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Product and brand management

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This is very useful data for Brand Management.

This is very useful data for Brand Management.

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    Product and brand management Product and brand management Presentation Transcript

    • Product and Brand Management
    • What is a product?
      • A product is any offering by a company to a market that serves to satisfy customer needs and wants.
      • It can be an object, service, idea,etc.
    • New Product Development
      • Most new product development is an improvement on existing products
      • Less than 10% of new products are totally new concepts.
    • Success rate of new products
      • The success rate of new products is very low – less than 5%. ‘You have to kiss a lot of frogs to find a prince.”
      • Product obsolescence is rapid with improvements in technology
      • Shorter PLCs
    • Product Development Stages
      • Idea generation
      • Idea screening
      • Concept development and testing
      • Concept testing
      • Conjoint analysis – to find out the best valued attributes by consumers
    • Business analysis
      • The most customer appealing offer is not always the most profitable to make
      • Estimate on costs, sales volumes,pricing and profit levels are made to find out the optimal price – volume mix.
      • Breakeven and paybacks
      • Discounted cash flow projections
    • Market testing
      • Test markets
      • Test periods
      • What information to gather?
      • What action to take?
    • Commercialization
      • When? (Timing)
      • Where? (Which geographical markets)
      • To whom? (Target markets)
      • How? (Introductory Marketing strategy)
    • Product Levels
      • Customer value hierarchy
      • Core benefit
      • Basic product
      • Expected product
      • Augmented product
      • Potential product
    • Customer Delight
      • When you exceed customer expectations
    • Product Hierarchy
      • Need
      • Product family
      • Product class
      • Product Line
      • Product type
      • Brand
      • Item
    • Product classification
      • Durable
      • Non – durable
      • Services
    • Consumer goods classification
      • Convenience goods
      • Shopping goods
      • Specialty goods
      • Unsought goods
    • Industrial goods classification
      • Materials and Parts
      • - raw materials
      • - manufactured materials and parts
      • Capital items
      • Supplies and business services
    • Product Mix
      • The assortment of products that a company offers to a market
      • Width – how many different product lines?
      • Length – the number of items in the product mix
      • Depth – The no. of variants offered in a product line
      • Consistency – how closely the product lines are related in usage
    • Product Line decisions
      • Product rationalization
      • Market rationalization
      • Product line length
      • too long – when profits increase by dropping a product in the line
      • too short – when profits increase by adding products to the product line
      • Line pruning – capacity restrictions to decide
    • Brand
      • A name becomes a brand when consumers associate it with a set of tangible and intangible benefits that they obtain from the product or service
      • It is the seller’s promise to deliver the same bundle of benefits/services consistently to buyers
    • Brand Equity
      • When a commodity becomes a brand, it is said to have equity.
      • The premium a brand can command in the market
      • The difference between the perceived value and the intrinsic value
    • Levels of meaning
      • Attributes
      • Benefits
      • Values
      • Culture
      • Personality
      • Users
    • Brand Power
      • Customer will change brands for price reasons
      • Customer is satisfied. No reason to change.
      • Customer is satisfied and would take pains to get the brand
      • Customer values the brand and sees it as a friend
      • Customer is devoted to the brand
    • Brand Equity – Competitive Advantages
      • Reduced marketing costs
      • Trade leverage
      • Can charge a higher price
      • Can easily launch brand extensions
      • Can take some price competition
    • Managing Brand Equity
      • Brand Equity needs to be nourished and replenished. We must not flog the brand for equity to be diluted or dissipated
      • Store brands
    • Advantages of branding
      • Easy for the seller to track down problems and process orders
      • Provide legal protection of unique product features
      • Branding gives an opportunity to attract loyal and profitable set of customers
      • It helps to give a product category at different segments, having separate bundle of benefits
      • It helps build corporate image
      • It minimises harm to company reputation if the brand fails
    • Brand parity
      • Consumers buy from a set of acceptable/ preferred brands
    • Umbrella Brand
      • Products from different categories under one brand
      • Dangerous to the brand if the principal brand fails
      • Sometimes the company name is prefixed to the brand. In such cases the company name gives it legitimacy. The product name individualises it.
    • Naming the Brand
      • Product benefits
      • Product qualities
      • Easy to pronounce
      • Should be distinctive
      • Should not have poor meanings in other languages and countries
    • Brand strategy
      • Line extension – existing brand name extended to new sizes in the existing product category
      • Brand extension – brand name extended to new product categories
      • Multibrands – new brands in the same product category
      • New brands – new product in a different product category
      • Cobrands –brands bearing two or more well known brand names
    • Brand Repositioning
      • This may be required after a few years to face new competition and changing customer preferences
    • Packaging
      • Includes the activities of designing and producing the container for a product
      • Packaging is done at three levels
      • - primary
      • - secondary
      • - shipping
    • Packaging as a marketing tool
      • Self service
      • Consumer affluence
      • Company and brand image
      • innovation
    • Designing packaging
      • Packaging concepts
      • Technical specifications
      • Engineering tests
      • Visual tests
      • Dealer tests
      • Consumer tests
      • Packaging innovations
      • Environmental considerations
    • Labels
      • Identification
      • Grade classification
      • Description of product
      • Manufacturer identity
      • Date of mfg., batch no.
      • Instructions for use
      • Promotion
    • Labels as a marketing tool
      • Labels need to change with time or packaging changes to give it a contemporary and fresh look