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Product Concepts

9. Product Concepts. Prepared by Deborah Baker Texas Christian University. Learning Objectives. 1. Define the term product 2. Classify consumer products 3. Define the terms product item, product line, and product mix 4. Describe marketing uses of branding.

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Product Concepts

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  1. 9 Product Concepts Prepared by Deborah Baker Texas Christian University

  2. Learning Objectives 1. Define the term product 2. Classify consumer products 3. Define the terms product item, product line, and product mix 4. Describe marketing uses of branding

  3. Learning Objectives (continued) 5. Describe marketing uses of packaging and labeling 6. Discuss global issues in branding and packaging 7. Describe how and why product warranties are important marketing tools

  4. Product Product is the “heart” ofMarketing Mix Promotion Price Place (Distribution) What Is a Product? 1

  5. PRODUCTS Consumer Products Business Products Convenience Products Shopping Products Specialty Products Unsought Products Types of Consumer Products 2

  6. Product Item 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 Online http://www.marriott.com 3

  7. Advertising Economies Package Uniformity Standardized Components Efficient Sales andDistribution Equivalent Quality Benefits of Product Lines 3

  8. Adjustments to Product Items,Lines, and Mixes Product Modification ProductRepositioning Product Line Extension or Contraction Adjustments Online http://www.unilever.com 3

  9. Quality Modification Functional Modification Style Modification Types of Product Modifications 3

  10. Why reposition established brands? Changing Demographics Declining Sales Changes in Social Environment Repositioning 3

  11. Brand 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. Branding 4

  12. Brand No Brand Manufacturer’s Brand Private Brand IndividualBrand Family Brand Combi-nation IndividualBrand Family Brand Combi-nation Branding Strategies 4

  13. 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. Manufacturers’ Brands VersusPrivate Brands 4

  14. Individual Brand Using different brand names for different products. Family Brand Marketing several different products under the same brand name. Individual Brands Versus Family Brands 4

  15. Types of Cobranding IngredientBranding Cooperative Branding Complementary Branding Cobranding Online http://www.minutemaid.com http://www.disney.com http://www.bose.com 4

  16. Contain and Protect Promote Facilitate Storage, Use, and Convenience Facilitate Recycling Functions of Packaging Online http://www.levesquedesign.com/ http://www.design4packaging.com 5

  17. Informational • Helps make proper selections • Lowers cognitive dissonance • Includes use/care Labeling Persuasive • Focuses on promotional theme • Consumer information is secondary 5

  18. Express Warranty Written Guarantee Implied Warranty Unwritten Guarantee Product Warranties Online http://www.landsend.com http://www.llbean.com 7

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