 Long-run sales and profit goals and
marketing-mix strategy over time

19
Customer Adoption
Process
Awareness

Interest

Desire

Adoption

20
Adopter Categorization
 Innovators
 Early adopters
 Early majority
 Late majority
 Laggards

21