MKTG 2030 Chapter Notes -Total Quality Management, Brand Equity, Brand Management
16 Mar 2014
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Document Summary
8. 1 product planning: use product objectives to decide on a product strategy. Product management (or brand management) is the systematic and usually team-based approach to coordinating all aspects of a product"s marketing initiative including all elements of the marketing mix. Smart product management strategies are more critical than ever. Objectives provide focus and direction- they should support the broad marketing objectives of the business unit in addition to be consistent with the firm"s overall mission. Measurable, clear, unambiguous and feasible should also indicate a specific time frame. Planners should keep in touch with customers so that their objectives accurately respond to their needs. After a firm experiences success with a product in a local or regional market, it may decide to introduce it nationally. Steps to manage products: develop product objectives (for individual products, for product lines and mixes, design product strategies, make tactical product decisions (product branding, packaging and labeling design)
