Elements of product planning

Elements of product planning - This section focuses...

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Unformatted text preview: This section focuses attention on the total benefits provided by the Product Elements of Product Planning for Goods and Services: Product Idea Branding Packaging Warranty Product Classes What is a Product? Product: means the need-satisfying offering of a firm It is the idea of potential customer satisfaction or benefits Quality: means a products ability to satisfy a customers needs or requirements Difference in Goods and Services: a. How tangible is the product b. Where the product is produced? (JIT or Mass-production) c. Services Cannot be stored (Can store and transport vs. perishable) d. Quality Consistency (EX: Service quality of a bank-teller) d.i. Service providers also vary in their ability, and problems with the service they deliver are usually obvious to customers Whole Product Lines Product Assortment: is the set of all product lines and individual products that firm sells. Product Line: a set of individual products that are closely related. Produced or operate a similar way, sold to the same target market, sold through the same types of outlets, or priced at the same level Individual Product: is a particular product within a product line. Branding is a Strategy Decision Branding: means the use of a name, term, symbol, or design to identify a product. Brand name: word, letter, or a group of words. Trademark: includes only those words, symbols, or marks that are legally registered for use by a single company Service Mark: is the same as trademark except that it refers to a service offering. Sometime a firms brand name is the only element in its marketing mix that a competitor cannot copy. Conditions favorable to Branding The product is easy to label and identify by its brand or trademark The product quality is easy to maintain and the best value for it price Dependable and widespread availability is possible. When customers start using a brand, they want to be able to continue using it Demand is strong enough that the market price can be high enough to make the branding effort profitable There are economies of scale. If the branding is really successful, costs should drop and profits should increase Favorable shelf locations or display space in stores will help. This is something retailers can control when they brand their own products Five levels of Brand familiarity...
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This note was uploaded on 02/23/2012 for the course BUSI 406 taught by Professor Perreault during the Fall '11 term at UNC.

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Elements of product planning - This section focuses...

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