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Chapter 5 aspects of marketing part 22010
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Chapter 5 aspects of marketing part 22010

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Chapter 5 aspects of marketing part 22010

Chapter 5 aspects of marketing part 22010

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  • 1. Chapter 5 Aspect of Marketing Part 2
  • 2. What is branding? Use of name, term, symbol or design – or a combination of these four things to identify a product.
  • 3. What is branding?
  • 4. What is brand loyalty? Customers are satisfied that a certain brand meets their needs all the time, they will develop brand loyalty. They are willing to pay a higher price for their preferred brand..
  • 5. Why is branding important?
    • Easy to market famous brand
    • Helps customers recognise a product or service.
    • Helps build customer loyalty
    • Improve the image of business
    • Easier to introduce new products
  • 6. Why is branding important?
  • 7. Why is packaging?
    • Container or the wrapper for a product. It includes the following:
    • Label
    • Printed description of the product
    • Instruction on how to use the product
  • 8. Why is packaging?
  • 9. Functions of packaging
    • Protects and contains
    • Prevent shoplifting
    • Saves space and easy to handle
    • Promotes image and brand
    • Prevents spoilage
    • Easier and safer to use
  • 10. Aspect of Marketing PART 2
  • 11. Support Service
    • Services and benefits offered to customers in addition to the product
    • Customer reward
    • Customer service
    • Fast and reliable delivery
    • Financing and hire purchase
    • Warranty
    • After sales service
    • Product and technical information
    • On-site repair
    • Free installation
  • 12. What is Pricing? Refers to the Price of product. It affects the revenue of a business. When we price too high, customers may not buy. We price too low, we may not earn enough revenue.
  • 13. How to Price? Cost: refer to all the expenses a business pays to buy or produce its product.
  • 14. How to Price? Competitor’s prices: We set our prices based on our competitors’ pricing. We may price our product higher if they are unique.
  • 15. How to Price? Customer’s willingness to pay: How much its target customers are willing to pay.
  • 16. Pricing techniques Product Line Pricing – setting different prices for different version of the same product. Airline tickets: economy class, Business class and first class
  • 17. Pricing techniques Optional product pricing – Involves setting prices of optional or accessory along with the main product. - Pizza restaurant offer customers the choice adding extra topping with extra cost.
  • 18. Pricing techniques Product bundle pricing – pricing a few items of related products in a bundle. Example: Set meals – burger + drink + fries
  • 19. Pricing techniques Promotional Pricing – involve temporarily pricing product below the listed prices. Example: Special discounts are offered during festive seasons like Christmas and New Year
  • 20. Pricing techniques Odd-even pricing – Involves setting prices at value just below an even amount. Example: instead of $20, the price is set at $19.95

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