Based on these assumptions, the new marketing plan had two primary objectives. First, Philips would introduce a series of lines of long-life lightbulbs that would be significantly different from the lightbulbs offered by the competition. Second, because they were superior, these new product lines would be sold at premium prices, which would generate higher margins for Philips and for Philips’s retail partners.
Marketing Strategic Planning Related
- Wrap Your Marketing Strategy Around Benefits Your Customers Want
- No Competitive Reactions to Long-Life Strategy Expected
- Detailed Financial Projections Were Prepared for Management Approval
- All Philips Long-Life Lightbulbs Were Guaranteed
- Individual In-Store Merchandising Done for Retailers
- Philips Halogena Light Bulbs Tied Into Times Square Publicity
- The Advertising Message Was ‘‘Light Bulbs That Last’’
- Premium Prices Resulted in Substantial Hidden Savings for Consumers
- Sales and Distribution Strategy Was Based on Heavy Trade Involvement
- A Local Production Strategy Was Implemented to Ensure High Quality
- Vibrant New Packaging Was Created
- Traditional Lightbulb Shapes Were Used Except for Decorative Bulbs
- Marathon Lightbulbs Last Five to Seven Years
- Halogena Lightbulbs Last Two Years
- Long Life Identified as the Only Lightbulb Benefit Worth a Premium
- Sophisticated Qualitative Market Research Used to Pinpoint Key Benefit
- The Project Began with a Thorough Review of the Market for Lightbulbs
- DuraMax Lightbulbs Last One Year
- History Shows Long Life as the Number One Attribute for Lightbulbs
- The Long-Life Lightbulb Formula Is Tricky
- The New Corporate Long-Life Strategy Included Three Brand Names
- Philips Decided to Become the Long-Life Lightbulb Company
- Benefits Must Be Perceived by Customers
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Tags
- Accelerating the Buying Process
- Anatomy of a Buying Decision
- Benefits Must Be Perceived by Customers
- Consumer and Retailer Convenience is Critical
- Effectiveness Leads to Repeat Purchases
- Elevating the Buying Process
- How Customers Perceive Value and Risk
- How to Qualify Customer Problems
- How to Quantify PIP Solutions
- How to Sell the Customer's Return
- Positioning and Partnering to Propose High-Margin Value Propositions
- Preemptive Ventures Are Often Winners
- Reverse-Engineering the Buying Process
- Sample Marketing Plans
- Successful Marketing Plans Eliminate the Negatives
- Successful Marketing Plans Often Solve Consumer Problems
- The Cause and Effect of Business Value
- The Sales Process-Redefined
- The Value of Customer Relationships
- What Customers Really Want
- What Customers Think About