Marketing Mix - Product

1
Marketing Mix - Product
2
Product What are the variables?
3
Product

• Methods used to improve/differentiate the product
  and increase sales or target sales more
  effectively to gain a competitive advantage e.g.
• Extension strategies
• Specialised versions
• New editions
• Improvements real or otherwise!
• Changed packaging
• Technology, etc.

4
Product

• Product Differentiation
• What does it do for me?
• What can it do that every other product cannot?
• How will it change my life?
• What so special about it?
• Why should I part with my money?
• What can it offer that no one else has?
• Is it manufactured to suit me? (niche marketing)
• Unique Selling Point (USP)
• What feature(s) jumps out and persuades me to buy
  it?
• How it is irresistible?
• A must have product (conformist)

5
Product

• Product strategies
• When an organisation introduces a product into a
• market they must ask themselves a number of
  questions.
• Who is the product aimed at?
• What benefit will they expect?
• How do they plan to position the product within
  the market?
• What differential advantage will the product
  offer over their competitors

6
Product Hyundai Coupe
7
Why?

• Based on the Ferrari stunning (design)
• ABS, Air Bags, Alloys, CD, Central
  LockingClimate Control, Electric Mirrors,
  Electric Windows, Leather Trim, New Model, Power
  Steering, Radio, Cruise control
  (features/technology)
• Usefulness No kids, mainly on own!
• Value - 14,999!
• Branding poor badge on cars make everything
  to do with price deprecation very high!

8
Why?

• Accessories GPS, Bluetooth, sports kit etc.
• Warranty - a massive 5 Years!
• - 1 years free insurance!
• A remarkable car not only for the price tag but
  all round!

9
Product

• Who is the product aimed at?
• Young professionals, medium income, stylish,
  conscious of appearance and role in society, fun.
  
• What benefit will they expect?
• Fast car, image perception, styling, excitement.
• How do they plan to position the product within
  the market?
• Sports car on the cheap. Its not the name but the
  build /
• engineering. Hopes to look past the perception of
  Korean
• Manufactured cars.

10
Product

• What differential advantage will the product
  offer over their competitors
• Cheaper, matched performance, styling,
• different, warranty (massive!), performance, no
• car in its class at same price range!

11
Product
Who is the product aimed at? What benefit will
they expect? How do they plan to position the
product within the market? What differential
advantage will the product offer over their
competitors?
12
Product
Who is the product aimed at? What benefit will
they expect? How do they plan to position the
product within the market? What differential
advantage will the product offer over their
competitors?
13
Product
Who is the product aimed at? What benefit will
they expect? How do they plan to position the
product within the market? What differential
advantage will the product offer over their
competitors?
14
Product
Who is the product aimed at? What benefit will
they expect? How do they plan to position the
product within the market? What differential
advantage will the product offer over their
competitors?