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Products, Services and Brands. The Product-Service Continuum. Restaurant. Sugar. Education. Pure Tangible Good. Pure Service. Offer another example of a pure service. What Is a Product?. Anything offered to a market that satisfies a want or need.

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the product service continuum
The Product-Service Continuum

Restaurant

Sugar

Education

Pure Tangible Good

Pure Service

Offer another example of a pure service.

what is a product
What Is a Product?
  • Anything offered to a market that satisfies 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?
  • Activities, benefits, or satisfactions offered to a market that are essentially intangible and do not result in the ownership of anything.
    • Examples: banking, hotel, airline, retail, tax preparation, home repairs.
consumer experiences
Consumer Experiences
  • In-store Theater is more important than ever
  • Consider ALL consumer touch-points
  • Eliminate shopping drudgery
  • Work fun into the shopping experience, but don’t overdo it

Knot Tying Clinic

Art GalleryEntrance

convenience shopping products
Convenience Goods

Bought frequently and immediately

Low price

Many purchase locations

Examples: candy, soda, newspapers

Shopping Goods

Bought less frequently

High price

Fewer purchase locations

Comparison shop

Examples: cars, furniture, appliances

Convenience & Shopping Products
specialty unsought products
Specialty Products

Special purchase efforts

High price

Unique characteristics

Brand importance

Few purchase locations

Example: Rolex watches, Ferrari cars

Unsought Products

New innovations

Consumers may not want to purchase or think about them

Examples: blood donation, cemetery plots, insurance

Specialty & Unsought Products
product attributes
Product Attributes

What is an attribute?

  • Quality
    • Performance vs. Conformance quality
  • Benefits vs. Features
    • Consumers generally value benefits, not features
  • Style and design
    • Influences product choice and experience
  • Price
branding
Branding
  • 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.
  • Product = “Body”
  • Brand = “Soul”
branding advantages
Branding - Advantages
  • Advantages to buyers:
    • Eases product identification
    • Simplifies the purchase process (choice heuristic)
    • Signal of quality
    • “Repository of Trust” (- Jordan)
  • Advantages to sellers:
    • Drive loyalty to company and its products
    • Provides legal protection
    • Helps segment markets (i.e. “Branded Variants”)
attributes of strong brands
Excels at delivering desired benefits

Stays relevant

Priced to meet perceptions of value

Positioned properly

Communicates consistent brand messages

Well-designed brand hierarchy

Uses multiple marketing activities

Understands consumer-brand relationship

Supported by organization

Monitors sources of brand equity

Attributes of Strong Brands
marketing advantages of strong brands
Improved perceptions of product performance

Greater loyalty

Less vulnerable to competition

Less vulnerable to crises

Larger margins

Inelastic consumer response to price increases

Elastic consumer response to price decreases

Greater trade cooperation

Increase in effectiveness of IMC

Licensing opportunities

Brand extension opportunities

Marketing Advantages of Strong Brands
packaging
Packaging
  • Container, wrapper or “external face” for a product.
  • Good packages
    • market the brand effectively
    • protect the internal elements
    • protect the external elements
    • are easy/straightforward to use
    • don’t become “stale” over time
    • ensure consumer’s safety
    • are responsive to local environmental and social concerns
slide17

Innovative Packaging

Dutch Boy’s packaging innovation offers paint in plastic containers with twist-off tops. The paint container is easy to carry, doesn’t need a screwdriver to pry open, doesn’t dribble when poured, and doesn’t take a hammer to bang the lid shut.

labeling
Labeling
  • Printed information appearing on or with the package.
  • Performs several functions:
    • Identifies or reinforces identification of product/brand
    • Provides “valuable” information about product contents or ingredients
    • Co-promotes the product along with packaging
slide19

Labeling

The FDA now requires food manufacturers to list trans fat on the Nutrition Facts portion of product labels.

product line decisions
Product Line Decisions
  • Product Line
    • Group of products with variations (flavors/types/appeals).
  • Product Line Stretching
      • Downward
      • Upward
      • Both directions
  • Product Line Filling
    • Examples
      • Ice Tea
      • Pet Foods
slide22

Product Line Stretching - Marriott

Marriott offers a full line of hotel brands, each aimed at a different market.

product mix decisions
Product Mix Decisions
  • Product mix:
    • What combination of products do we carry?
  • Product mix decisions:
    • Product Line Length:the number of items in a line.
    • Product Line Width: the number of different product lines the company carries. (i.e. Wal-Mart has toys, food, cards, clothes, music, etc.)
    • Product Line Depth: the number of versions offered of each product in the line. (i.e. 2 or 3 different sizes or sub-types)
question du jour
Question du Jour

Is productvariety a blessing or curse for consumers?

brand loyalty brand equity
Brand Loyalty & Brand Equity
  • Brand Loyalty
    • Definition: Willingness to re-purchase due to favorable brand impressions
    • How measured?
  • Brand Equity
    • Definition: The positive effect that knowing the brand name has on consumer response to the product.
    • Psychological Value
    • Financial Value
  • The Link between Brand Loyalty & Brand Equity
brand loyalty measurement methods
Brand Loyalty Measurement Methods
  • Repeat Purchases
  • Reported Loyalty
  • Price Sensitivity Analysis
  • Brand Set “Squares” Method
  • Other Methods
measuring brand equity
Measuring Brand Equity

Brand Audits

Brand Tracking

Brand Valuation

interbrand s brand equity formula
Brand earnings

Brand sales

Costs of sales

Marketing costs

Overhead expenses

Remuneration of capital charge

Taxation

Brand strength

Leadership (25%)

Stability (15%)

Market (10%)

Geographic spread (25%)

Trend (10%)

Support (10%)

Protection (5%)

Interbrand’s Brand Equity Formula
brand equity models
Brand Equity Models
  • Brand Asset Valuator
  • Aaker Model
  • BRANDZ
brand asset valuator bav
Brand Asset Valuator (BAV)

Brand Equity Factors

Differentiation

Knowledge

Relevance

Esteem

aaker model brand identity
Aaker Model – Brand Identity

Brand-as-product

Brand-as-organization

Brand-as-person

Brand-as-symbol

aaker model brand assets
Aaker Model – Brand Assets

Brand

loyalty

Brand

associations

Brand

awareness

Proprietary

assets

Perceived

quality

the brandz model
The BRANDZ Model

Bonding

Advantage

Performance

Relevance

Presence

brand elements
Brand Elements

Brand

Names

URLs

Slogans

Elements

Logos

Characters

Symbols

slogans
Like a good neighbor, State Farm is there

Just do it

Nothing runs like a Deere

Help is just around the corner

Save 15% or more in 15 minutes or less

We try harder

We’ll pick you up

Nextel – Done

Zoom Zoom

I’m lovin’ it

Innovation at work

This Bud’s for you

Always low prices

Slogans
brand element choice criteria
Memorable

Meaningful

Likeable

Transferable

Adaptable

Protectible

Brand Element Choice Criteria
brand positioning
Brand Positioning
  • Brands can be positioned at three levels:
    • Product features/ attributes
      • Least desirable
      • Easily copied
    • Brand benefits
    • Beliefs and values
      • Hits consumers on a deeper level, tapping “universal” emotions.
brand name selection
Brand Name Selection
  • Good Brand Names:
    • Straightforwardly suggest the product’s benefits and qualities.
    • Are easy to spell, pronounce and recognize.
    • Are distinctive and memorable.
    • Are extendable into different product lines (i.e. facilitate brand extensions).
    • Translate easily into foreign languages.
    • Provide the maximum legal protection from infringement.
brand name selection1
Brand Name Selection

Boudreaux’s Butt Paste is a real product used in the treatment of diaper rash.

Is this a good brand name?

  • Good Brand Names:
    • Straightforwardly suggest the product’s benefits and qualities.
    • Are easy to spell, pronounce, recognize, and remember.
    • Are distinctive and memorable.
    • Are extendable into different product lines (i.e. facilitate brand extensions).
    • Translate easily into foreign languages.
    • Provide the maximum legal protection from infringement.
brand naming multi brand strategies
Brand Naming – Multi-brand strategies

Individual names/

“House of Brands”

Blanket family names/

”Branded House”

Parent/Sub-Brand combination names

brand sponsorship
Brand Sponsorship
  • Manufacturer’s brands
    • Also called “National Brands” (Tide, Coke, Pringles, etc.)
  • Private-label brands
    • Also called “Store” or “Distributor” Brands (Stop & Shop’s “Mi Casa”, Costco’s “Kirkland”)
  • Store vs. Private Label Trends
  • Co-branding – “Tag-team Branding” (Waffle House and Minute Maid OJ)
  • Ingredient Branding (“Intel Inside”)

Mi Casa brand products are only available at Stop & Shop stores.

brand development multibranding new brands
Brand Development – Multibranding & New Brands
  • Multi-branding
    • appeal to different buying motives and segments
    • “branded variants”
    • Cannibalization issues
      • Example: Toyota sells Corolla, Camry, Scion, Yarris
  • New Brands
    • waning power of existing brands or product portfolio
    • diversification advantages
    • can develop (Black & Decker develops De Walt) or buy (i.e. Wendy’s buys Baja Fresh)
branding terms
Brand line

Brand mix

Brand extension

Sub-brand

Parent brand

Family brand

Line extension

Category extension

Branded variants

Licensed product

Brand dilution

Brand portfolio

Branding Terms
four service characteristics restaurant example
Four Service Characteristics – Restaurant Example

How do the service characteristics of intangibility, variability,inseparability, and perishability relate to restaurants?