MKT 3305 Lecture Notes - Lecture 9: Brand Equity, Pricing Strategies, Universal Product Code
Document Summary
Product planning : develop product objectives & product strategy. Effective product planning is guided by a continuous process of product management: a systematic and usually team-based approach to coordinating all aspects of a product"s strategy development and execution. Objectives and strategies for individual products : successful introduction of new products, taking regional product nationwide, breathing new life into mature products while maintaining a distinct brand personality. Mature product : increase consumer enthusiasm for the product. A product line is the firm"s total product offering designed to satisfy a single need or desire of target customers: product line length is determined by the number of stock keeping units (skus) Most large firms sell a set of related products, and strategic decisions often affect two or more of these products simultaneously, this is typical in product lines. Full-line strategy targets many customer segments, while a limited-line strategy with only a few variations may help improve the firm"s image as a specialist.
