Value Pricing – A Tough Decision

This activity requires you to determine a price solely based on what value your product generates for the customer. As there are only insignificant variable costs involved, what price would you set?

 

ACTIVITY/TASK

Assume you are the marketing manager for a large sales training company. Over many years, your firm has developed a unique set of sales training techniques. They … See the full activity...

Talk Benefits, Not Features

Consumers buy a product solution (the benefits) for their need/problem. In promotional communications, it is important to communicate benefits – not features! Below is an example of how to convert features into benefits (for a potential new product for Burgers Galore, namely fruit salad). Your task is to identify the benefits for a swimming pool toy, and a new pet See the full activity...

Changing Attributes – A Good Idea?

The following company has an idea to modify the attributes of its existing product. The goal is to try and increase sales. However, there is a risk that sales could actually decrease instead – what do you think?


ACTIVITY/TASK

Pop-ups drinks were introduced to the market just three years ago and have proven to be a fairly successful product. Pop-ups … See the full activity...

Design = Mix of Attributes

By changing a product’s mix of attributes you effectively create new products, which may provide a solution to a different consumer need. In this activity, you need to modify the mix of attributes for a table in order to meet different needs. A list of various attribute alternatives for a table has been included to get you started.

 

ACTIVITY/TASK

Here

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Designing a Product’s Augmentation

As you add more value to a product, you also increase your costs of producing the product. The question is whether your consumers actually see value in the extra ‘benefits’ that you are providing. In this activity for a banking ‘club”, you need to determine what would be the appropriate level of augmentation for each of the club’s elements.

 

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The Value of Product Augmentation

Choose between the following sets of competitive product offerings. One of the choices is more heavily augmented. Review your selection, how important was the augmented product level in your decision? Are you willing to pay more?

 

ACTIVITY/TASK

Listed below are three sets of two product offerings. For each set, choose product one OR product two.

Choice for software

Software One… See the full activity...

Product Levels/Dimensions

Introduction to the student activity

A product exists on different levels. In the simplest approach to this model, a product has three levels – core, actual and augmented.

Your task in this activity is to classify the offerings of a computer retailer into actual and augmented product levels.

(Note: Their core product is the need to produce/store files, documents, and … See the full activity...

A Product Meets a Need

A product should meet a need or provide a solution for a consumer. In this activity you need to complete the table – sometimes you need to identify the consumer’s need and sometimes you need to identify the product solution. Several examples have been provided to get you started.

 

ACTIVITY/TASK

Consumer’s Need or Problem

Product Solution

Contact lenses are trouble

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Using Motivation Theories

There are various theories of motivation listed in textbooks. For this activity, you need to identify different ways of motivating consumers to buy a mobile phone and to visit a particular restaurant. To help you with this activity, an example has already been provided for you.

ACTIVITY/TASK

Motivation Level

For a car

For a restaurant

For a mobile phone?

Everyday

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