Product Concepts each o Products broadly defined as a good service idea or a combination of these o Be able to explain the difference between a good service and idea and recognize an example of o Be able to distinguish between product types o Be able to distinguish between consumer products and business product o Be able to explain the product hierarchy o Product Hierarchy Understand the hierarchy from core products to branded products to augmented products what each of these are and examples of each o Be able to explain product management including product mix product line product line breadth and product line depth examples in the slides o Be familiar with the product life cycle including the phases and the different types of product life cycles o Be able to explain how companies extend the PLC o Be familiar with repositioning and improvements o Understand the less risky alternatives to NPD what they are and why they are less risky o Know the difference between Down Market Extensions and Up Market Extensions o Know what brand extensions are New Product Development o Understand the difficulty in developing new products and why they are so likely to fail and what percentage of new products fail o 2 goals for NPD understanding NPD from 1 The firm s perspective 2 The customer s perspective o Know the 5 steps of developing a new product and their order o Understand what each phase of the NPD process consists of o Know the 5 steps and order of the product adoption process o Know and understand the 5 different types of product adopters and which ones a company would like to have as their customers Branding and Packaging o Brand a name term design symbol or other feature that identifies the marketer s product as distinct from other marketer s products o Understand overall why branding and packaging is so important remember Ralph Lifshitz o Understand what a Brand Mark is what a trademark is and the difference o Know the different levels of brand loyalty and think of an example of each for brands you purchase o Understand brand equity and what makes up brand equity o Know the difference between family brands individual brands and private label brands as well as manufacturer brands vs store brands o Branding strategies brand extension brand stretching co branding and generalized branding know what each of these are and an example of each o What are brand counterfeits o Understand why packaging is important and how companies use packaging o Know the different types of packaging strategies from your book Supply Chain Managements marketing channels o Supply chain management strategies that ensure products are produced and distributed to the right customers in the right quantities to the right locations and at the right time o Know all related concepts distribution channel logistics operations management o Why do we need intermediaries o Understand different supply chain configurations o Understand the utilities of supply chain o What are stock outs o Understand different configurations of a supply chain o What is a marketing channel and do firms use one or more multi channel marketing o Know the difference between intensive selective and exclusive channels and the types of products you would typically find in each o Understand channel power think of Wal Mart and vertical and horizontal integration o Understand the different activities involved in moving goods o Be able to discuss the importance of supply chain management and how it contributes to the job market in America and worldwide Retailing and Wholesaling o Know the different between a retailer and a wholesaler o What is the wheel of retailing and how does it happen o Be able to explain the retail life cycle o Know different types of retailers and examples of each look at types of retailers mentioned in the book o What is franchising o How does the atmosphere contribute to a store scent music color o Know retail management concepts including slotting fees waiting time o What are nontraditional retailers and examples o What does the future of retailing look like Will things change or stay the same Managing Service Products o Who is Phil Kotler o What is a service and can there ever be a product with no service whatsoever o Understand why services are important and why they are growing so much i e what are the factors that have led to service growth and why did these factors lead to service growth o Understand the characteristics of services that make them different than products intangibility perishability inseparability and heterogeneity variability Do these make is easier or harder to produce services than products o Strategy implications for each of the four factors that make services different than products what does a company need to do differently to account for each of the four factors mentioned above o Three other characteristics search qualities experience qualities and credence qualities o Know the7 p s of the service marketing mix o Know the two strategic issues for service firms o Be able to discuss just how much a service failure hurts your company will happy or angry customers tell more people about their experience o Know strategies to recover from a service failure o Be able to explain what happens in extremes if the company recovers really well or if the company makes you really angry Chapter 11 Product Concepts P G Fundamental company in the US What is a Product A good service or idea or a combination of 2 or more of these o Includes supporting services installations guarantees warranties o Ex s good iPod service concert idea MADD Goods a tangible physical entity Services an intangible result of application of human and mechanical efforts to people or objects hybrids Ideas concept philosophy image or issue o Product Types Consumer Products Purchased to satisfy personal and family needs and are classified according to how buyers generally behave wen purchasing them Convenience products bought on the fly Shopping products spend a little more time o Specialty products Unsought products you don t seek out ex utilities insurance Business Products Purchased to use for operations to resell or to use in manufacture of other products sold to other businesses BIGGER MARKET Managing Existing Products o Product Hierarchy You are buying more than what you see Core products the physical or intangible service that the customer receives Branded products the core products plus the characteristics that allow the consumer to
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