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Notes of Marketing

Notes of Marketing

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  • 1. Chapter 8 - slide 1 Chapter Eight Product, Services, and Brands: Building Customer Value
  • 2. Products, Services, and Branding Strategy • What Is a Product? • Product and Services Decisions • Branding Strategy: Building Topic Outline Chapter 8 - slide 2Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Branding Strategy: Building Strong Brands • Services Marketing
  • 3. What Is a Product? A Product is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or Products, Services, and Experiences Chapter 8 - slide 3Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall consumption that might satisfy a need or want. Services Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
  • 4. What Is a Product? Levels of Product and Services Chapter 8 - slide 4Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
  • 5. What Is a Product? Consumer products Product and Service Classifications Chapter 8 - slide 5Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall products Industrial products
  • 6. What Is a Product? • Consumer products are products and services for personal consumption • Classified by how consumers buy them Product and Service Classifications Chapter 8 - slide 6Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Classified by how consumers buy them – Convenience products – Shopping products – Specialty products – Unsought products
  • 7. What Is a Product? Convenience products are consumer products and services that the customer usually buys frequently, immediately, and with a minimum Product and Service Classifications Chapter 8 - slide 7Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall immediately, and with a minimum comparison and buying effort • Newspapers • Candy • Fast food
  • 8. What Is a Product? Shopping products are consumer products and services that the customer compares carefully on suitability, quality, price, and style Product and Service Classifications Chapter 8 - slide 8Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall suitability, quality, price, and style • Furniture • Cars • Appliances
  • 9. What Is a Product? Specialty products are consumer products and services with unique characteristics or brand identification for which a significant group of Product and Service Classifications Chapter 8 - slide 9Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall identification for which a significant group of buyers is willing to make a special purchase effort • Medical services • Designer clothes • High-end electronics
  • 10. What Is a Product? Unsought products are consumer products that the consumer does not know about or knows about but does not normally think of buying Product and Service Classifications Chapter 8 - slide 10Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall about but does not normally think of buying • Life insurance • Funeral services • Blood donations
  • 11. What Is a Product? Industrial products are products purchased for further processing or for use in conducting a business • Classified by the purpose for which the product is Product and Service Classifications Chapter 8 - slide 11Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Classified by the purpose for which the product is purchased – Materials and parts – Capital – Raw materials
  • 12. What Is a Product? Capital items are industrial products that aid in the buyer’s production or operations Materials and parts include raw materials and manufactured materials and parts usually sold Product and Service Classifications Chapter 8 - slide 12Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall manufactured materials and parts usually sold directly to industrial users Supplies and services include operating supplies, repair and maintenance items, and business services
  • 13. What Is a Product? Organization marketing consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward an organization Organizations, Persons, Places, and Ideas Chapter 8 - slide 13Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall toward an organization
  • 14. What Is a Product? Person marketing consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward particular people Organizations, Persons, Places, and Ideas Chapter 8 - slide 14Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall consumers toward particular people
  • 15. What Is a Product? Place marketing consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward particular places Organizations, Persons, Places, and Ideas Chapter 8 - slide 15Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall places Social marketing is the use of commercial marketing concepts and tools in programs designed to influence individuals’ behavior to improve their well-being and that of society
  • 16. Product and Services Decision • Individual product and services decision • Product line decision • Product Mix decision Chapter 8 - slide 16Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Product Mix decision
  • 17. Product and Service Decisions Individual Product and Service Decisions Chapter 8 - slide 17Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
  • 18. Product and Service Decisions Product attributes are the benefits of the product or service • Quality Individual Product and Service Decisions Chapter 8 - slide 18Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Quality • Features • Style and design
  • 19. Product and Service Decisions Product quality includes level and consistency • Quality level is the level of quality that supports Individual Product and Service Decisions Chapter 8 - slide 19Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Quality level is the level of quality that supports the product’s positioning • Conformance quality is the product’s freedom from defects and consistency in delivering a targeted level of performance
  • 20. Product and Service Decisions Product features are a competitive tool for differentiating a product from competitors’ products Individual Product and Service Decisions Chapter 8 - slide 20Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall products Product features are assessed based on the value to the customer versus the cost to the company
  • 21. Product and Service Decisions Style describes the appearance of the product Design contributes to a product’s Individual Product and Service Decisions Chapter 8 - slide 21Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Design contributes to a product’s usefulness as well as to its looks
  • 22. Product and Service Decisions Brand is the name, term, sign, or design—or a combination of these—that identifies the maker or seller of a product or service Individual Product and Service Decisions Chapter 8 - slide 22Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall or seller of a product or service Brand equity is the differential effect that the brand name has on customer response to the product and its marketing
  • 23. Product and Service Decisions Packaging involves designing and producing the container or Individual Product and Service Decisions Chapter 8 - slide 23Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall producing the container or wrapper for a product Labels identify the product or brand, describe attributes, and provide promotion
  • 24. Product and Service Decisions A product line is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, Product Line Decisions Chapter 8 - slide 24Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
  • 25. Product and Service Decisions Product line length is the number of items in the product line Product Line Decisions Chapter 8 - slide 25Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Line stretching • Line filling
  • 26. Product and Service Decisions Product mix consists of all the products and items that a particular seller offers for sale Product Mix Decisions Chapter 8 - slide 26Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Width • Length • Depth • Consistency
  • 27. Brand represents the consumer’s perceptions and feelings about a product and its performance. It is the company’s promise to deliver a specific set of features, benefits, services, and experiences Branding Strategy: Building Strong Brands Chapter 8 - slide 27Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall features, benefits, services, and experiences consistently to the buyers
  • 28. Branding Strategy: Building Strong Brands Brand strategy decisions include: • Product attributes Brand Positioning Chapter 8 - slide 28Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Product benefits • Product beliefs and values
  • 29. Branding Strategy: Building Strong Brands Desirable qualities 1. Suggest benefits and qualities 2. Easy to pronounce, recognize, and remember Brand Name Selection Chapter 8 - slide 29Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 2. Easy to pronounce, recognize, and remember 3. Distinctive 4. Extendable 5. Translatable for the global economy 6. Capable of registration and legal protection
  • 30. Branding Strategy: Building Strong Brands • Manufacturer’s brand • Private brand Brand Sponsorship Chapter 8 - slide 30Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Private brand • Licensed brand • Co-brand
  • 31. Branding Strategy: Building Strong Brands Brand Development Strategies Chapter 8 - slide 31Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
  • 32. Services Marketing • Government • Private not-for-profit organizations Types of Service Industries Chapter 8 - slide 32Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Private not-for-profit organizations • Business services
  • 33. Services Marketing Nature and Characteristics of a Service Chapter 8 - slide 33Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
  • 34. Services Marketing In addition to traditional marketing strategies, service firms often require additional strategies Marketing Strategies for Service Firms Chapter 8 - slide 34Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall additional strategies • Service-profit chain • Internal marketing • Interactive marketing
  • 35. Services Marketing Service-profit chain links service firm profits with employee and customer satisfaction • Internal service quality Marketing Strategies for Service Firms Chapter 8 - slide 35Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Internal service quality • Satisfied and productive service employees • Greater service value • Satisfied and loyal customers • Healthy service profits and growth
  • 36. Services Marketing Internal marketing means that the service firm must orient and motivate its customer contact employees and supporting service people to work as a team to provide Marketing Strategies for Service Firms Chapter 8 - slide 36Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall supporting service people to work as a team to provide customer satisfaction Internal marketing must precede external marketing
  • 37. Services Marketing Interactive marketing means that service quality depends heavily on the quality of the buyer–seller interaction during the service encounter Marketing Strategies for Service Firms Chapter 8 - slide 37Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall interaction during the service encounter • Service differentiation • Service quality • Service productivity
  • 38. Services Marketing Managing service differentiation creates a competitive advantage from the offer, delivery, and image of the service • Offer can include distinctive features Marketing Strategies for Service Firms Chapter 8 - slide 38Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Offer can include distinctive features • Delivery can include more able and reliable customer contact people, environment, or process • Image can include symbols and branding
  • 39. Services Marketing Managing service quality provides a competitive advantage by delivering consistently higher quality than its competitors Marketing Strategies for Service Firms Chapter 8 - slide 39Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall competitors Service quality always varies depending on interactions between employees and customers
  • 40. Services Marketing Managing service productivity refers to the cost side of marketing strategies for service firms • Employee recruiting, hiring, and training Marketing Strategies for Service Firms Chapter 8 - slide 40Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Employee recruiting, hiring, and training strategies • Service quantity and quality strategies