ProductPackagingandBranding

ProductPackagingandBranding - Product &...

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Unformatted text preview: Product & Branding Towns, Spring 2012 10-2 Product Anything that can Be offered to a market to satisfy a want or need. Everything, both favorable and unfavorable, that a person receives in an exchange. Tangible Good Service Idea 10-3 Types of Products Business Product Business Product Consumer Product Consumer Product A product used to manufacture other goods or services, to facilitate an organizations operations, or to resell to other consumers. A product used to manufacture other goods or services, to facilitate an organizations operations, or to resell to other consumers. A product bought to satisfy an individuals personal needs or wants A product bought to satisfy an individuals personal needs or wants 10-4 Types of Consumer Products Market Development Diversification Increase market share among existing customers Attract new customers to existing products Introduce new products into new markets Create new products for present markets Convenience Product Shopping Product Specialty Product Unsought Product A relatively inexpensive item that merits little shopping effort A product that requires comparison shopping, because it is usually more expensive and found in fewer stores A particular item for which consumers search extensively and are reluctant to accept substitutes A product unknown to the potential buyer or a known product that the buyer does not actively seek 10-5 3 Levels of Product Core Benefit Transportation The car color, styling, brand name, features Warranty, service 10-6 Durability and Tangibility Nondurable goods Services Durable goods 10-7 Product Differentiation (re-cap) Product form Features Performance Conformance Durability Reliability Reparability Style Design Ordering ease Delivery Installation Customer training Customer consulting Maintenance 10-8 Product Life Cycles Products have a limited life. Product sales pass through distinct stages. Profits rise and fall at different stages. Products require different marketing, financial, manufacturing, purchasing, and human resource strategies in each stage. 10-9 Product Life Cycle 10-10 Product Life Cycle Where on the lifecycle are most packaged goods? 10-11 Style, Fashion, and Fad Life Cycles 10-12 Introductory Stage High failure rates Little competition Frequent product modification Limited distribution High marketing and production costs Negative profits with slow sales increases Promotion focuses on awareness and information Communication challenge is to stimulate primary demand 10-13 Growth Stage Increasing rate of sales Entrance of competitors Market consolidation Initial healthy profits Aggressive advertising of the differences between brands Wider distribution 10-14 Maturity Stage Sales increase at a decreasing rate Saturated markets Annual models appear Lengthened product lines Service and repair assume important roles...
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ProductPackagingandBranding - Product &...

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