30+mba-第21章

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a　product　is　generally　accepted　as　the　whole　bundle　of　‘satisfactions’；　
either　tangible　such　as　a　physical　product；　or　intangible　such　as　warranties；　
guarantees　or　customer　support　that　support　that　product。　Generally　the　
terms　product　and　service　will　be　used　synonymously　in　this　part　of　this　
chapter。　
The　bundle　that　makes　up　a　successful　product　includes：　
。　design；　
。　specification　and　functionality；　
。　brand　name/image；　
。　performance　and　reliability；　
。　quality；　
。　safety；　
。　packaging；　
。　presentation　and　appearance；　
。　a。。er…sales　service；　
。　availability；
Marketing　95　
。　delivery；　
。　colour/flavour/odour/touch；　
。　payment　terms。　
The　principal　tools　that　marketing　managers　use　to　manage　product　issues　
are　as　follows。　
Product/service　life　cycle　
The　idea　that　business　products　and　services　have　a　life　cycle　much　as　any　
being　was　first　seen　in　management　literature　as　far　back　as　1922；　when　
researchers　looking　back　at　the　growth　of　the　US　automobile　industry　
observed　a　bell…shaped　pa。。ern　for　the　sales　of　individual　cars。　Over　the　
following　four　decades　various　practitioners　and　researchers；　adding；　
substituting　and　renaming　the　stages　in　the　life　cycle　to　arrive　at　the　five　
steps　in　Figure　3。4；　carried　out　further　work。　The　length　of　a　product’s　
lifetime　can　be　weeks　or　months　in　the　case　of　fads　such　as　the　hula…hoop　
or　the　Rubic　cube：　
Figure　3。4　The　product　life　cycle　
。　Product　development：　This　stage　is　typified　by　cash　outlays　only；　and　
can　last　from　decades　in　the　case　of　medical　products　down　to　a　few　
months　or　even　weeks　to　launch　a　simple　consumer　product。　
。　Introduction：　Here　the　product　is　brought　to　market；　perhaps　just　to　one　
initial　segment；　and　it　may　prise　li。。le　more　than　a　test　marketing　
activity。　Once　again　costs　are　high；　advertising　and　selling　costs　have　to　
be　borne　up　front　and　sales　revenues　will　be　minimal。　
Introduction　Decline　
Development　Growth　Saturation　Maturity　
Sales　
Sales　
Time
96　The　Thirty…Day　MBA　
。　Growth：　This　stage　sees　the　product　sold　across　the　whole　range　of　a　
pany’s　market　segments；　gaining　market　acceptance　and　being　
profitable。　
。　Maturity　and　saturation：　Sales　peak　as　the　limit　of　customers’　capacity　
to　consume　is　reached　and　petitors　or　substitute　products　enter　the　
market。　Profits　start　to　tail　off　as　prices　drop　and　advertising　is　stepped　
up　to　beat　off　petitors。　
。　Decline：　Sales　and　profits　fall　away　as　petition　bees　heavy　and　
be。。er　and　more　petitive　or　technologically　advanced　products　
e　into　the　market。　
The　usefulness　of　the　product　life　cycle　as　a　marketing　tool　is　as　an　aid　to　
deciding　on　the　appropriate　strategy　to　adopt。　For　example；　at　the　introduction　
stage　the　goal　for　advertising　and　promotion　may　be　to　inform　and　
educate；　during　the　growth　stage　differences　need　to　be　stressed　to　keep　
petitors　at　bay；　and　during　maturity　customers　need　to　be　reminded　
that　you　are　still　around　and　it’s　time　to　buy　again。　During　decline　it’s　
probable　that　advertising　budgets　could　be　cut　and　prices　lowered。　As　all　
major　costs　associated　with　the　product　will　have　been　covered　at　this　stage；　
this　should　still　be　a　profitable　stage。　
These；　of　course；　are　only　examples　of　possible　strategies　rather　than　rules　
to　be　followed。　For　example；　many　products　are　successfully　relaunched　
during　the　decline　stage　by　changing　an　element　of　the　marketing　mix　or　
by　repositioning　into　a　different　marketplace。　Cigare。。e　manufacturers　are　
responding　to　declining　markets　in　the　developed　economies　by　targeting　
markets　such　as　Africa　and　China；　even　se。。ing　up　production　there　and　
buying　up　local　brands　to　extend　their　range　of　products。　
Unique　positioning　proposition　
This　used　to　be　known　as　the　unique　selling　proposition　（USP）　and　still　is　
in　the　sales　field。　For　marketers　the　term　is　synonymous　with　the　idea　of　a　
slogan　or　strap　line　that　captures　the　value　of　the　product　in　the　mind　of　
the　user。　It　should　position　your　product　against　petitors　in　a　manner　
that　is　hard　to　emulate　or　dislodge。　John　Lewis；　for　example；　has　‘never　
knowingly　undersold’　as　its　powerful　message　to　consumers　that　they　can　
safely　set　price　considerations　to　one　side　when　they　e　to　making　their　
choice。　
Another　strategy　is　to　set　out　to　own　the　word　and　turn　it　into　an　adjective。　
Hoover　with　vacuum　cleaners　and　FedEx　with　overnight　delivery　
are　examples　of　this　approach。　
Product　range　
Being　a　single…product　business　is　generally　considered　too　dangerous　a　
position　except　for　very　small　or　start…up　businesses。　The　two　options　to　
consider　are：
Marketing　97　
。　Depth　of　line：　This　is　the　situation　when　a　pany　has　many　products　
within　a　particular　category。　Washing　powders　and　breakfast　cereals　
are　classic　examples　of　businesses　that　offer　scores　of　products　into　the　
same　marketplace。　The　benefit　to　the　pany　is　that　the　same　channels　
of　distribution　and　buyers　are　being　used。　The　weakness　is　that　all　
these　products　are　subject　to　similar　threats　and　dangers。　However　
‘deep’　your　beers　and　spirits　range；　for　example；　you　will　always　face　
the　threat　of　higher　taxes　or　the　opprobrium　of　those　who　think　you　are　
damaging　people’s　health。　
。　Breadth　of　line：　This　is　where　a　pany　has　a　variety　of　products　of　
different　types　such　as　Marlboro　with　cigare。。es　and　fashion　clothing；　
or　3M　with　its　extensive　variety　of　adhesives　extending　out　to　the　Post…　
It　Note。　
Branding　
This　is　considered　the　holy　grail　of　the　product/service　aspect　of　the　marketing　
mix。　A　brand　enpasses　not　just　what　a　product　is　or　does　but　all　
the　elements　such　as　logo；　symbols；　image；　reputation　and　associations。　
McDonald’s　arches　represent　its　brand　as　a　weling　beacon　drawing　
customers　in。　Branding　is　an　intangible　way　of　differentiating　a　product　in　a　
way　that　captures　and　retains　markets　through　loyalty　to　that　brand。　Coca…　
Cola　tastes　li。。le　different　from　a　supermarket　brand；　but　the　promotion　
that　supports　the　brand　confers　on　the　consumer　the　chance　to　share　the　
a。。ractive　lifestyle　of　those　‘cool’　people　in　the　adverts。　Apple’s　iPod　is　differentiated　
from　just　any　old　MP3　player　in　much　the　same　way。　Intel　and　Audi　
are　examples　of　branding　designed　to　reassure　consumers　in　unfamiliar　
territory　that　a　product　will　deliver。　Body　Shop　International　exudes　ethics　
and　concern　for　the　environment；　where　other　cosmetics　concentrate　on　
how　they　will　make　the　wearer　look　beautiful。　
Building　a　brand　takes　time　and　a　considerable　advertising　budget　to　
build。　But　by　creating　brand　value；　that　is；　the　price　premium　manded　
by　that　product　over　its　unbranded　or　less　appealing　petitors；　a　business　
can　end　up　with　a　valuable　asset。　Superbrands　（superbrands）　has　
a　listing　of　the　top　brands　by　country；　o。。en　with　a　case　study　supporting　
the　top　brands　in　any　country。　
Price　
Seemingly　the　simplest　of　the　marketing　choices；　it　is　o。。en　the　most　agonizing　
decision　that　MBAs　are　faced　with。　The　subject　transcends　almost　
every　area　of　a　business。　The　economists　get　the　ball　rolling　with　ideas　
around　the　elasticity　of　demand。　Set　too　high　a　price　and　no　one　es　
to　the　dance；　too　low　and　your　budget　for　bouncers　will　go　off　the　Richter　
scale。　The　accounts　and　production　teams　are　concerned　that　sales　will　at　
98　The　Thirty…Day　MBA　
least　be　sufficient　to　reach　break…even　in　reasonable　time。　The　strategists　
are　worried　about　the　signals　in　terms　of　corporate　positioning　that　prices　
can　send。　However　profitable　a　certain　price　may　be　for　the　business；　it　
may　just　be　so　low　that　it　devalues　other　products　in　your　range。　Apple；　
for　example；　has　a　position　fairly　and　squarely　at　the　innovator　end　of　the　
product　adoption　cycle。　Their　customers　expect　to　pay　high　prices　for　the　
privilege　of　being　the　first　users　of　a　new　product。　The　iPod　was　positioned　
above　the　Walkman　in　price　terms；　though　as　the　market　for　pocket　sound　
devices　was　already　mature　there　was　scope　to　e　into　the　market　lower　
down　the　price　spectrum。　
Skim　vs　penetrate　
You　need　to　decide　between　two　generic　pricing　strategies　before　you　can　
fine…tune　your　plans。　Skimming　involves　se。。ing　a　price　at　the　high　end　of　
what　you　believe　the　market　will　bear。　This　would　be　a　strategy　to　pursue　
if　you　have　a　very　limited　amount　of　product　available　for　sale　and　would　
rather　‘ration’　than　disappoint　customers。　It　is　also　a　way　to　target　the　
‘innovators’　in　your　market　who　are　happy　to　pay　a　premium　to　be　among　
the　first　to　have　a　new　product。　To　be　successful　with　this　strategy　you　
would　need　to　be　sure　that　petitors　can’t　just　step　in　and　soak　up　the　
demand　that　you　have　created。　
Penetration　pricing　is　the　mirror　image；　prices　are　set　at　the　low　end；　
while　being　above　your　costs。　Prices　are　petitive；　with　the　deliberate　
intention　of　eliminating　your　customers’　need　to　shop　around。　Slogans　such　
as　‘everyday　low　prices’　are　used　to　emphasize　this　policy。　The　aim　here　is　
to　grab　as　much　of　the　market　as　you　can　before　petitors　arrive　on　the　
scene　and　hopefully　lock　them　out。　The　danger　here　is　that　you　need　a　lot　
of　volume　either　of　product　or　hours　sold　before　you　can　make　a　decent　
profit。　This　in　turn　means　tying　up　more　money　for　longer　before　you　break　
even。　
Dragon　Lock　（the　executive　puzzle　makers）；　who　were　Cranfield　enterprise　
programme　participants；　adopted　a　skim　strategy　when　they　launched　
their　new　product。　Their　product　was　easy　to　copy　and　impossible　to　patent；　
so　they　chose　a　low　price　as　a　strategy　to　discourage　petitors　and　to　
swallow　up　the　market　quickly。　
Danger　of　low　pricing　
Aside　from　the　obvious　possible　problems　of　the　cash…flow　implications　
of　stretching　out　the　break…even　horizon　and　quality/image　issues；　it　is　an　
immutable　law　that　raising　prices　is　a　whole　lot　more　difficult　than　lowering　
them。　It　is　less　of　a　problem　if　the　market　as　a　whole　is　moving　up；　but　
raising　a　price　because　you　set　it　too　low　in　the　first　place　is　a　challenge　to　
say　the　least。
Marketing　99　
Value　pricing　
Another　consideration　when　se。。ing　your　prices　is　the　value　of　the　product　
or　service　in　the　customer’s　mind。　His　or　her　opinion　of　price　may　have　li。。le　
or　no　relation　to　the　cost；　and　he　or　she　may　be　ignorant　of　the　price　charged　
by　the　petition；　especially　if　the　product　or　service　is　a　new　one。　In　fact；　
many　consumers　perceive　price　as　a　reliable　guide　to　the　value　they　can　
expect　to　receive。　The　more　you　pay；　the　more　you　get。　With　this　in　mind；　
had　Dyson　launched　its　revolutionary　vacuum　cleaner；　with　its　claims　of　
superior　performance；　at　a　price　below　that　of　its　peers；　then　some　potential　
customers　might　have　questioned　those　claims。　In　its　literature　Dyson　cites　
as　the　inspiration　for　the　new　vacuum　cleaner　the　inferior　performance　of　
existing　products　in　the　same　price　band。　A　product　at　six　times　the　Dyson　
price　is　the　one　whose　performance　Dyson　seeks　to　emulate。　The　image　
created　is　that；　although　the　price　is　at　the　high　end　of　general　run…of…themill　
products；　the　performance　is　disproportionately　greater。　The　runaway　
success　of　Dyson’s　vacuum　cleaner　would　tend　to　end