8.- Managing Products, Part 3

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From the course by IESE Business School

Marketing: Customer Needs and Wants

144 оценки

IESE Business School

Marketing: Customer Needs and Wants

144 оценки

Course 3 of 5 in the Specialization Foundations of Management

Understanding who your customers are and what they need and want is at the heart of successful marketing strategies. In this course you will explore how to identify and classify customers and the different methods that marketing professionals use to shed light on how they make purchase decisions. The course will cover the following: 1. Marketing Fundamentals 2. Product, Pricing and Channel Decisions 3. Building Strong Brands 4. Communication Strategy

From the lesson

Week 2: Product, Pricing & Channel Design

It’s hard to remember what the world was like before iPods, iPhones and iPads. But when Apple released the first iPod in 2001, it was not an automatic blockbuster. The product was great, but it took a lot of marketing savvy to set it on it’s successful path. All companies – whether selling electronics, gastronomic experiences, or credit cards – need to worry about making product, pricing and channel decisions. In this second session, we will explore what a product really is, how to estimate its demand and manage it. In addition, we’ll discuss the fundamentals of pricing, channel design and channel management. Objective: To gain an understanding of what a product really is, how to manage pricing and make decisions about channels.

1.- Week 2 Intro2:55

2.- Product Definition, Part 17:19

3.- Product Definition, Part 23:57

4.- Estimating Product Demand, Part 14:57

5.- Estimating Product Demand, Part 24:16

6.- Managing Products, Part 13:53

7.- Managing Products, Part 25:14

8.- Managing Products, Part 33:29

9.- Pricing Fundamentals, Part 15:28

10.- Pricing Fundamentals, Part 24:46

11.- Pricing Fundamentals, Part 33:35

12.- Pricing Fundamentals, Part 45:07

13.- Pricing Fundamentals, Part 54:18

14.- Channel Design, Part 14:20

15.- Channel Design, Part 27:32

16.- Channel Management7:58

17.- Week 2 Recap1:21

Meet the Instructors

Mario Capizzani
Lecturer
Marketing

[MUSIC]

So how else can we extend our product line or diversify

in an attempt to try to serve multiple segments of customers?

Here is one.

Called vertical differentiation.

As the case suggests, for this week Dodot, the leading manufacturing of diapers,

is trying to go from a two strategy approach of having only a premium, etapas,

product and a super premium activity product into a three prong strategy.

This is called vertical differentiation.

Where the buyer will have a good, better, and best approach to the market.

With the good being the.

Roughly speaking position.

For the public at 19 cents.

The etapas roughly speaking at 26 cents and the activity at 32 cents.

This is called vertical differentiation and

the idea is to try to capture different in this particular case

value-conscious consumers for basic products such as diapers.

Alternatively, you can approach through a horizontal differentiation approach.

Let's take the case of Coca-Cola.

The prices for all those different products the classic,

the zero, the lite and the life is exactly the same.

However, what we're trying to do is simply to appeal to different tastes.

So vertical and horizontal differentiation

are how companies go about trying to serve multiple segments of customers.

Here are some key take aways about how you should think about your product portfolio,

how to design it, and how to manage.

First of all, you should start with customer needs.

How to best meet those customer needs and

particularly how to best Exceed customers' expectations,

the concept of the augmented product comes very handy in this particular case.

Second, you need to think about distributors.

In almost no product or service will you be able to just do it on your own.

Oftentimes you will require either suppliers or

distributors that will provide after sales services or

many other complimentary products or services for your products.

Think about how you will also deliver value to them.

A point which we will later see,

once we discuss how to designed channels of distribution.

And finally, you remember that products just like people have a life cycle.

Which necessarily means that you ought to be thinking about how to mitigate the risk

of depending on just one product.

Diversification strategies is an important consideration and

we have seen some of the framework for how to think about diversification.

Now that we have dealt with products and you have grasped the fundamentals of

what are the important decisions for designing and managing products.

We're going to move on to section number four, dealing with pricing.

Pricing is one of the most important marketing mix elements because,among other

things, it is the only one in the whole marketing process that is able to capture

some of all the value that you have been creating for customers.

[MUSIC]

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