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PRODUCT. Key Concepts. Everything, both favorable and unfavorable, that a person receives in an exchange. Tangible Good Service Idea. What Is a Product?. Product. Product. Price. Promotion. Place (Distribution). What Is a Product?.

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Product

PRODUCT

Key Concepts


What is a product

Everything, both favorable and unfavorable, that a person receives in an exchange.

  • Tangible Good

  • Service

  • Idea

What Is a Product?

Product


What is a product1

Product receives in an exchange.

Price

Promotion

Place (Distribution)

What Is a Product?

Product is the starting point of Marketing Mix


Types of consumer products
Types of Consumer Products receives in an exchange.

  • Classifying consumer products


Biz vs consumer products

Business receives in an exchange.

Product

A product USEDTO MANUFACTURE OTHER GOODS OR SERVICES, to facilitate an organization’s operations, or to RESELL to other consumers.

Consumer

Product

A product bought to satisfy an

individual’s PERSONAL NEEDS or wants

Biz vs Consumer Products


Types of consumer products1

Products receives in an exchange.

Consumer

Products

Business

Products

Convenience

Products

Shopping

Products

Specialty

Products

Unsought

Products

Types of Consumer Products


Types of consumer products2

Increase market share among receives in an exchange.

existing customers

Convenience

Product

A relatively INEXPENSIVE item that merits LITTLE shopping effort

Shopping

Product

A product that requires COMPARISON shopping, because it is usually more expensive and found in fewer stores

Attract new customers to

existing products

Specialty

Product

A particular item for which consumers SEARCH EXTENSIVELY and are reluctant to accept substitutes

Create new products for

present markets

Market

Development

Diversification

A product UNKNOWN to the potential buyer or a known product that the buyer does not actively seek

Unsought

Product

Introduce new products

into new markets

Types of Consumer Products

LO2


Product items lines and mixes

Product Item receives in an exchange.

A SPECIFIC VERSION of a product that can be designated as a distinct offering among an organization’s products.

Product Line

A GROUP of closely-related product items.

Product Mix

ALL PRODUCTS that an organization sells.

Product Items, Lines, and Mixes


Campbell s product lines and mix
Campbell’s Product Lines and Mix receives in an exchange.

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Benefits of product lines

Advertising Economies receives in an exchange.

Package Uniformity

Standardized

Components

Efficient Sales andDistribution

Equivalent Quality

Benefits of Product Lines


Product mix width
Product Mix Width receives in an exchange.

Product MixWidth

  • The number of product lines an organization offers.

  • Diversifies risk

  • Capitalizes on established reputations


Product line depth
Product Line Depth receives in an exchange.

Product Line

Depth

  • The number of product

  • Items in a product line.

  • Attracts buyers with different preferences

  • Increases sales/profits by further market segmentation

  • Capitalizes on economies of scale

  • Evens out seasonal sales patterns


Adjustments

Adjustments to Product Items, receives in an exchange.Lines, and Mixes

Product Modification

ProductRepositioning

Product Line

Extension or Contraction

Adjustments


Types of product modifications
Types of Product Modifications receives in an exchange.

Quality Modification

Functional Modification

Style Modification


Planned obsolescence

Planned receives in an exchange.Obsolescence

The practice of modifying products so those that have already been sold become obsolete before they actually need replacement.

Planned Obsolescence


Repositioning

Why reposition established brands? receives in an exchange.

Changing Demographics

Declining Sales

Changes in Social Environment

Repositioning


Product line extension

Product Line receives in an exchange.Extension

Adding additional products to an existing product line in order to compete more broadly in the industry.

Product Line Extension


Product line contraction

Symptoms of Product Line Overextension receives in an exchange.

  • Some products have LOW SALES or CANNIBALIZE sales of other items

  • Resources are DISPROPORTIONATELY ALLOCATED to slow-moving products

  • Items have become OBSOLETE because of new product entries

Product Line Contraction


Product item product line and product mix
Product item, product line, receives in an exchange. and product mix


Branding
Branding receives in an exchange.

Explore the marketing uses of branding


Brand
Brand receives in an exchange.

Brand

A name, term, symbol, design, or combination thereof that IDENTIFIES a seller’s products and differentiates them from competitors’ products.


Branding1

Brand receives in an exchange.

Name

That part of a brand that can be SPOKEN, including letters, words, and numbers

Brand

Mark

The elements of a brand that

CANNOT BE SPOKEN

Brand

Equity

The VALUE of company and brand names

GlobalBrand

A brand where at least 20 percent of theproduct is SOLD OUTSIDE its home country

Branding


Benefits of branding

Product Identification receives in an exchange.

Repeat Sales

New Product Sales

Benefits of Branding


Top five global and north american brands

Global receives in an exchange.

North American

1. Apple

1. Apple

2. Google

2. Google

3. IKEA

3. Target

4. Starbucks

4. Starbucks

5. Al Jazeera

5. Pixar

Top Five Global and North American Brands

SOURCE: Deborah L. Vence, “Not Taking Care of Business,” Marketing News, March 15, 2005, p. 19.


Branding strategies

Brand receives in an exchange.

No Brand

Manufacturer’s Brand

Private Brand

IndividualBrand

Family Brand

Combi-nation

IndividualBrand

Family Brand

Combi-nation

Branding Strategies


Generic brand
Generic Brand receives in an exchange.

Generic

Product

A no-frills, no-brand-name, low-cost product that is simply identified by its product category.


Manufacturers brands versus private brands
Manufacturers’ Brands Versus receives in an exchange.Private Brands

Manufacturers’

Brand

The brand name of a manufacturer.

Private

Brand

A brand name owned by a wholesaler or a retailer. Also known as a private label or store brand.


Advantages of manufacturers brands
Advantages of receives in an exchange.Manufacturers’ Brands

  • Heavy consumer ads by manufacturers

  • Attract new customers

  • Enhance dealer’s prestige

  • Rapid delivery, carry less inventory

  • If dealer carries poor quality brand, customer may simply switch brands and remain loyal to dealer


Advantages of private brands
Advantages of Private Brands receives in an exchange.

  • Earn higher profits on own brand

  • Less pressure to mark down price

  • Manufacturer can become a direct competitor or drop a brand/reseller

  • Ties customer to wholesaler or retailer

  • Wholesalers and retailers have no control over the intensity of distribution of manufacturers’ brands


Individual brands versus family brands
Individual Brands Versus receives in an exchange.Family Brands

Individual

Brand

Using DIFFERENT brand names for different products.

Marketing several different

products under the SAME

brand name.

Family

Brand


Cobranding

Ingredient receives in an exchange.Branding

Types of Cobranding

Cooperative Branding

Complementary Branding

Cobranding


Trademarks

A Trademark is the exclusive right to use a brand. receives in an exchange.

Trademarks

  • Many parts of a brand and associated symbols qualify for trademark protection.

  • Trademark right comes from use rather than registration.

  • The mark has to be continuously protected.

  • Rights continue for as long as the mark is used.

  • Trademark law applies to the online world.


Marketing uses of branding
Marketing Uses of Branding receives in an exchange.


Functions of packaging

Contain and Protect receives in an exchange.

Promote

Facilitate Storage, Use,

and Convenience

Facilitate Recycling

Functions of Packaging


Labeling

Persuasive receives in an exchange.

Informational

  • Focuses on promotional theme

  • Consumer information is secondary

  • Helps make proper selections

  • Lowers cognitive dissonance

  • Includes use/care

Labeling


Universal product codes

Universal receives in an exchange.Product Codes (UPCs)

A series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products.

Universal Product Codes


Packaging and labeling
Packaging and Labeling receives in an exchange.


Global issues in branding

One Brand Name receives in an exchange.Everywhere

Global Options for Branding

Adaptations & Modifications

Different Brand Names in Different Markets

Global Issues in Branding


Global issues in packaging

Labeling receives in an exchange.

Global Considerations for Packaging

Aesthetics

Climate Considerations

Global Issues in Packaging


Global issues in branding and packaging

Branding Choices: receives in an exchange.

1 name

Modify or adapt 1 name

Different names in different markets

Packaging Considerations:

Labeling

Aesthetics

Climate

Global Issues in Branding and Packaging


Warranty receives in an exchange.

A confirmation of the quality or performance of a good or service.

Express

Warranty

A written guarantee.

Implied Warranty

An unwritten guarantee that the

good or service is fit for the purpose for which it was sold. (UCC)

Product Warranties


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