Chapter 10 - Chapter 10 Product, Branding and Packaging...

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Chapter 10 Product, Branding and Packaging Decisions Product Complexity of Products 1. Core customer value The basic problem solving benefits those consumers are seeking. 2. Actual products Consider brand name, features, designs, quality, and packaging, etc. 3. Associated Services/ Augmented product The nonphysical aspects of the product Ex: Product warranties, financing, product support and after-sale service. When developing or changing a product, marketers start with the core customer value to determine what their potential customers are seeking. Then they make the actual physical product and associated services to round out the offering. Types of Products – impacts how they 4Ps the products 1. Consumer products Products and services used by people for their personal use a) Specialty Products/Services Consumers show strong preferences that they will expend considerable effort to search for the best suppliers Ex: Road bikes, Luxury cars, Legal or Medical professionals, designer apparel b) Shopping Products/Services Consumers will spend a fair amount of time comparing alternatives Ex: furniture, apparel, fragrances, appliances, travel alternatives c) Convenience Products/Services Consumers are not willing to spend any effort to evaluate prior to purchase Ex: frequently purchased commodity items, beverages, bread, soap d) Unsought Products/Services Either do not normally think of buying or do not know about [Requires lots of marketing effort and various forms of promotion] Ex: Newly introduced GPS systems, HeatMax hand Warmers, Medex insurance 2. Business products Product Mix 1. Product Mix The complete set of all products offered by a firm, usually consists of various product lines . Reflects the breadth and depth of the company’s product lines 2. Product line Groups of associated items that consumers tend to use together or think of as part of a group of similar products 3. Product mix breadth A count of the number of product lines offered by the firm * Increase breadth : Add new product lines to capture new or evolving markets and increase Decrease breadth : Delete entire product lines to address changing market conditions or meet internal strategic priorities [Costly/weaken firm’s reputation] *Decisions to expand or contract product lines depends on industry-, consumer- and firm-level
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Chapter 10 - Chapter 10 Product, Branding and Packaging...

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