Deciding product strategy: the product lifecycle.

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En provenance du cours de IE Business School

The Marketing Plan

137 notes

IE Business School

The Marketing Plan

137 notes

Cours 4 sur 5 dans Specialization Marketing Strategy

Create your own Marketing Plan for your own product or service idea. In this course you will learn how to produce arguably the most important marketing tool for any business. Rather than simply learning the stages of The Marketing Plan, you will be asked each week to complete a peer graded assignment which will help you complete a simplified version of the plan. You will be required either to map the four crucial stages for your own product or service idea or use the Nissan Leaf case study (attached in the additional readings) in order to produce a professional example. Ramon Diaz Bernardo - a professor with over 20 years experience - will guide you through the four most important stages of The Marketing Plan: analysis, marketing strategy; the marketing mix and expected results. On this journey, he will conduct interviews with leading experts from international companies in marketing as well as invite students to join him for explanations and discussions. This excellent and unique course allows you not only to learn the essential parts of The Marketing Plan but also map out the future of your own business and take the first steps on the path to launching your own product.

À partir de la leçon

Marketing Mix Implementation

Welcome to the third part of The Marketing Plan - the marketing mix implementation. This is the action phase. Here, you will use the lessons learned in modules one and two to decide where you are going to invest your time and money, in regards to marketing. You will become familiar with the 4 P's of marketing and also learn how to effectively price your product or service. Finally, you will begin to understand which channel or combination of channels are best suited to marketing your brand.

Introduction to Marketing Mix Implementation.1:47

Marketing mix definition: short-term and tactics vs long-term tactics.7:50

Deciding product strategy: the product lifecycle.4:14

Deciding product strategy: product levels.5:49

Deciding product strategy: branding strategy.5:23

An interview with Martin Boehm.4:26

Pricing strategy.8:46

Distribution channels: interview with Maria Teresa Aranzabal.6:03

Distribution channel strategy.7:31

Integrated communication strategy: an interview with Eda Sayin.7:41

How to build an integrated communication strategy: part 1.6:30

How to build an integrated communication strategy: part 2.5:16

How to complete assignment 3: marketing mix implementation?4:12

Rencontrer les enseignants

Ramon Diaz-Bernardo
Associate Professor
Marketing

[MUSIC]

Hi, we are now going to get into the marketing mix element and

we begin with the first of the four piece, which is product strategy.

So let me begin with the definition of what is product strategy

in a marketing plan?

So the product strategy is basically everything that can

be offered to the market to satisfy a want or need.

I mean, don't be confused, products can be anything, okay.

Products can include physical goods, services, experiences, events, persons,

places, properties, organizations, ideas, information, whatever.

The product strategy is the way the product will be designed,

offered and delivered to the customer.

Usually in the product strategy, we also include the branding as strategy.

And we will speak about it later, because products and

brands are basically two different things.

Not all the products are brands, but all the brands come with the product usually.

Basically, there are two ways of defining the product strategy in

your marketing plan.

Sometimes, you're going to have the product defined, okay, and

then you find a segment of individuals willing to buy the product.

So in this case, we'll go from product to target segment.

And sometimes it's the other way around.

So basically, we have identify a target segment where we can growth and

we define a product specific for them, okay.

So basically, this is going to be like a two-way direction.

In some marketing plans we will see, we will go from target to product, and

in other marketing plans, we will have the product already and we will try and

identify a target segment where we can grow.

For example, in the case of the Nissan LEAF, that's something you would use for

your assessment.

They product will be a given.

And in that case, you would need to find a target segment where you can

actually sell the product, okay.

Another important aspect in the product strategy is knowing well where is

the product in the life cycle?

We mentioned this already, but I would like to take the opportunity now to

discuss a little bit the product's life cycle curve, okay.

So as you know,

products usually are going to follow different stages in their life cycle.

So the way to do this is basically, we draw a curve, okay,

where we put an axis here and the horizontal axis here.

And here, we're going to put sales, okay, product sales, okay.

And here, we're going to put time, okay.

So usually,

the situation is that the product is going to follow a curve like this.

There's an introduction stage.

There is a growth stage.

There is a maturity stage.

And usually, there is a stage of decline, okay.

So we call this introduction.

We call this growth.

We call this stage, long stage maturity and

the last one is going to be the decline, okay.

Why is this life cycle curve interesting?

Because basically, usually a product follows this curve, and

the interesting thing is that different stages in the life cycle are going to

require different strategies, okay.

And that's why in the marketing plan, we try and identify who are we.

For example, if we talk about the Nissan LEAF case, probably there's no doubt,

in Germany, they are here, the very beginning, okay.

They are introducing the brand.

For example, products like this one that we're dealing with the MOOC,

a Massive Online Open Courses.

What is this industry?

What is the product life cycle?

They are here, okay, at the very beginning,

they're in the introduction stage.

They are growing a lot, okay.

So consider this analysis, because it's interesting for

your product strategy and in general, for your marketing plan.

[MUSIC]

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