MKT 3310 Lecture Notes - Lecture 9: Hyatt, Umbrella Brand, Private Label

• School: Baylor University
• Department: Marketing
• Course: MKT 3310
• Professor: Randy Hacker

Document Summary

Steps to manage products: develop product objectives. For product lines and mixes: design product strategies, make tactical product decisions. Packaging and labeling design: organize for product management. Introduce new products: regional product: introduce nationally, mature product: increase consumer enthusiasm for the product. A fir(cid:373)"s total product offeri(cid:374)g to satisfy a group of target customers: product line extensions. Stretching: adding new items to the line. Downward adds items at lower end: whe(cid:374) a co(cid:373)pa(cid:374)y does(cid:374)"t wa(cid:374)t to cheape(cid:374) their product. Upward adds new items: higher priced that offer more bells and whistles. Two-way adds at upper and lower. Contracting a product line: dropping items: product mix. Cannibalization new item eats up sales of existing brand, current customers simply switch to new product. Product mix total set of all products a firm has for sale: product mix width number of different products. Total quality management (tqm) philosophy to the development, maintenance and continuous improvement of all aspects of the company.