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Product and Brand Management. What is a product?. A product is any offering by a company to a market that serves to satisfy customer needs and wants. It can be an object, service, idea,etc. New Product Development. Most new product development is an improvement on existing products

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what is a product
What is a product?
  • A product is any offering by a company to a market that serves to satisfy customer needs and wants.
  • It can be an object, service, idea,etc.
new product development
New Product Development
  • Most new product development is an improvement on existing products
  • Less than 10% of new products are totally new concepts.
success rate of new products
Success rate of new products
  • The success rate of new products is very low – less than 5%. ‘You have to kiss a lot of frogs to find a prince.”
  • Product obsolescence is rapid with improvements in technology
  • Shorter PLCs
product development stages
Product Development Stages
  • Idea generation
  • Idea screening
  • Concept development and testing
  • Concept testing
  • Conjoint analysis – to find out the best valued attributes by consumers
business analysis
Business analysis
  • The most customer appealing offer is not always the most profitable to make
  • Estimate on costs, sales volumes,pricing and profit levels are made to find out the optimal price – volume mix.
  • Breakeven and paybacks
  • Discounted cash flow projections
market testing
Market testing
  • Test markets
  • Test periods
  • What information to gather?
  • What action to take?
commercialization
Commercialization
  • When? (Timing)
  • Where? (Which geographical markets)
  • To whom? (Target markets)
  • How? (Introductory Marketing strategy)
product levels
Product Levels

Customer value hierarchy

  • Core benefit
  • Basic product
  • Expected product
  • Augmented product
  • Potential product
customer delight
Customer Delight
  • When you exceed customer expectations
product hierarchy
Product Hierarchy
  • Need
  • Product family
  • Product class
  • Product Line
  • Product type
  • Brand
  • Item
product classification
Product classification
  • Durable
  • Non – durable
  • Services
consumer goods classification
Consumer goods classification
  • Convenience goods
  • Shopping goods
  • Specialty goods
  • Unsought goods
industrial goods classification
Industrial goods classification
  • Materials and Parts

- raw materials

- manufactured materials and parts

  • Capital items
  • Supplies and business services
product mix
Product Mix
  • The assortment of products that a company offers to a market
  • Width – how many different product lines?
  • Length – the number of items in the product mix
  • Depth – The no. of variants offered in a product line
  • Consistency – how closely the product lines are related in usage
product line decisions
Product Line decisions
  • Product rationalization
  • Market rationalization
  • Product line length

too long – when profits increase by dropping a product in the line

too short – when profits increase by adding products to the product line

  • Line pruning – capacity restrictions to decide
brand
Brand
  • A name becomes a brand when consumers associate it with a set of tangible and intangible benefits that they obtain from the product or service
  • It is the seller’s promise to deliver the same bundle of benefits/services consistently to buyers
brand equity
Brand Equity
  • When a commodity becomes a brand, it is said to have equity.
  • The premium a brand can command in the market
  • The difference between the perceived value and the intrinsic value
levels of meaning
Levels of meaning
  • Attributes
  • Benefits
  • Values
  • Culture
  • Personality
  • Users
brand power
Brand Power
  • Customer will change brands for price reasons
  • Customer is satisfied. No reason to change.
  • Customer is satisfied and would take pains to get the brand
  • Customer values the brand and sees it as a friend
  • Customer is devoted to the brand
brand equity competitive advantages
Brand Equity – Competitive Advantages
  • Reduced marketing costs
  • Trade leverage
  • Can charge a higher price
  • Can easily launch brand extensions
  • Can take some price competition
managing brand equity
Managing Brand Equity
  • Brand Equity needs to be nourished and replenished. We must not flog the brand for equity to be diluted or dissipated
  • Store brands
advantages of branding
Advantages of branding
  • Easy for the seller to track down problems and process orders
  • Provide legal protection of unique product features
  • Branding gives an opportunity to attract loyal and profitable set of customers
  • It helps to give a product category at different segments, having separate bundle of benefits
  • It helps build corporate image
  • It minimises harm to company reputation if the brand fails
brand parity
Brand parity
  • Consumers buy from a set of acceptable/ preferred brands
umbrella brand
Umbrella Brand
  • Products from different categories under one brand
  • Dangerous to the brand if the principal brand fails
  • Sometimes the company name is prefixed to the brand. In such cases the company name gives it legitimacy. The product name individualises it.
naming the brand
Naming the Brand
  • Product benefits
  • Product qualities
  • Easy to pronounce
  • Should be distinctive
  • Should not have poor meanings in other languages and countries
brand strategy
Brand strategy
  • Line extension – existing brand name extended to new sizes in the existing product category
  • Brand extension – brand name extended to new product categories
  • Multibrands – new brands in the same product category
  • New brands – new product in a different product category
  • Cobrands –brands bearing two or more well known brand names
brand repositioning
Brand Repositioning
  • This may be required after a few years to face new competition and changing customer preferences
packaging
Packaging
  • Includes the activities of designing and producing the container for a product
  • Packaging is done at three levels

- primary

- secondary

- shipping

packaging as a marketing tool
Packaging as a marketing tool
  • Self service
  • Consumer affluence
  • Company and brand image
  • innovation
designing packaging
Designing packaging
  • Packaging concepts
  • Technical specifications
  • Engineering tests
  • Visual tests
  • Dealer tests
  • Consumer tests
  • Packaging innovations
  • Environmental considerations
labels
Labels
  • Identification
  • Grade classification
  • Description of product
  • Manufacturer identity
  • Date of mfg., batch no.
  • Instructions for use
  • Promotion
labels as a marketing tool
Labels as a marketing tool
  • Labels need to change with time or packaging changes to give it a contemporary and fresh look