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Kotler08basic 1227033656524572 8

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  • 1. Product, Services, and Branding Strategy Chapter 8
  • 2. Learning Goals
    • Understand products and the major classifications of products and services
    • Learn the decisions companies make regarding their products and services
    • Understand branding strategy
    • Identify the four characteristics that affect the marketing of a service
    • Realize additional product issues
  • 3.
    • Produce 7.5 million doughnuts each day
    • Sell more than doughnuts; they sell an experience
    • New store openings are eagerly anticipated in part due to extensive promotion
    Case Study Krispy Kreme
  • 4. Definitions
    • Product
      • Anything offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.
    • Service
      • A form of product that consists of activities, benefits or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.
    Goal 1: Understand products and their classifications
  • 5. What is a Product?
    • Products, Services, and Experiences
      • Market offerings may consist of a combination of goods and services
      • Experiences are used to differentiate offerings
    • Levels of Product and Services
      • Core benefit, actual and augmented product
    • Product and Service Classifications
      • Consumer products and industrial products
    Goal 1: Understand products and their classifications
  • 6. What is a Product?
    • Convenience
    • Shopping
    • Specialty
    • Unsought
    • Frequent purchases bought with minimal buying effort and little comparison shopping
    • Low price
    • Widespread distribution
    • Mass promotion by producer
    Types of Consumer Products Goal 1: Understand products and their classifications
  • 7. What is a Product?
    • Convenience
    • Shopping
    • Specialty
    • Unsought
    • Less frequent purchases
    • More shopping effort for comparisons.
    • Higher than convenience good pricing
    • Selective distribution in fewer outlets
    • Advertising and personal selling
    Types of Consumer Products Goal 1: Understand products and their classifications
  • 8. What is a Product?
    • Convenience
    • Shopping
    • Specialty
    • Unsought
    • Strong brand preference and loyalty, requires special purchase effort, little brand comparisons, and low price sensitivity
    • High price
    • Exclusive distribution
    • Carefully targeted promotions
    Types of Consumer Products Goal 1: Understand products and their classifications
  • 9. What is a Product?
    • Convenience
    • Shopping
    • Specialty
    • Unsought
    • Little product awareness and knowledge (or if aware, sometimes negative interest)
    • Pricing varies
    • Distribution varies
    • Aggressive advertising and personal selling by producers and resellers
    Types of Consumer Products Goal 1: Understand products and their classifications
  • 10. Product and Service Classifications
    • Consumer products
    • Industrial products
      • Materials and parts
      • Capital items
      • Supplies and services
    Goal 1: Understand products and their classifications
  • 11. Product and Service Classifications
    • Organizations, persons, places, and ideas
      • Organizational marketing makes use of corporate image advertising
      • Person marketing applies to political candidates, entertainment sports figures, and professionals
      • Place marketing relates to tourism
      • Social marketing promotes ideas
    Goal 1: Understand products and their classifications
  • 12. Product and Service Decisions
    • Individual Product
    • Product Line
    • Product Mix
    • Product attributes
      • Quality, features, style and design
    • Branding
    • Packaging
    • Labeling
    • Product support services
    Key Decisions Goal 2: Learn decisions companies make regarding products
  • 13. Product and Service Decisions
    • Product line
      • A group of products that are closely related because they may:
        • function in a similar manner
        • be sold to the same customer groups,
        • be marketed through the same types of outlets
        • fall within given price ranges
    • Individual Product
    • Product Line
    • Product Mix
    Key Decisions Goal 2: Learn decisions companies make regarding products
  • 14. Product and Service Decisions
    • Individual Product
    • Product Line
    • Product Mix
    • Product line length
      • Line stretching: adding products that are higher or lower priced than the existing line
      • Line filling: adding more items within the present price range
    Key Decisions Goal 2: Learn decisions companies make regarding products
  • 15. Product and Service Decisions
    • Individual Product
    • Product Line
    • Product Mix
    • Product mix
      • Also known as product assortment
      • Consists of all the product lines and items that a particular seller offers for sale
    Key Decisions Goal 2: Learn decisions companies make regarding products
  • 16. Product and Service Decisions
    • Individual Product
    • Product Line
    • Product Mix
    • Product mix width:
      • Number of different product lines carried by company
    • Product mix depth:
      • Number of different versions of each product in the line
    • Product mix consistency
    Key Decisions Goal 2: Learn decisions companies make regarding products
  • 17. Branding Strategy
    • Brand equity is the positive differential effect that knowing the brand name has on customer response to the product or service
    • One measure of equity is the extent to which customers are willing to pay more for the brand
    • Brand valuation is the process of estimating the total financial value of a brand
    Goal 3: Understand branding strategy
  • 18. Branding Strategy
    • Brands with strong equity have many competitive advantages:
      • High consumer awareness
      • Strong brand loyalty
      • Helps when introducing new products
      • Less susceptible to price competition
    Goal 3: Understand branding strategy
  • 19. Brand Strategy
    • Brand Positioning
    • Brand Name Selection
    • Brand Sponsorship
    • Brand Development
    • Three levels of positioning:
      • Product attributes
        • Least effective
      • Benefits
      • Beliefs and values
        • Taps into emotions
    Key Decisions Goal 3: Understand branding strategy
  • 20. Brand Strategy
    • Brand Positioning
    • Brand Name Selection
    • Brand Sponsorship
    • Brand Development
    • Good Brand Names:
      • Suggest something about the product or its benefits
      • Are easy to say, recognize and remember
      • Are distinctive
      • Are extendable
      • Translate well into other languages
      • Can be registered and legally protected
    Key Decisions Goal 3: Understand branding strategy
  • 21. Brand Strategy
    • Brand Positioning
    • Brand Name Selection
    • Brand Sponsorship
    • Brand Development
    • Manufacturer brands
    • Private (store) brands
      • Costly to establish and promote
      • Higher profit margins
    • Licensed brands
      • Name and character licensing has grown
    • Co-branding
      • Advantages / disadvantages
    Key Decisions Goal 3: Understand branding strategy
  • 22. Brand Strategy
    • Brand Positioning
    • Brand Name Selection
    • Brand Sponsorship
    • Brand Development
    • Line extensions
      • Minor changes to existing products
    • Brand extensions
      • Successful brand names help introduce new products
    • Multibrands
      • Multiple product entries in a product category
    • New brands
      • New product category
    Key Decisions Goal 3: Understand branding strategy
  • 23. Managing Brands
    • Brands are known through advertising, personal experience, word of mouth, the Internet
    • Everyone in the company represents the brand
    • Companies need to periodically run a brand audit
    Goal 3: Understand branding strategy
  • 24. Services Marketing
    • Services
      • Account for 74% of U.S. gross domestic product.
      • Service industries include business organizations, government, and private not-for-profit organizations.
    Goal 3: Understand branding strategy
  • 25. Characteristics of Services
    • Intangibility
      • Consumers look for service quality signals
    • Inseparability
      • Services can’t be separated from providers
    • Variability
      • Employees and other factors result in variability
    • Perishability
      • Services can’t be inventoried for later sale
    Goal 3: Understand branding strategy
  • 26. Service Firm Marketing Strategies
    • The Service-Profit Chain
      • Internal Marketing
      • Interactive Marketing
    • Managing Service Differentiation
    • Managing Service Quality
    • Managing Service Productivity
    Goal 4: Identify 4 characteristics that affect marketing a service
  • 27. Product Decisions and Social Responsibility
    • Acquiring and dropping products
    • Patent protection
    • Product quality and safety
    • Product warranties
    Goal 5: Realize additional product issues
  • 28. International Product and Services Marketing
    • Special challenges:
      • Which products should be marketed internationally?
      • Should the products be standardized or adapted for world markets? Packaging?
    Goal 5: Realize additional product issues