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What We Will Discuss Today. What is a product? Attributes Brand Packaging. What is a Product?. A Definition. a product is anything that can be offered to someone to satisfy a need or a want. Types of Products (Durability). Durable Goods : tangible goods that survive many uses.

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What We Will Discuss Today

  • What is a product?

  • Attributes

  • Brand

  • Packaging



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A Definition

  • a product is anything that can be offered to someone to satisfy a need or a want


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Types of Products(Durability)

  • Durable Goods: tangible goods that survive many uses.

  • Nondurable Goods: tangible goods that normally are consumed in one or a few uses.

  • Services: activities, benefits or satisfactions offered for sale. Generally consumed as they are created.



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Types of Products(Consumer Goods 1)

  • Convenience Goods: goods that are purchased frequently, immediately and with a minimum of effort.

    • staples

    • impulse goods

    • emergency goods

  • Shopping Goods: goods that are compared on the basis of quality, price, style, etc.


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Types of Products(Consumer Goods 2)

  • Specialty Goods: goods with unique characteristics or brand identifications which a group of buyers regularly seek.

  • Unsought Goods: goods that the consumer does not know about or does not think about buying.


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Attributes

  • Quality

  • Features

  • Design



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The Product Life Cycle(Assumptions)

  • Products have a limited life.

  • Product sales pass through distinct stages, each posing different challenges to the seller

  • Profits rise and fall at different stages of the life cyle.


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The Product Life Cycle(Stages)

  • Introduction: a period of slow sales growth. Profits are low due to R&D expenses.

  • Growth: rapid market acceptance and profit improvement.

  • Maturity: sales growth slow, profits flatten, increased competition

  • Decline: sales decline, profits erode


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The Product Life Cycle(3 types)

Style

Fashion

Fad


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Brand Decisions 1

  • Brand: a name, symbol or logo intended to identify the goods or services of one seller.

    • Do we need one?

  • Brand Name: that part of the brand name which can be vocalized.


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Brand Decisions 2

  • Brand Equity: the differential marketing effect of the existence or absence of a brand name.

    • Why is there brand equity?

    • How much is a brand name worth?


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Brand Awareness

  • Recognition: Have I seen it before?

  • Recall: What have I seen before?


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Brand Image

  • associations linked to the brand in memory

  • attributes, benefits or attitudes


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Brand Decisions 3

  • Brand Extensions: the extension of an existing brand name onto products in a different product category.

    • What are the benefits and risks?

  • Line Extensions: the addition of products to existing products in a product category.


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Brand Equity Over Time

  • Introductory Stage

    • establish brand image

    • increase brand awareness

  • Elaboration

    • introduce line extensions

  • Fortification

    • introduce brand extensions


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Functions of Packaging

  • Product protection

  • Convenience

  • Promotion

    • Package should be

      • Visible

      • Informative

      • Emotionally Appealing

  • Change in consumption patterns


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What We Discussed Today

  • What is a Product?

  • Product Decisions

    • Attributes

    • Brand

    • Packaging


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