MAR3023 Chapter Notes - Chapter 9: Universal Product Code, Brand Management, Unique Identifier
Document Summary
9. 1 product planning: develop product objectives and product strategy. Fir(cid:373)s that pla(cid:374) (cid:449)ell su(cid:272)(cid:272)eed, produ(cid:272)t pla(cid:374)(cid:374)i(cid:374)g plays a (cid:271)ig role i(cid:374) a fir(cid:373)(cid:859)s (cid:373)arket pla(cid:374)(cid:374)i(cid:374)g. Product managers/ brand managers coordinate this process: getting product objectives right. To be effective, product- related objectives must be measurable, clear, un ambiguous and feasible. Stay connected to consumers to accurately respond to their needs: objectives should consider long-term implications of product decisions. Product quality is an important product objective: objectives and strategies for individual projects. Smaller brands small advertising budget, little print, billboards, online ads: active on social media. Product strategies focus on a single new product: may be different depending on the situation: new products, regional, mature. Local markets may want to go nationally, or change variety: objectives and strategies for multiple products. Strategic decisions affect two or more products simultaneously. Product line a fir(cid:373)(cid:859)s total produ(cid:272)t offeri(cid:374)g desig(cid:374)ed to satisfy a si(cid:374)gle (cid:374)eed or desire of target customers.
