DQ5Mkt4_05 - Caspiano
GoldenChiid
weekdiscussioninstr..docxGood to Know
We now enter the phase of the process where we create strategies for our products specifically designed for our chosen target segment (Ford F-150). You, as head of marketing for the product will develop strategies for the plan year 2018
Recap for this week
The big takeaway for this week is an appreciation for the complexity of bringing the right product or service offerings to market, ensuring the features and benefits are need-fulfilling for the right consumers. It's no easy task as evidenced by the vast number of product failures. In addition, there are multiple marketing strategies to implement and modified as the product moves through its life cycle. Marketing research done right can minimize many of the new product launch challenges.
5.1 What Composes an Offering
As we have been noting in earlier weeks, "product" is a generic term to mean tangible goods, services, or ideas. Most products are a combination of tangible goods and service and fall somewhere on a continuum like this:
Select one of your favorite products and describe it terms of its:
1. features
2. benefits
3. price
4. total cost of ownership
Be sure you refer to these concepts in the week's readings before tackling this description. Then, identify where your product would fall on the product/service continuum and why you chose that location. Use percentages such as 25 percent product and 75 percent service. Lastly, does the product have any product lines? If so, how do they differ from the "core product" in terms of additional benefits or features?
Required: Discuss your thoughts on this topic in this Week’s Discussion 4, Topic 1: Product Descriptions. Comment on the posts of other classmates if you are familiar with products they have chosen and what your thoughts are on the description and the continuum choice.
Check out this Ad Week article on Coach repositioning its brand in 2013:
Coach: We're a Lifestyle Brand: Not Just Pricey Purses Anymore: http://www.adweek.com/news/advertising-branding/coach-we-re-lifestyle-brand-152778
5.2 Types of Consumer Offerings
This section of the week's readings describes the types of consumer offerings with four categories:
1. convenience offerings
2. shopping offerings
3. specialty offerings
4. unsought offerings
Consider your own purchase behaviors. Identify a product that, for you, falls into each of the four categories. Be sure to consider why you chose each of the categories for each product.
Required: Share your thoughts in this Week’s Discussion Forum, Topic 2: Types of Consumer Offerings. As you read through your classmates' posts, you will most likely notice that the same product can be a different category for different customers; if so, share your observations with your classmates.
5.6 Managing New Products: The Product Lifecycle
The value of the product life cycle is that it provides clues as to what marketing mix strategies might need to change as the product moves through the cycle. For example, a high-tech product being launched will have to decide whether to use penetration or skimming pricing strategy. That pricing strategy will then determine how much marketing communications is needed and what distribution strategy is needed. Because high-tech products are particularly susceptible to competition and entry of substitute products, the company needs to stimulate sales early, knowing the product life cycle may be short.
Pick one of the following products and identify which stage of the life cycle you believe it is in and why. You don't need to do research; just use your personal experience and judgment. You may want to check out the product's website. Then, identify what needs to be done to the marketing mix based on the stage you selected.
1. Apple iWatch
2. Kellogg All-Bran cereal
3. Crest Complete toothpaste
4. Ford Focus automobile
5. Häagen-Dazs ice cream
6. Libby Sweet Peas canned vegetables
7. Rolling Barn Door Hardware by CSH
8. Beyond Meat Chicken Free Strips
Required: Post your thoughts in this Week’s Discussion Forum, Topic 3: Product Life Cycle. Since each of you are picking different products, scroll through some responses and see if you have a different point of view and post as appropriate.
