MindMap Gallery Marketing Chapter 6 Product Strategy-1
Equivalent academic level Business Administration Marketing Chapter 6 Product Strategy, including product portfolio strategy, service strategy, brand and trademark strategy, come and take a look if you are interested.
Edited at 2023-04-02 19:22:35One Hundred Years of Solitude is the masterpiece of Gabriel Garcia Marquez. Reading this book begins with making sense of the characters' relationships, which are centered on the Buendía family and tells the story of the family's prosperity and decline, internal relationships and political struggles, self-mixing and rebirth over the course of a hundred years.
One Hundred Years of Solitude is the masterpiece of Gabriel Garcia Marquez. Reading this book begins with making sense of the characters' relationships, which are centered on the Buendía family and tells the story of the family's prosperity and decline, internal relationships and political struggles, self-mixing and rebirth over the course of a hundred years.
Project management is the process of applying specialized knowledge, skills, tools, and methods to project activities so that the project can achieve or exceed the set needs and expectations within the constraints of limited resources. This diagram provides a comprehensive overview of the 8 components of the project management process and can be used as a generic template for direct application.
One Hundred Years of Solitude is the masterpiece of Gabriel Garcia Marquez. Reading this book begins with making sense of the characters' relationships, which are centered on the Buendía family and tells the story of the family's prosperity and decline, internal relationships and political struggles, self-mixing and rebirth over the course of a hundred years.
One Hundred Years of Solitude is the masterpiece of Gabriel Garcia Marquez. Reading this book begins with making sense of the characters' relationships, which are centered on the Buendía family and tells the story of the family's prosperity and decline, internal relationships and political struggles, self-mixing and rebirth over the course of a hundred years.
Project management is the process of applying specialized knowledge, skills, tools, and methods to project activities so that the project can achieve or exceed the set needs and expectations within the constraints of limited resources. This diagram provides a comprehensive overview of the 8 components of the project management process and can be used as a generic template for direct application.
Chapter 6 Product Strategy
Section 1 Product Mix Strategy
1. Overall product concept
The so-called product refers to anything that can be provided to the market and used to satisfy people's certain desires and needs. Anything, including physical objects, services, places, organizations, thoughts, ideas, etc.
(1) Core products
Refers to the benefits that consumers pursue when purchasing a certain product
(2) Tangible products
Product quality level, appearance features, style, brand name and packaging, etc.
(3) Additional products
All additional services and benefits that customers receive when purchasing tangible products, Including providing credit, free shipping, warranty, installation, after-sales service, etc.
2. Product classification
Convenience products
Consumer goods that are purchased frequently, can be purchased when needed, and take the least effort and time to compare. Such as milk and eggs, please pay attention to the address
Optional items
Compare the color, style, quality, price, etc. of consumer goods from multiple stores before purchasing. Such as furniture and electrical appliances, pay attention to product quality
Special product
Consumers can identify which brands of goods are of high quality and low price, but of inferior quality and high price, and are habitually willing to spend more time and energy to purchase consumer goods. Such as cars and houses, pay attention to product prices
non-desired items
Items that customers do not know about, or items that they know about but have no interest in purchasing. For example, pay attention to promotions of new products that have just been launched, life insurance, encyclopedias, etc.
3. Product portfolio strategy
(1) Width, length, depth and relevance of product portfolio
The so-called product portfolio refers to the combination of all product categories and product items produced or sold by a certain enterprise.
width
How many product categories does a company have?
A product category (also called a product line) refers to a group of closely related products within a product category.
length
The total number of product items included in a company's product portfolio.
Product items refer to specific products within a certain brand or product category that are distinguished by size, price, appearance and other attributes.
depth
How many designs, colors, varieties, and specifications are available for each product in the product category.
relevance
Refers to the final use, production conditions, distribution channels, etc. of each product category of an enterprise. degree of close correlation.
(2) Product portfolio strategy
1. Expand product portfolio
Including expanding the width (increasing product categories) and length (increasing product items) of the product portfolio.
2. Reduce product portfolio
Eliminate product categories or product projects that make little or even losses from the product portfolio, so that companies can concentrate on developing more product categories and product projects.
3. Product extension
Refers to changing the market positioning of the company's original products in whole or in part, including downward extension, upward extension and two-way extension.
(3) Modernization of product categories
Section 2 Service Strategy
1. Classification of services-P402
2. Characteristics of services-P403
intangibility
The characteristics of services and the elements that make up services are often intangible and insubstantial.
The benefits of using the service are also difficult to detect
Connectivity
The service production process and consumption process are carried out simultaneously, and the two are inseparable in time.
variability
The components of services and their quality levels change frequently and are difficult to define uniformly.
temporality
Based on the imperceptible form of services and the simultaneous production and consumption of services, it is impossible for services to be stored for future sale like tangible consumer goods and industrial supplies.
powerless
There is no transfer of ownership of anything involved in the production and consumption of services.
3. Differences between service marketing and product marketing-P405
(1) Different product features
(2) Customer participation in the production process
(3) People are part of the product
(4)Quality control issues
(5) The product cannot be stored
(6) The importance of time factor
(7) Differences in distribution channels
4. Service Marketing Mix-P406
7P=4P people, tangible evidence, process
Section 3 Brand and Trademark Strategy
1. The meaning of brands and trademarks
(1) Brand
The so-called brand is the brand of the product. It is the business name specified by the seller for his product. It usually consists of elements such as words, marks, symbols, patterns and colors or a combination of these elements. It is used as a seller or seller. The group's logo to differentiate its products from those of competitors.
Six levels of brand meaning
Attributes, interests, values, culture, personality, users
(2) Trademark
A trademark is essentially a legal term that refers to a brand or part of a brand that has obtained exclusive rights and is protected by law. Trademarks are intangible assets of an enterprise, and well-known trademarks are a huge wealth of an enterprise.
2. Brand and Trademark Strategy
(1) Does the brand have a strategy?
Brand product advantages
(1) Easy to manage orders.
(2) Helps companies segment markets.
(3) Helps establish a good corporate image.
(4) Conducive to attracting more brand loyalists.
(5) Prevent others from imitating and plagiarizing
(6) In market competition, brand is still a powerful tool and means.
Unbranded product purpose
Save costs on packaging, advertising, etc., lower prices, and expand sales.
(2) Brand user strategy
middleman brand
Advantage
(1) Prices can be better controlled, and suppliers can be controlled to some extent (because middlemen can threaten companies with changing suppliers).
(2) The purchase cost is low, so the sales price is low, the competitiveness is strong, and higher profits can be obtained.
(3) The business area of retail businesses is limited. Therefore, it is difficult for many enterprises, especially new enterprises and small enterprises, to enter the retail market with their brands.
(4) Although consumers know that goods sold under private labels are usually products of large companies, intermediaries can still win the trust of consumers because middlemen pay special attention to maintaining the quality of their private labels.
(5) The prices of intermediary brands are usually set lower than those of corporate brands. Therefore, they can cater to many price-conscious customers, especially in times of inflation.
(6) Large retailers display their brands in prominent places in stores and stock them properly.
Disadvantages
(1) Middlemen must spend a lot of money on advertising to promote their brands.
(2) Middlemen must order in large quantities, so they must invest a large amount of funds in inventory and bear some risks.
(3) Brand unified strategy
(1) Individual brands
Different products use different brands. The advantage is that the entire reputation of the company is not affected by the reputation of one of its products.
(2) Unified brand
All products use one brand name. The benefit is: the cost of corporate promotion and introduction of new products Expenses are lower; if a company has a good reputation, its products are bound to sell well.
(3) Classified brands
Classified brand strategy means that the company's various products are named separately, and each type of product uses one brand.
(4) Company name plus individual brands
The corporate name plus individual brand strategy means that the company decides to use different brands for its various products, and the brands of various products are also preceded by the corporate name.
(4) Brand expansion strategy
Brand extension strategy refers to a company using the reputation of its successful brand name to launch improved or new products, including the introduction of new packaging specifications, fragrances and styles. By adopting this strategy, enterprises can save the cost of promoting and introducing new products, so that new products can enter the market quickly and smoothly.
(5) Multi-brand strategy
Multi-brand strategy refers to a company operating two or more competing brands at the same time. This strategy was pioneered by Procter & Gamble
reason
(1) As long as a variety of different brands are accepted by retail stores, they can occupy a larger shelf area, while the shelf area occupied by competitors will decrease accordingly. (Easy to resist external competition)
(2) A variety of different brands can attract more customers and increase market share. This is because: most consumers are brand switchers, and only by developing a variety of different brands can these brand switchers be won.
(3) Developing a variety of different brands will help various product departments and product managers within the company compete and improve efficiency.
(4) Developing a variety of different brands can enable companies to penetrate into different market segments and occupy a larger market. (avoid risk)
(6) Brand repositioning strategy
reason
(1) Competitors occupy part of the company's brand market
(2) Some consumers’ preferences have changed
Considerations
(1) The cost of moving a brand from one market to another.
(2) The brand’s revenue in its new location.
(7) Corporate Image Identification System CIS
The integrated operation of modern design concepts and business management theory is combined to depict the corporate personality, highlight the corporate spirit, and create a deep sense of identity among consumers to achieve the purpose of promotion.
Components
(1) Business philosophy identification (mind identity, MI). innermost
(2) Business activity identification (behavior identity, BI).
(3) Overall visual identity (VI).
3. Domain names and corporate trademarks in the international Internet
Trademark attributes, permanent address attributes, and business official name attributes