Product, Branding and Strategies

8/9/2019 Product, Branding and Strategies

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Unit 7

Product, Services and Brandin

Strategy

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Road Ma : Previewin the

Concepts

Define product and the major classifications of productsand services.

Describe the roles of product and service branding,packaging, labeling, and product support services.

product lines and mixes.

Identify the four characteristics that affect the marketing of

.Discuss the additional marketing considerations forservices.

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a s a ro uc

A PRODUCT is anything that can be offered to amarket for attention, acquisition, use, or consumptionand that mi ht satisf a want or need.

Includes:

Physical Objects erv ces

Events

Persons

Places Organisations

Ideas

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Combinations of the above


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a s a erv ce

A SERVICE is a form of product that consistof activities, benefits, or satisfactions offeredfor sale that are essentially intangible and do

not result in the ownership of anything.xamp es nc u e:

Banking

Tax preparation

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oo s, erv ces, an xper ences

Purean ible

PureService

angible GoodWith HybridOffer

erviceWith

Accom an in

Good

Services Minor Goods

Soap

Auto WithAccompanying Restaurant

Airline TripWith Doctors

Services Snacks x

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Nature and Characteristic of aService

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Illustrate how a movie theatre can dealwith the intangibility, inseparability,

variabilit , and erishabilit of theservices it provides.

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eve s o ro uc

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Product Classifications: Consumer

Shopping ProductsShopping Products Buy less frequently

Convenience ProductsConvenience Products Buy frequently & immediately

g er pr ce Fewer purchase locations

Comparison shopi.e Clothin cars a liances

Low price Mass advertising

Many purchase locations

Unsought ProductsUnsought ProductsSpecialty ProductsSpecialty Products

Products consumers dontwant to think about Require much advertising &

High price Unique characteristics Brand identification

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personal selling

i.e Life insurance, blood donation

Few purchase locations

i.e Lamborghini, Rolex


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Product Classifications: Industrial

Materials and PartsRaw materials manufactured

Materials and PartsRaw materials manufactured

materials, and partsmaterials, and parts

ap a emsIndustrial products that aid in

buyers production or operations

ap a emsIndustrial products that aid in

buyers production or operations

Supplies and ServicesSupplies and Services

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,maintenance items

,maintenance items


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Product Classifications:Other Marketable Entities

Activities undertaken to create, maintain, or change the attitudesand behaviour toward the followin :

Organisations - Profit (businesses) and non profit (schools andchurches).

, , , ,lawyers.

Places - Business sites, new residents, and tourism.

,environmental campaigns, and others such as family planning, orhuman rights.

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n v ua ro uc ec s ons

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ro uc r u es

Developing a Product or Service Involves Definingthe Benefits that it Will Offer Such as:

Product QualityProduct Quality

Ability of a Product to Perform Its

Functions; Includes Level &

Ability of a Product to Perform Its

Functions; Includes Level &

Product FeaturesProduct FeaturesDifferentiates the Product from

Differentiates the Product from

Product StyleProduct Style Process of Designing a ProductsProcess of Designing a Products

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es gnes gn y e se u nessy e se u ness


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Branding

What is a ood brand?

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ran ng

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ran ng

Advantages toBranding

Brand Equity Hi her brand lo alt

Buyers:

Identification

Name awareness

Perceived quality ua y an va ue

Sellers Tells a stor

Strong brandassociations

Provides legal protection

Helps segments , ,channel relationships

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ran s an ran ym o s

Powerful brands such

equity:

Eg. Coca-Cola brand -$69 billion

Offers defense

aga ns erce pr cecompetition.

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a or ran ng ec s ons

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ene s o ran ng

Brandingdistin uishesproducts from

competitionProduct

IdentificationNew Product

Sales

Repeat Sales

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n ec ve ran ame

Is easy to pronounce

Is short, distinctive, and unique

, ,benefits

Has a positive connotation

Reinforces the product image

Is legally protectable

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as er ran s

M o b i l e p h o n e

Nokia

n e r n e e a r c

Co m p u t e r DellCa r

A i r l i n e

BMW

Air Asia

T e l e v i s i o n

Sony

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ran ng ra eg es

Brand No Brand

Manufacturersran

IndividualBrand

FamilyBrand

Combi-nation

IndividualBrand

FamilyBrand

Combi-nation

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ran ng ra eg es

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Four Brand Strategies

Existing New

Product Category

Line Extension Brand ExtensionExisting nam ogur avours ar e ec ron cs

Name

u ran sToyota and Lexus

New BrandsBran New

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ran ra egy

ne x ens on Existing brand names extended to new forms, sizes,

and flavours of an existin roduct cate or .

Brand Extension

Existing brand names extended to new or modifiedpro uc ca egor es.

Multibrands

category.

New Brands

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New brand names in new product categories.


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We can find Coke in six or more varieties in some countries.

Coke

Classic Coke

Vanilla Coke

Cherry Coke

Diet Coke

Diet Coke with Lime

Diet Coke Decaffeinated

List some of the issues these line extensions raise for themanufacturers, retailers, and consumers.

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ac ag ng

Designing and producing thecontainer or wrapper for a

.

Steps in developing a good

Packaging concept,

Develo s ecific elements of the

package, Elements must support products

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pos on an mar e ng s ra egy.


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a e ng

Printed informationappearing on or with thepackage.

Performs several functions: Identifies product or brand Describes several things

Promotes the product

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ro uc uppor erv ces

Companies use product support services as a majortool in gaining competitive advantage.

How?

Step 1. Survey customers to assess the value ofcurrent services and to obtain ideas for newservices.

ep . .Step 3. Develop a package of services to delight

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u r y r y.


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Service Firms

Managing ServiceDifferentiation

Managing ServiceProductivity

Develop differentiated offer,delivery, and image.

Mana in Service Qualit

Train current or newemployees better,

Work on ualit as well

Empower front-line employees,

Become Customer obsessed,

as quantity,

Utilize technology

Well-designed Web site

standards, Watch service performance

closel .

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IntroductoryIntroductory GrowthGrowth MaturityMaturity Decline

Product

categorysales

categoryprofits

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Time


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Full-scale launch of new products

High failure rates Little competition

Frequent product modification

Limited distribution High marketing and production costs

Negative profits

Promotion focuses on awareness andinformation

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n ens ve persona se ng o c anne s


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Second stage

Increasing rate of sales

Initial healthy profits

romo on emp as ses ran a s

Goal is wider distribution

Prices normally fall Development costs are recovered

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Maturit sta eA period during which sales increase

at an decreasing rate

Declining sales growth

Extending product line

Stylistic product changes Heavy promotions to dealers and

consumers

r r r u Prices and profits fall

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A long run drop in sales

Lon -run dro in sales

Large inventories of unsold

Elimination of all nonessential

marketing expenses

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Awareness

Evaluation

Trial

Decision

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the adoption of aninnovation spreads.

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a egor es o a op ers

Categories of adopters in the

Innovators

ar y a opters

Early majority

Late majority La ards

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pters

e

ofad

rcentag

P

e

Innovators

Earlyadopters

Latemajority

Earlymajority Laggards

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Diffusion rocess and roductlife cycle curve

Introduction Growth Maturity Decline

ProductProductlife cyclelife cycle

curvecurvees

Earl ado ters

Early majorityLate majority

Sa

InnovatorsLaggards

DiffusionDiffusion

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es op: ev ew ng e oncep s

Define product and the major classifications of productsand services.

Describe the roles of product and service branding,packaging, labelling, and product support services.

product lines and mixes.

Identify the four characteristics that affect the marketing of.

Discuss the additional marketing considerations forservices.

44

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Product, Branding and Strategies

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