product decisions
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part of the marketing mix and 5 p's
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product decisions
- 1. Product Decisions (Part of the Marketing Mix) Presented by Lindsey Fair
- 3. Product Mix
- 4. Product Line (width vs depth)
- 6. 1. Determining the brand name and designing the brand logo. 2. Designing the package and determining what information goes on the label. 3. Designing the actual product if a durable good.
- 10. Product Life Cycle Decisions Attract New Markets Alter Product (Improvements) Introduce New Product Lines (Line Extensions) Change Other Marketing Mix Elements
Editor's Notes
- Total Product Concept A product is “a bundle of tangible and intangible benefits a buyer receives in exchange for money and other considerations.” Physical product Brand name Service guarantee Brand image Warranty, etc. This example – not only clever, eye catching but it’s practical and saves them money at the same time as creating a brand image and it’s actually integrated as part of the actual product.
- Product Mix Proctor & Gamble offers a variety of products to meet the diverse needs of consumers. = Product Line
- Product Line Width and Depth Width = The number of items in the product line. Depth = The number of lines in the mix. A sampling of Nestlé's depth in one product category. But their width includes dog food, baby food, frozen food, etc.
- Consumer Goods Products and services ultimately purchased for personal use. Consumer goods are classified into three categories: Convenience Goods Shopping Goods Specialty Goods
- Branding To develop a brand strategy, a manger makes decisions in three key areas: Determining the brand name and designing the brand logo. Designing the package and determining what information goes on the label. Designing the actual product if a durable good. Brand Name – The part of a brand that can be vocalized. Brandmark or Logo – The part of a brand identified by a symbol or design. Trademark – The part of a brand granted legal protection so that only the owner can use it. The Think Marketing box on p. 165 demonstrates the impact of private label brands. Sears - Kenmore Licensed brands - An NHL team logo appears on sweatshirts produced by Nike.
- Own a color – which brand is this?
- Who owns the rainbow? You don’t have to own a color – what about shapes, fonts, etc?
- Start up – growth – maturity – transition (death or change)
- Product Life Cycle Managers plan strategies to rejuvenate interest in a mature product Attract New Markets – start up Alter Product (Improvements) – growth Product Mix Expansion (Stretching) Introduce New Product Lines (Line Extensions) - maturity Change Other Marketing Mix Elements Maintenance or Withdrawal (Planned Obsolescence ) Shreddies rejuvenation strategies are presented in the Think Marketing box on p. 191. Read it – what did they do?