By William G. Nickels
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This is typical for luxury products during the introduction phase. å Sunk cost: In some textbooks, advertising is given as a variable expense; however, this is not so. A perfume company may spend many millions of pounds launching a new perfume; this money is committed or ‘sunk’ before any perfume is sold and thus is entirely independent of sales achieved. å Value: This is the amount of money people are prepared to pay for an object or service. This need not have any relationship to the physical costs of delivering of product or service.
Levels of Product. 3 shows the customer value hierarchy framework. At lower levels customers are provided with what they expect; all providers must supply this. To gain a competitive edge, something of benefit and value to the customer, above and beyond the expected benefit set, must be provided. This is not static since customers’ expectations grow; the ultimate product is that which satisfies the dream needs of the customer. MARKETING IN PRACTICE 51 INTEGRATED MARKETING MIX: PRODUCT 52 Type of Product n Potential product: This form of the product is the ‘potential product’, which encompasses all the augmentations and transformations that the product might ultimately undergo in the future.
N Increasingly, companies are reaping the benefits of flexible, international production with close control by working with an alliance of contract manufacturing partners. Where part of the product is high value and other parts lower value and more bulky, local assembly may be the best solution. g. legal reasons), strategic alliances may provide an option. n In developing the strategy, the marketing mix and other business aspects, such as logistics, need to be addressed. The precise entry strategy selected will depend on issues such as profitability, the amount of capital required, the relative cost structures and levels of risk.