Week 1 Lesson B
Lesson Plan: Understanding the Product in Digital Marketing
Objective: Explore the concept of ‘Product’ in the context of digital marketing, focusing on product development, brand management, and the impact of the sharing economy.
- Introduction to ‘Product’ in Marketing Mix (20 minutes)
- Define ‘Product’ in marketing: tangible items, services, or ideas.
- Discuss the importance of a Distinctive Selling Proposition (DSP) and Product Positioning.
- Example: Coca Cola’s symbolic positioning.
- Key Concepts in Product Strategy (30 minutes)
- Examine the elements of product quality, managing product lines, and product service support.
- Interactive discussion on how these factors contribute to a product’s success.
- Product Development and Brand Management (40 minutes)
- Differentiate between radical (e.g., Apple, Google) and incremental innovation (e.g., Coca-Cola).
- Discuss the stage-gate method in product development, involving marketing, sales, operations, and R&D.
- Case Study: The transition from company-centric to customer co-created products.
- The Rise of the Sharing Economy (30 minutes)
- Define the Sharing Economy: digital platforms facilitating temporary access to resources owned by others.
- Discuss the role of companies in recruiting both customers and providers.
- Examples: Uber, RentTheRunway.com, LendingClub.com, Airbnb.
- Case Study Analysis: Threadless.com (40 minutes)
- Overview of Threadless.com’s journey from 2000 to 2014.
- Group Activity: Analyze Threadless.com’s challenges and brainstorm strategies for revitalization.
- Discussion on co-creation in the digital world: its positives and negatives.
- Understanding Sharing Economy Firms (30 minutes)
- Characteristics of sharing economy firms: Two-sided platform, crowdsourced supply, access over ownership.
- Concept of “Prosumers” in the sharing economy.
- Discussion on how these characteristics change traditional business models.
- Benefits of Strong Brands (20 minutes)
- Discuss how strong brands can charge higher prices, enjoy greater loyalty, and experience higher profitability.
- Q&A and Wrap-Up (30 minutes)
- Open forum for students to ask questions and share insights.
- Recap key lessons and encourage students to think about how digital platforms can enhance traditional product strategies.
- Research Assignment: Analyze a successful product in the digital age and its marketing strategy.
- Group Project: Develop a concept for a new product or service, including a digital marketing strategy and a plan for incorporating customer feedback in the development process.
Emphasize the importance of innovation, customer engagement, and adaptability in product development and brand management in the digital era. Encourage students to think critically about the role of digital platforms in transforming traditional concepts of products and services.