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ISU MKT 230 - Line Extension Video

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Mkt 230 1st Edition Lecture 16 Outline of Last Lecture I. Managing Existing ProductsII. Developing New ProductsIII. Product Differentiation and Product QualityOutline of Current Lecture I. Line Extension VideoII. Product Deletion ProcessIII. Organizing to Develop and Manage ProductsIV. ServiceCurrent LectureI. Line Extension videoa. About evolution of multiple spaghetti sauces – line extensionsb. Lessons learned:i. Not just one answer to a problemii. People don’t always know what they really want – so as a marketer is it important to find out what people actually want versus what they say they wantII. Product Deletion Processa. Product Line Reviewb. Deletion Analysisc. Deletion Decisioni. Return to Line ORii. Delete1. Phase out OR2. Run out OR3. Immediate dropIII. Organizing to Develop and Manage Productsa. Product manager – responsible for several distinct products that make up a groupi. Example: At Kraft, being in charge of packaged cheeseb. Brand manager – being responsible for a single brandThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.c. Market Manager – being responsible for a particular group of customersIV. Servicea. 6 Questions discussed in groups:1. What is a service?2. Why is it important to discuss service marketing?3. What is unique about the service marketing mix? Why are the key differences important?4. What are some key challenges in marketing services?5. Why is quality so important and how is it measured?6. Why are not-for-profits unique in the marketing


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