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Setting Product and Brand Strategy

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Setting Product and Brand Strategy …

Setting Product and Brand Strategy

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  • 1. Chapter 11 Setting Product and Brand Strategy PowerPoint by Karen E. James Louisiana State University - Shreveport
  • 2. Objectives
    • Identify the various characteristics of products.
    • Learn how companies build and manage product lines and mixes.
    • Understand how companies make better brand decisions.
    • Comprehend how packaging and labeling can be used as marketing tools.
  • 3. What is a Product?
    • Goods
    • Services
    • Experiences
    • Events
    • Persons
    • Places
    • Properties
    • Organizations
    • Information
    • Ideas
  • 4. The Product and Product Mix
    • Potential customers judge product offerings according to three elements:
      • Product features and quality
      • Services mix and quality
      • Value-based prices
  • 5. The Product and Product Mix
    • The customer value hierarchy:
      • Core benefit
      • Basic product
      • Expected product
      • Augmented product
      • Potential product
  • 6. The Product and Product Mix
    • Product
    • Classifications
    • Durability and tangibility
    • Consumer goods
    • Industrial goods
    • Nondurable
      • Tangible
      • Rapidly consumed
      • Example: Milk
    • Durable
      • Tangible
      • Lasts a long time
      • Example: Oven
    • Services
      • Intangible
      • Example: Tax preparation
  • 7. The Product and Product Mix
    • Product
    • Classifications
    • Durability and tangibility
    • Consumer goods
    • Industrial goods
    • Classified by shopping habits:
      • Convenience goods
      • Shopping goods
      • Specialty goods
      • Unsought goods
  • 8. The Product and Product Mix
    • Product
    • Classifications
    • Durability and tangibility
    • Consumer goods
    • Industrial goods
    • Materials and parts
      • Farm products
      • Natural products
      • Component materials
      • Component parts
    • Capital items
      • Installations
      • Equipment
    • Supplies and business services
      • Maintenance and repair
      • Advisory services
  • 9. The Product and Product Mix
    • Product mix dimensions:
      • Width: number of product lines
      • Length: total number of items in mix
      • Depth: number of product variants
      • Consistency: degree to which product lines are related
  • 10. Product-Line Decisions
    • Product-Line Analysis
    • Product-Line Length
    • Product-Line Modernization, Featuring, and Pruning
  • 11. Brand Decisions
    • The AMA definition of a brand:
      • “A name, term, sign, symbol, or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from the competition.”
  • 12. Brand Decisions
    • Brands can convey six levels of meaning:
      • Attributes
      • Benefits
      • Values
      • Culture
      • Personality
      • User
  • 13. Brand Decisions
    • Brand identity decisions include:
      • Name
      • Logo
      • Colors
      • Tagline
      • Symbol
    • Consumer experiences create brand bonding, brand advertising does not.
  • 14. Brand Decisions
    • Marketers should attempt to create or facilitate awareness , acceptability , preference , and loyalty among consumers.
    • Valuable and powerful brands enjoy high levels of brand loyalty.
  • 15. Brand Decisions
    • Aaker identified five levels of customer attitudes toward brands:
      • Will change brands, especially for price. No brand loyalty.
      • Satisfied -- has no reason to change.
      • Satisfied -- switching would incur costs.
      • Values brand, sees it as a friend.
      • Devoted to the brand.
  • 16. Brand Decisions
    • Brand equity refers to the positive differential effect that a brand name has on customers.
    • Brand equity:
      • is related to many factors.
      • allows for reduced marketing costs.
      • is a major contributor to customer equity.
  • 17. Brand Decisions
    • Key Challenges
    • To brand or not
    • Brand sponsor
    • Brand name
    • Brand strategy
    • Brand repositioning
    • Advantages of branding:
      • Facilitates order processing
      • Trademark protection
      • Aids in segmentation
      • Enhances corporate image
      • Branded goods are desired by retailers and distributors
  • 18. Brand Decisions
    • Key Challenges
    • To brand or not
    • Brand sponsor
    • Brand name
    • Brand strategy
    • Brand repositioning
    • Options include:
      • Manufacturer (national) brand
      • Distributor (reseller, store, house, private) brand
      • Licensing the brand name
  • 19. Brand Decisions
    • Key Challenges
    • To brand or not
    • Brand sponsor
    • Brand name
    • Brand strategy
    • Brand repositioning
    • Strong brand names:
      • Suggest benefits
      • Suggest product qualities
      • Are easy to say, recognize, and remember
      • Are distinctive
      • Should not carry poor meanings in other languages
  • 20. Brand Decisions
    • Key Challenges
    • To brand or not
    • Brand sponsor
    • Brand name
    • Brand strategy
    • Brand repositioning
    • Varies by type of brand
      • Functional brands
      • Image brands
      • Experiential brands
    • Line extensions
    • Brand extensions
    • Multibrands
    • New brands
    • Co-branding
  • 21. Brand Decisions
    • Key Challenges
    • To brand or not
    • Brand sponsor
    • Brand name
    • Brand strategy
    • Brand repositioning
    • A brand report card can be used to audit a brand’s strengths and weaknesses.
    • Changes in preferences or the presence of a new competitor may indicate a need for brand repositioning.
  • 22. Packaging and Labeling
    • Packaging includes:
      • The primary package
      • The secondary package
      • The shipping package
    • Many factors have influenced the increased use of packaging as a marketing tool.
  • 23. Packaging and Labeling
    • Developing an effective package:
      • Determine the packaging concept
      • Determine key package elements
      • Testing:
        • Engineering tests
        • Visual tests
        • Dealer tests
        • Consumer tests
  • 24. Packaging and Labeling
    • Labeling functions:
      • Identifies the product or brand
      • May identify product grade
      • May describe the product
      • May promote the product
    • Legal restrictions impact packaging for many products.