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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
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.
what is a service
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.
levels of a product
Levels of a Product
  • Augmented product
  • Actual product
  • Core product
consumer products
Consumer Products
  • Products and services bought by final consumers for personal consumption.
convenience products
Convenience Products
  • Purchased frequently & immediately
  • Low priced
  • Mass advertising
  • Many purchase locations
    • Examples: candy, soda, newspapers
shopping products
Shopping Products
  • Bought less frequently
  • Higher price
  • Fewer purchase locations
  • Comparison shop
    • Examples: furniture, clothing, cars, appliances
specialty products
Specialty Products
  • Special purchase efforts
  • High price relative to logical substitutes
  • Unique characteristics
  • Brand identification
  • Few purchase locations
    • Examples: Lamborghini, Rolex Watch
unsought products
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
industrial products
Industrial Products
  • Those purchased for further processing or for use in conducting business.
industrial products11
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
other market offerings
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.
individual product decisions
Individual Product Decisions
  • Product attributes
  • Branding
  • Packaging
  • Labeling
  • Product support services
product and service attributes
Product and Service Attributes
  • Quality
  • Features
  • Style & Design
  • 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
  • Advantages to buyers:
    • Product identification
    • Product quality
  • Advantages to sellers:
    • Basis for product’s quality story
    • Provides legal protection
    • Helps to segment markets
  • Designing and producing the container or wrapper for a product.
  • Developing a good package:
    • Packaging concept
    • Package elements
    • Product safety
    • Environmental concerns
  • 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
product support services
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.
product line decisions
Product Line Decisions
  • Product Line Length
  • Stretching
    • Downward
    • Upward
    • Both directions
  • Filling
product mix decisions
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.
brand equity
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
major brand strategy decisions
Major Brand Strategy Decisions
  • Brand positioning
  • Brand name selections
  • Brand sponsorship
  • Brand development
brand positioning
Brand Positioning
  • Can position brands at any of three levels:
    • Product attributes
    • Product benefits
    • Beliefs and values
brand name selection
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
brand sponsorship
Brand Sponsorship
  • Manufacturer’s brands
  • Private brands
  • Licensed brands
  • Co-branding
brand development
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.
brand development28
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.
nature and characteristics of a service
Nature and Characteristics of a Service
  • Intangibility
  • Inseparability
  • Variability
  • Perishability
major service marketing tasks
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.
international product and services marketing
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