Ch._7 - 7 Product, Services, and Branding Strategy What is...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 7 Product, Services, and Branding Strategy 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. 7-2 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. 7-3 The Product-Service Continuum Sugar Restaurant College Education Pure Tangible Good Pure Service 7-4 Levels of a Product 7-5 Consumer Products Products and services bought by final consumers for personal consumption. 7-6 Product Classifications: Consumer Convenience Products Buy frequently & immediately Shopping Products Buy less frequently Low priced Mass advertising Many purchase locations i.e Candy, newspapers Higher price Fewer purchase locations Comparison shop i.e Clothing, cars, appliances Specialty Products Special purchase efforts Unsought Products New innovations High price Unique characteristics Brand identification Few purchase locations i.e Lamborghini, Rolex Products consumers don't want to think about Require much advertising & personal selling i.e Life insurance, blood donation 7-7 Industrial Products Materials and Parts Raw materials, manufactured materials, and parts Products that aid in buyer's production or operations Capital Items Supplies and Services Operating supplies, repair, and maintenance items 7-8 Other Market Offerings (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. 7-9 Organizations: Profit (businesses) and nonprofit Individual Product Decisions 7-10 Product and Service Attributes Quality Features Style & Design Performance and Satisfaction Includes Level & Consistency Differentiates a product from the competition; assessed based on value and cost Style = Appearance Design = heart of the product 7-11 Product Design The innovative Discover 2GO card is a gottahaveit accessory for people who want to dash off to the gym, the mall, or a restaurant with nothing more than their keys and a credit card. 7-12 Major Branding Decisions 7-13 Four Brand Strategies Product Category Existing Existing Line Extension Dannon Yogurt Flavors New Brand Name Brand Extension Barbie Electronics New New Brands Multibrands Seiko Lasalle & Pulsar Windex (by acquisition) 7-14 Branding 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. 7-15 Branding Advantages to buyers: Advantages to sellers: Product identification Product quality Basis for product's quality story Provides legal protection Helps to segment markets 7-16 Packaging Designing and producing the Packaging concept Package elements Product safety Environmental concerns container or wrapper for a product. Developing a good package: 7-17 Labeling 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 7-18 Product Line Decisions Product Line Length Number of Items in the Product Line Stretching Lengthen beyond current range. Can be: Downward Upward Both Directions 7-19 Filling Lengthen within current range Product Mix Decisions Procter & Gamble's Product Mix Baby Care Beauty Care Fabric & Home Care Food & Beverage Health Care Width number of different product lines Length total number of items the company carries within product lines Depth number of versions offered of each product in line Six Toothpastes in Line Crest Multicare Crest Cavity Protection Crest Tartar Protection 7-20 Major Brand Strategy Decisions 7-21 Brand Positioning Can position brands at any of three levels. Product Attributes Product Benefits Beliefs and Values 7-22 Nature and Characteristics of a Service 7-23 The Service-Profit Chain 7-24 Major Service Marketing Tasks Managing Service Differentiation: Managing Service Quality: Develop a differentiated offer, delivery, and image. Be customer obsessed, set high service quality standards, have good service recovery, empower frontline employees. Train current employees or hire new ones, increase quantity and sacrifice quality, harness technology. 7-25 Managing Service Productivity: International Product and Services Marketing Decide Which Products & Services to Introduce Decide How Much to Standardize or Adapt Packaging Presents New Challenges Service Marketers Face Special Challenges Trend Toward Global Service Companies Will Continue 7-26 ...
View Full Document

This note was uploaded on 09/11/2008 for the course BNAD 303 taught by Professor Hardesty during the Spring '07 term at University of Arizona- Tucson.

Ask a homework question - tutors are online