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Product, Services, and Branding Strategy. Chapter 7. What is a Product?. Anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.

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What is a product l.jpg
What is a Product?

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

    • Includes: physical objects, services, events, persons, places, organizations, ideas, or some combination thereof.


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What is a Service?

  • A form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.

    • Examples: banking, hotel, airline, retail, tax preparation, home repairs.


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Levels of a Product

  • Augmented product

  • Actual product

  • Core product


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Consumer Products

  • Products and services bought by final consumers for personal consumption.


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Convenience Products

  • Purchased frequently & immediately

  • Low priced

  • Mass advertising

  • Many purchase locations

    • Examples: candy, soda, newspapers


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Shopping Products

  • Bought less frequently

  • Higher price

  • Fewer purchase locations

  • Comparison shop

    • Examples: furniture, clothing, cars, appliances


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Specialty Products

  • Special purchase efforts

  • High price relative to logical substitutes

  • Unique characteristics

  • Brand identification

  • Few purchase locations

    • Examples: Lamborghini, Rolex Watch


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Unsought Products

  • New innovations

  • Products consumers do not want to think about

  • Require much advertising and personal selling

  • Examples: life insurance, cemetery plots, blood donation


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Industrial Products

  • Those purchased for further processing or for use in conducting business.


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Industrial Products

  • Materials and Parts:

    • Raw materials, manufactured materials and parts

  • Capital Items:

    • Products that aid in buyer’s production or operations

  • Supplies and Services:

    • Operating supplies, repair, and maintenance items


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Other Market Offerings

  • Organizations: Profit (businesses) and nonprofit (schools and churches).

  • Persons: Politicians, entertainers, sports figures, doctors, and lawyers.

  • Places: create, maintain, or change attitudes or behavior toward particular places (e.g., tourism).

  • Ideas (social marketing): Public health campaigns, environmental campaigns, family planning, or human rights.


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Individual Product Decisions

  • Product attributes

  • Branding

  • Packaging

  • Labeling

  • Product support services


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Product and Service Attributes

  • Quality

  • Features

  • Style & Design


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Branding

  • Creating, maintaining, protecting, and enhancing products and services.

  • A brand is a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.

  • Article


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Branding

  • Advantages to buyers:

    • Product identification

    • Product quality

  • Advantages to sellers:

    • Basis for product’s quality story

    • Provides legal protection

    • Helps to segment markets


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Packaging

  • Designing and producing the container or wrapper for a product.

  • Developing a good package:

    • Packaging concept

    • Package elements

    • Product safety

    • Environmental concerns


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Labeling

  • Printed information appearing on or with the package.

  • Performs several functions:

    • Identifies product or brand

    • Describes several things about the product

    • Promotes the product through attractive graphics


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Product Support Services

  • Assess the value of current services and obtain ideas for new services.

  • Assess the cost of providing the services.

  • Put together a package of services that delights the customers and yields profits for the company.


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Product Line Decisions

  • Product Line Length

  • Stretching

    • Downward

    • Upward

    • Both directions

  • Filling


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Product Mix Decisions

  • Product Mix: all of the product lines and items that a particular seller offers for sale.

  • Width: the number of different product lines the company carries.

  • Depth: the number of versions offered of each product in the line.

  • Consistency: how closely related the various lines are.


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Brand Equity

  • The positive differential effect that knowing the brand name has on customer response to the product or service.

  • Provides:

    • More brand awareness and loyalty

    • Basis for strong, profitable customer relationships


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Major Brand Strategy Decisions

  • Brand positioning

  • Brand name selections

  • Brand sponsorship

  • Brand development


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Brand Positioning

  • Can position brands at any of three levels:

    • Product attributes

    • Product benefits

    • Beliefs and values


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Brand Name Selection

  • Desirable qualities for a brand name include:

    • It should suggest product’s benefits and qualities

    • It should be easy to pronounce, recognize, and remember

    • It should be distinctive

    • It should be extendable

    • It should translate easily into foreign languages

    • It should be capable of registration and legal protection


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Brand Sponsorship

  • Manufacturer’s brands

  • Private brands

  • Licensed brands

  • Co-branding


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Brand Development

  • Line Extension: introduction of additional items in a given product category under the same brand name (e.g., new flavors, forms, colors, ingredients, or package sizes).

  • Brand Extension: using a successful brand name to launch a new or modified product in a new category.


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Brand Development

  • Multibranding: offers a way to establish different features and appeal to different buying motives.

  • New Brands: developed based on belief that the power of its existing brand is waning and a new brand name is needed. Also used for products in new product category.


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Nature and Characteristics of a Service

  • Intangibility

  • Inseparability

  • Variability

  • Perishability


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Major Service Marketing Tasks

  • Managing Service Differentiation:

    • Develop a differentiated offer, delivery, and image.

  • Managing Service Quality:

    • Be customer obsessed, set high service quality standards, have good service recovery, empower front-line employees.

  • Managing Service Productivity:

    • Train current employees or hire new ones, increase quantity & sacrifice quality, harness technology.


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International Product and Services Marketing

  • Decide which products and services to introduce

  • Decide how much to standardize or adapt

  • Packaging presents new challenges

  • Services marketers face special challenges

  • Trend toward global service companies will continue


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