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Definition of product vs. service. The importance of branding and packaging ... The total group of products or product lines offered by a company ...

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Marketing

Product


Overview

  • Definition of product vs. service

  • The importance of branding and packaging

  • Consumer and industrial products

  • Product mix and product line

  • Product differentiation

  • The stages of the product life cycle


Marketing Mix: The “Four (5) P’s”

P

P

ricing

roduct

P

P

lace

romotion

(Distribution)

P

ackaging


What’s a Product?

  • anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.

  • tangible or intangible

    • Good

    • Service

    • Event

    • Idea (social marketing; recycling; public service ads)

    • Place (tourism)

    • Person (politicians, entertainers, athletes, lawyers)

    • Organization (profit & non-profit)


What’s a Service?

  • any activity/benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.

  • watching a professional sport

  • seeing a movie

  • having clothes cleaned at a dry cleaner

  • getting advice from a lawyer

  • Renting a hotel room

  • depositing $ in a bank

  • traveling on an airplane

  • getting a haircut

  • having car repaired


Classifying Goods & Services

Specialty Goods

ShoppingGoods

Expense

Items

ConvenienceGoods

Capital Items

Consumer Markets

Industrial Markets

based on WHO will use them; HOW will be used


Consumer Products

Based on HOW/WHERE consumers buy them


Industrial Products

  • Consumed by businesses

  • Expense Items

    • Consumed within 1 year

    • Include raw materials, parts, supplies

    • At SMC?

  • Capital Items:

    • Permanent (expensive)

    • Buildings, fixed equipment

    • At SMC?

Classified according to COST and USE


Strategic DecisionsWhat features are part of a product and differentiate it from another?


Packaging

  • Functional benefits

    • Convenience

    • Protection

    • Storage

  • Promotional/Communication benefits

    • Directions

    • Legal requirementsor product disclosure

  • Perceptual Benefits

    • Color

    • Connote status, economy, quality


Product Line & Product Mix

  • Product Mix

    • The total group of products or product lines offered by a company

  • Product Line

    • A group of closely related product items


Product Line & Product Mix


Product Line & Product Mix

Product line (depth)

Product Mix (width)


Product Differentiation by Branding

  • Brand

  • Brand Name

  • Trademark


Trade Characters

Mr. Clean (Procter & Gamble)

Quaker Oats

Kellogg’s

Aflac

Geico


Types of Brands

  • National brands/Manufacturer’s Brand

    • Producers are identified with their products

  • Licensed brands

    • The manufacturer sells the license for the brand name or symbol to be put on accessories.

  • Private brands

    • Retailers or wholesalersselling products under their own private (= non-manufacturer) label


Product Differentiation

  • Definition: “the creation of a product or product image that differs enough from existing products to attract customers”

  • Standardized/homogeneous products

    • Example—fast food: juicier hamburgers, crispier fries

New!

All Natural

99% Fat Free

Improved!

125 calories


Product Life Cycle

Music CDs

iPod

iPhone

Analog cameras

Hydrogen car


Product Life CycleEffect on sales and profits


Summary

  • Products vs. Services

  • Classification

  • Strategic Decisions

  • Product Mix vs. Product Line

  • Branding

  • Packaging

  • The Product Life Cycle


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