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Workbook 4A: Products, Services, and New Products
We all use products every day of our lives, and might have never considered classifying them in any way, from a marketing perspective what attributes comprise our products and how we might classify them is vitally important when making marketing mix decisions as buying behavior can vary across classifications. There are two main classifications of product: consumer products that are bought by final consumers such as convenience products (milk, newspapers); specialty products (Rolex watches, Mercedes) and unsought products (life insurance); and business to business products that are used in the processing of goods or in conducting business, such as materials and parts (leather, castings); capital items (buildings, desks) and supplies and services (lubricants, window cleaning). More specifically to classify our products, we also need to make decisions regarding individual products, services, and experiences, and how they might fix within product lines, and product mixes. We will then consider how marketers build and manage the brands that communicate the uniqueness of our offerings to consumers one of the most critically important elements of any marketing campaign.
As we build and brand our product portfolio to meet and exceed our chosen markets expectations, we also need to consider that all things change over time (e.g.: tastes, fashion, and technology) and that demand for products will eventually fall or even cease, bringing an end to the life of those products (sometimes abbreviated to E.O.L.). In order to maintain the viability of our product portfolio, we need to plan for this by developing new products to meet the ever-changing demand of our markets.
A new product is a good, service, experience or idea that is perceived by some potential customers as new. It can be argued that a product that is simply new to the company is also classified as new and as such the concept of new may also include me-too products as well as innovative new products. You should note that the rate of market failure for new products is quite high, but with robust product planning, we can reduce that rate for a company. As you will discover through your study of this module there is a well-defined and established process for the development of new products, from idea generation, idea screening, concept development testing, marketing strategy development, business analysis, product development, and test marketing prior to commercialization. By following this process marketers can better assure the likely success of those products they launch to the market. Whilst we have already alluded to the life and death of individual products, we will also consider the five-stage product lifecycle (P.L.C) that forms the basis for sound product portfolio management and planning.
Chapters 7 and 8 objectives
Define products and the main classifications of products and services.
Describe the decisions companies make regarding their individual products and services, product lines, and product mixes.
Identify the four characteristics that affect the marketing of service and the additional marketing considerations that services require.
Discuss branding strategythe decisions companies make in building and managing their brands.
Explain how companies find and develop new-product ideas.
List and define the steps in the new-product development process and the major considerations in managing this process.
Describe the stages of the product life cycle and how marketing strategies change during the product life cycle.
Discuss two additional product issues: socially responsible product decisions and international product and services marketing
Part 1 Definitions (3 x 2 marks = 6 marks)
1.1: Product
Definition:
Example:
1.2: Service
Definition:
Example:
1.3: Brand
Definition:
Example:
Part 2: Conceptual Question Describe a service:
_______________________________________________________________
_______________________________________________________________
Explain each characteristic and use a hair salon/barbershop as an example:
Characteristic 1: _______________________________________________________________
______________________________________________________________________________________________________________________________
For example: A hair salon/barbershop has this characteristic because __________________________________________________________________________________
_______________________________________________________________
_______________________________________________________________
Characteristic 2: _______________________________________________________________
______________________________________________________________________________________________________________________________
For example: A hair salon/barbershop has this characteristic because __________________________________________________________________________________
_______________________________________________________________
_______________________________________________________________
Characteristic 3: _______________________________________________________________
______________________________________________________________________________________________________________________________
For example: A hair salon/barbershop has this characteristic because __________________________________________________________________________________
_______________________________________________________________
_______________________________________________________________
Characteristic 4: _______________________________________________________________
______________________________________________________________________________________________________________________________
For example: A hair salon/barbershop has this characteristic because __________________________________________________________________________________
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
2.1: Please explain four (4) characteristics of a service and use a hair salon or barbershop as an example to elaborate on your points.
Part 3: Assignment-Related Task (Individual)
3.1 Define and explain the three (3) levels of products. Apply these three elements to your assignment topic. Lastly, draw the diagram! (6 marks)
Describe three levels of products:
Core customer value (level 1): _______________________________________________________________
______________________________________________________________________________________________________________________________
For example: __________________________________________________________________________________
_______________________________________________________________
_______________________________________________________________
Actual product (level 2): _______________________________________________________________
______________________________________________________________________________________________________________________________
For example: __________________________________________________________________________________
_______________________________________________________________
_______________________________________________________________
Augmented product (level 3): _______________________________________________________________
______________________________________________________________________________________________________________________________
For example: __________________________________________________________________________________
_______________________________________________________________
_______________________________________________________________
Please find the 3 levels product diagram (Hint: look on Google) and include on it what your company has for each level:
3.2 Go to your companys website and draw a table showing their product mix design together with the product line, width, length, and depth of each line. (7 marks)
Describe product mix:
_______________________________________________________________
Explain each of the product mix decisions:
-Product line is: _______________________________________________________________
-Width is: _______________________________________________________________
-Length is: _______________________________________________________________
-Depth is: _______________________________________________________________
Go to your companys website and draw a table showing their product mix design together with the product line, width, length and depth of each line. (2 marks)
(You can add more rows or columns to the table below if necessary).
3.3: There are 4 stages in the PLC. Please draw and label these stages indicating which stage your product/segment is in this cycle. (1 mark)
3.4: Explain your reasoning to the graph above (2 marks)
Workbook 4B: Promotion: Communicating Customer Value
We now forge ahead into the last of the marketing mix tools promotion. Companies must do more than just to create customer value. They must also use the promotion to clearly and persuasively communicate that value. This chapter shows that promotion is not a single tool but, rather, a mix of several tools. Ideally, under the concept of integrated marketing communications (IMCs), the company will carefully coordinate these promotion elements to deliver a clear, consistent and compelling message about the organisation and its products. We begin the chapter by introducing the various promotion mix tools. Next, we examine the rapidly changing communications environment especially the addition of digital, mobile and social media and the need for integrated marketing communications. Chapter 11 looks more closely at the two promotion tools advertising and public relations. Chapter 12 discusses personal selling and sales promotion. Then, Chapter 13 is about direct and digital marketing.
Chapters 11, 12 and 13 objectives
Define the five promotion mix tools for communication customer value
Describe and discuss the main decisions involved in developing an advertising program
Explain how companies use public relations to communicate with their publics
Discuss the role of a companys salespeople in creating value for customers and building customer relationship
Explain how sales promotion campaigns are developed and implemented
Define direct and digital marketing, and discuss its benefits for consumers and marketing organisations
Part 1 Definition Questions (2 x 3 marks = 6 marks)
1.1: Integrated Marketing Communications (IMC)
Definition:
Example:
2.2: Push v Pull
Definition:
Example:
Part 1: Case Study
Deakin University Unveils Be Ready Brand Campaign Via The Royals
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Deakin University has launched a brand campaign, created by The Royals, highlighting the Universitys commitment to a practical and applied approach to learning that prepares students for the challenges ahead.
The integrated campaign, Be Ready, continues the vibrant use of colour first introduced in Deakins Think Young campaign in 2016, designed to cut through the clutter of the largely monochromatic university advertising landscape and to reinforce Deakins brand position.
With executions across television, high-impact outdoor and social media, Be Ready features current Deakin students and alumni, demonstrating how Deakin gives them the confidence through practical and applied learning to transition into their career and overcome the challenges that are thrown at them.
Among those featured are Daniel Daperis, Vimbai Nenzou, Lynda Goodman, Roda Alfred and Muhammad Irfan.
Deakin University executive director of marketing Matt Edge said: At a time of rapid change and global uncertainty, universities need to do more than ever to prepare students for the real world.
Be Ready communicates Deakins commitment to practical hands-on learning, coupled with well-established theory and critical thinking, to arm our students with the skills they need to succeed in a changing world.
The Royals managing partner Andrew Siwka added: Deakin is a young, innovative and progressive university, so its important that our work stands out from the rest of the university sector.
By featuring current students and alumni in the campaign, we are providing real-world examples of how Deakin prepares students for the fast-paced workplaces of the future.
We believe Be Ready is a powerful proposition that will connect with our audience and drive them to learn more about Deakin Universitys approach to education.
Deakin University is ranked as the 33rd most innovative company in Australia and New Zealand on the 2018 Australian Financial Reviews 100 Most Innovative Companies list, released last month.
Deakin was the only university to make the list, and the highest-ranked education provider.
Article source:
Sophocleous A. 2018,Deakin University Unveils Be Ready Brand Campaign Via The Royals, Bandt, retrieved 14 April 2019, <http://www.bandt.com.au/campaigns/deakin-university-unveils-ready-brand-campaign-via-royals>
Questions
1.1: Out of the five (5) promotional mix tools, which one(s) that Deakin has been using for their newest campaign as mentioned in the case study above? Please identify at least three (3) tools and justify your answers using the parts of the passage above. (12 marks)
Explain each of them briefly and include 2 strengths and 2 weaknesses:
Tool 1 :______________________________________________________________________________
Tool 2 :______________________________________________________________________________
Tool 3 :______________________________________________________________________________
1.2: Out of the three (3) advertising objectives, which one(s) that Deakin has adopted for their promotion? Please justify your answers. (3 marks)
Describe the advertising objectives general:
Explain each of them briefly:
Objective 1:
Objective 2:
Objective 3:
Apply these to the campaign by answering the question below:
The advertising objective that Deakin has used has adopted is_______________________________________________________________________
Because: _______________________________________________________________
Part 2: Assignment-Related Task (Group)
2.1: Please define the promotional mix concept. Explain each of its tools by filling out the table below. Lastly, explain how your company have used each tool for your assignment. (10 marks)
Promotional Mix Tools Explanation Have your company used it? How? Please explain clearly
Advertising Public Relations Personal Selling Sales Promotion Direct and Digital Marketing
2.2 Out of the five (5) promotional mix tools discussed above, pick three (3) tools that would work for the new target market identified in Assignment 1 and the new product that you are recommending in Week 5. You must give clear and specific recommendations of how the company should use each tool to target the new market and promote the new product. Please take into consideration the overall STDP strategy proposed in Assignment 1. (6 marks)
The three (3) promotional tools that the company can choose to appeal to the new target market (A1) and to promote the new product (W5), consistent with the overall STDP strategy, are:
Chosen Promotional Mix Tools Why?
Please explain! How?
Please give detailed recommendations
Online Sales Promotion Personal Selling Because
2.3 Please define and explain the Integrated Marketing Communications (IMCs) concept. Lastly, please show how your company should manage the proportion of each tools proposed in Question 4.2 above by completing the pie chart below. (4 marks)
Define:
Explain:
Apply:
8506176407Details of the pie chart: Explain your reasoning:
00Details of the pie chart: Explain your reasoning:
