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1、当代商务导论 Fundamentals of Business,Lecture 3: Products,What to cover today：,Types of products Product life cycle New product development Product line and product mix Product differentiation Exercises,1. Types of products,products,consumer products,industrial products,goods and services that are purchas
2、ed for consumers own use,goods and services that are purchased to produce other goods and services,convenience goods,shopping goods,specialty goods,industrial buyers,ultimate/end consumers,1.1 Consumer products,1.1.1 Three types of consumer products - criteria for classification: the individual cons
3、umers buying attitude and behavior, i.e. how often it is purchased, how significant it is to the consumer, whether it is considered as high or low in value, how loyal the consumer is to a specific brand e.g. organic vegetables, Siemens washing machine, Evian mineral water, Christian Louboutin shoes,
4、Convenience goods 便利商品: usually low-priced, frequently bought, demanded on short notice, often purchased by habit without much time thinking about Shopping goods 购物商品: usually high-priced, less frequently bought, requires comparison and study before buying Specialty goods 特色商品: consumers strong conv
5、iction about certain brand, style or type and willingness to make a special effort to purchase, usually high in value, less frequently bought back,From product to place:,Convenience goods: to be sold in as many places as possible, such as supermarkets, convenience stores, neighborhood drugstores, ve
6、nding machines (e.g. Pepsi, Wrigleys gum, Kangshifu instant noodle) Shopping goods: to be sold in stores that are grouped together in planned shopping centers to facilitate consumers comparison (e.g. TV sets, SUV, furniture) Specialty goods: to be sold in any place whatsoever, requires less worries
7、about distribution and retail location (e.g. Rolls-Royce limousines),1.1.2 Income patterns and buying patterns,multi-earner families 多收入家庭 vs. single-earner families 单收入家庭 the more income a family or an individual has, the smaller is the proportion of income required for absolute necessities discret
8、ionary/disposable income 可支配收入: - what a consumer has to spend on things other than necessities the greater ones discretionary income is, the higher the quality and price of consumer products one can afford the greater ones discretionary income is, the greater ones ability is to shift buying pattern
9、,1.2 Industrial products,1.2.1 Types of industrial products installations: e.g. land, plants, office buildings, expensive assets such as cranes raw materials: e.g. cotton, iron ore, lumber, petroleum, gas accessory equipment: e.g. typewriters, photocopiers, accounting machines, small forklift trucks
10、 supplies: e.g. maintenance items (brooms and light bulbs), repair items (nuts and bolts), operating supplies (lubricating oil and printer paper) component parts and materials: e.g. tires, batteries, steel beams business services: e.g. uniform rental, wedding photography, security services, cargo tr
11、ansportation, marketing proposal, advertising package,1.2.2 Features of the industrial market,more formal systems for buying: purchasing departments; negotiations, lobbying, debate, public bidding; esp. governments and nonprofit institutions (schools, hospitals), the General Services Administration
12、(美国总务管理局), the Defense Supply Agency (美国国防供应局) more clearly defined motives(动机) for buying: profit-driven, strict budget, demand for purchasing is derived from demand for production smaller (potential) customer base: McDonalds vs. Boeing Company (airlines and the military only) less public exposure,
13、 more personal connecting,2. Product life cycle,- the typical sequence of changes in demand for a product that occur over time Introduction/Embryonic Phase(阶段): fast/slow price skimming, fast/slow penetration Growth Phase: more products and segments, more distribution channels, brand awareness, lowe
14、r price Maturity Phase: price war, product revision Decline Phase: concentration, new product development The average product life cycle has been dramatically shortened due to the accelerated pace of technological innovation since the Industrial Revolution in the 18th century. e.g. Apple vs. Kodak,T
15、he demand curve of a product life circle,产品生命周期不同阶段特征,Case study: The End of Life?,3. New product development,Idea generation Phase Screening Phase Development Phase Testing Phase Commercialization Phase Post-audit Phase: the actual costs and benefits are measured and compared with those that were f
16、orecasted earlier, to determine whether the previous cost-benefit analysis 成本效益分析 was reasonably accurate For every 7 new product ideas, about 4 enter development, 1.5 are actually launched, and only 1 succeeds.,ideas,products,Examples of successful new products,Du Pont: cellophane 玻璃纸, nylon, Freon
17、 氟利昂/甲烷, Teflon (non-stick pans) 特富龙 Sony: Walkman, compact disc, PlayStation Pfizer: Viagra 3M: waterproof sandpaper, Post-It Notes Intel: PC microprocessors,4. Product line and product mix,Product line 产品线 - a set of related products or services offered by a single firm e.g. Coca-Cola: Coke, Diet
18、Coke, Caffeine-Free Coke, Sprite PepsiCo: Pepsi, Diet Pepsi, Mountain Dew, All-Sport Product mix 产品组合 - the assortment of all lines of products offered by a firm e.g. Christian Dior: womens clothing, mens clothing, childrens clothing, jewelry, shoes, fashion accessories, cosmetics ICBC: deposits, ch
19、ecking services, credit card services, personal loans, business loans, insurance products, stock and bond products, fund products, financial consulting,Product mix of Toyota,A product line or mix tends to expand over time as a firm identifies other customer needs and market segments. e.g. P&G: from
20、Tide to Tide with Bleach Amazon, 当当: from books only to home appliances, drugs, toys, health and beauty products 京东商城: from IT products to books and grocery Before firms add more products to their product line or mix, they should weigh: - whether a demand for new products really exists - whether the
21、y are capable of efficiently providing those products - whether they can sell new products at a profit,Diversifying the product line or mix,Case study: As diversified product mix,A initially focused on filling book orders requested over the Internet. First, it began to offer CDs as well, recognizing
22、 that if customers are willing to order books online, they may also order other products. Second, it had already proved that it could provide reliable service, so customers trusted that the additional services would be reliable as well. Third, it could use its existing technology to fill CD orders,
23、which increased efficiency. A also acquired a stake in D because it believed that it could fill drug orders requested over the Internet. How would you interpret As diversification practice?,Possible comments:,The growth of A demonstrates how a firm can benefit from expanding its product mix. Diversi
24、fication of product mix should be done in a very cautious way, and careful consideration should be taken before making the decision, including customer needs, efficiency and profitability. It is a more reliable strategy to build additional product by using the resources that initially made the firm
25、successful.,5. Products differentiation,- the efforts of a firm to distinguish its products from competitors in a manner that makes the product more desirable; a product strategy to gain competitive advantage/edge 竞争优势 e.g. Starbucks coffee vs. local street corner caf Kay-Bee toys vs. Wal-Mart IKEA
26、vs. 吉盛伟邦，红星美凯龙 瑞丽vs. 家庭, 知音,Product differentiation can be achieved through the marketing mix,PRODUCT,PRICE,PROMOTION,PLACE,Oft-employed methods of product differentiation through product strategies,Branding 品牌推广,- a method to identifying products and differentiating them from competing products by
27、using a unique name, symbol or other elements trademark 商标: a legally protected brand brand awareness/recognition 品牌认知度: the extent of customers apprehension of a certain brand brand loyalty 品牌忠诚度: the tendency of customers to consistently purchase products of a particular brand family branding vs.
28、individual branding producer brands vs. store brands co-branding: 中信信用卡+南航免费里程，金本涮涮锅+天河电影城折扣,“Consumers have to trust that a brand will meet all their needs all the time. That requires superior product technology. And it also requires sufficient breadth of product choices. We should never give consumers a reason to switch away from one of our brands.” - P&G annual report back,Exercises,Preview Understand and interpret Exhibit 3: Break-even analysis (p26),2. Supplementary reading Creating New Products at 3M (Jones, p255) Branding (Madura, p412) Dont forget your marketing plan!,