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Defining the Exchange:Product and Pricing

Strategies

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Product Characteristics

Types of products

Stages of products

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The Product Continuum

Tangible

Goods

Products

Intangible

Services Ideas

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Augmenting the Basic Product

Core benefits

Actual product

Augmented product

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Characteristics of Service

Products Intangible quality

Perishable nature

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Consumer Products

Convenience products

Shopping products

Specialty products

Unsought goods

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Industrial Products

Expense items

Short term

Pencils Printer cartridges

Capital items

Long term Copy machines

Computers

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Products and Their Uses

Raw materials

Components

Supplies

Installations

Services Business equipment

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The Product Life Cycle

Introduction

Growth

Maturity

Decline

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Product Makeovers

Reinvigorated designs

Refreshed marketing efforts

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New Product Development

1. Idea generation

2. Idea screening

3. Business analysis

4. Prototype development

5. Test marketing

6. Commercialization

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Idea Generation

Customers

Competitors

Employees

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Idea Screening

Industrial products

Feasibility study

Consumer products

Concept testing

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Business Analysis

Forecast sales

Estimate costs

Project profits

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Prototype Development

Packaging

Marketing mix

Production

Resources

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Test Marketing

Introduce the product

Monitor customer reactions

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Commercialization

Production

Distribution

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Product Identities

Branding

Packaging

Labeling

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Branding Products

Equity

Name selection

Sponsorship

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Packaging and Labeling

Function

The product

Information Inventory control

Strategy

Display Differentiation

Appeal

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Product Strategies

Product line

Product mix

Product expansion

International markets

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Product Line and Product Mix

Width

Length

Depth

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Product Expansion

Add items in a product categoryunder the same brand name

Add new products with the sameproduct name

Apply a successful brand name to anew category

Translate a successful brand in adifferent product format

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International Markets

Standardization

Customization

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Product Positioning

Features

Services

Image

Price

Category

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Product Positioning Errors

Under positioning

Over positioning

Confused positioning

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Developing Pricing Strategies

Marketing objectives

Government regulations

Consumer perceptions

Consumer demand

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Cost-Based Pricing

Fixed costs

Selling price per unit-Variable costs per unit

Break-Even

Point=

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Other Pricing Strategies

Price-based

Optimization

Skimming

Penetration

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Price Adjustment Strategies

Discount pricing

Bundling

Dynamic pricing