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Products, Services, & Branding

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Chapter 7 Powerpoint

Chapter 7 Powerpoint

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  • 1. Chapter Seven
    Product, Services, and Branding Strategy
  • 2. Copyright 2007, Prentice Hall, Inc.
    7-2
    Define product and the major classifications of products and services.
    Describe the decisions companies make regarding their individual products and services, product lines, and product mixes.
    Discuss branding strategy – the decisions firms make in building and managing their brands.
    Identify the four characteristics that affect the marketing of a service and the additional marketing considerations that services require.
    Discuss two additional product issues: socially responsible product decisions and international product and services marketing.
  • 3. Copyright 2007, Prentice Hall, Inc.
    7-3
    Case Study
    FIJI Water – “The Taste of Paradise”
    Product
    Brand name: FIJI Natural Artesian Water.
    Product source: comes from an underground location in Fiji islands.
    Key benefits: ultra-clean taste, no impurities or pollutants.
    Brand image: “The Taste of Paradise”
    Promotion
    It’s a brand experience!
    Name, packaging, label, celebrity endorsers and places through which it is sold contributes to “Taste of Paradise” imagery.
    Ads evoke exotic origins: tropical forest, volcanoes.
    High price charged supports premium appeal.
  • 4. Copyright 2007, Prentice Hall, Inc.
    7-4
    What Is a Product?
    Anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.
    Includes: physical objects, services, events, persons, places, organizations, ideas, or some combination thereof.
  • 5. Copyright 2007, Prentice Hall, Inc.
    7-5
    What Is a 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.
    Examples: banking, hotel, airline, retail, tax preparation, home repairs.
  • 6. Copyright 2007, Prentice Hall, Inc.
    7-6
    Market Offerings
    Continuum ranges from pure tangible goods (with no services) to pure services (with no good component) with many combinations in between.
    Pure good: Camay soap.
    Pure service: Legal representation.
    Combination: Restaurant meal.
    Creating and managing customer experiences differentiates offers.
  • 7. Copyright 2007, Prentice Hall, Inc.
    7-7
    Levels of a Product
    Core benefit
    What the consumer is really buying.
    Actual product
    Includes the brand name, features, design, packaging, quality level.
    Augmented product
    Additional services and benefits such as delivery and credit, instructions, installation, warranty, service.
  • 8. Copyright 2007, Prentice Hall, Inc.
    7-8
    Consumer Products
    Products and services bought by final consumers for personal consumption.
    Also includes other marketable entities.
    Classified by how consumers buy them.
  • 9. Copyright 2007, Prentice Hall, Inc.
    7-9
    Convenience Products
    Purchased frequently and immediately
    Low priced
    Mass advertising
    Many purchase locations
    Examples: candy, soda, newspapers
  • 10. Copyright 2007, Prentice Hall, Inc.
    7-10
    Shopping Products
    Bought less frequently
    Higher price
    Fewer purchase locations
    Comparison shop
    Examples: furniture, clothing, cars, appliances
  • 11. Copyright 2007, Prentice Hall, Inc.
    7-11
    Specialty Products
    Special purchase efforts
    High price
    Unique characteristics
    Brand identification
    Few purchase locations
    Example: Lamborghini, Rolex Watch
  • 12. Copyright 2007, Prentice Hall, Inc.
    7-12
    Unsought Products
    New innovations
    Products consumers do not want to think about
    Require much advertising and personal selling
    Examples: life insurance, cemetery plots, blood donation
  • 13. Copyright 2007, Prentice Hall, Inc.
    7-13
    Industrial Products
    Those purchased for further processing or for use in conducting business.
    Distinction between consumer and industrial products is based on the purpose for which an item is bought.
  • 14. Copyright 2007, Prentice Hall, Inc.
    7-14
    Industrial Products
    Materials and parts:
    Raw materials, manufactured materials, and parts
    Capital items:
    Products that aid in buyer’s production or operations
    Supplies and services:
    Operating supplies, repair, and maintenance items
  • 15. Copyright 2007, Prentice Hall, Inc.
    7-15
    Other Market Offerings
    Organizations: Profit (businesses) and nonprofit (schools and churches).
    Includes corporate image advertising.
    Persons: Politicians, entertainers, sports figures, doctors, and lawyers.
    Places: Create, maintain, or change attitudes or behavior toward particular places (e.g., tourism).
    Ideas (social marketing): Public health campaigns, environmental campaigns, family planning, or human rights.
  • 16. Copyright 2007, Prentice Hall, Inc.
    7-16
    Individual Product Decisions
    Product attributes
    Branding
    Packaging
    Labeling
    Product support services
  • 17. Copyright 2007, Prentice Hall, Inc.
    7-17
    Product & Service Attributes
    Product quality
    Performance quality
    Conformance quality
    Features
    Value to consumer
    Cost to company
    Style and design
    Influences experience
  • 18. Copyright 2007, Prentice Hall, Inc.
    7-18
    Branding
    Creating, maintaining, protecting, and enhancing products and services.
    A brand is a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.
  • 19. Copyright 2007, Prentice Hall, Inc.
    7-19
    Branding
    Advantages to buyers:
    Product identification
    Product quality
    Advantages to sellers:
    Basis for product’s quality story
    Provides legal protection
    Helps to segment markets
  • 20. Copyright 2007, Prentice Hall, Inc.
    7-20
    Packaging
    Designing and producing the container or wrapper for a product.
    Developing a good package:
    Market the brand
    Protect the elements
    Ensure product safety
    Address environmental concerns
  • 21. Copyright 2007, Prentice Hall, Inc.
    7-21
    Labeling
    Printed information appearing on or with the package.
    Performs several functions:
    Identifies product or brand
    Describes several things about the product
    Promotes the product through attractive graphics
  • 22. Copyright 2007, Prentice Hall, Inc.
    7-22
    Product Support Services
    Assess the value of current services and obtain ideas for new services.
    Assess the cost of providing the services.
    Put together a package of services that delights the customers and yields profits for the company.
  • 23. Copyright 2007, Prentice Hall, Inc.
    7-23
    Product Line Decisions
    Product line length:
    The number of items in a product line.
    Adjust line length by:
    Stretching
    Downward
    Upward
    Both directions
    Filling
  • 24. Copyright 2007, Prentice Hall, Inc.
    7-24
    Product Mix Decisions
    Product mix:
    all of the product lines and items that a particular seller offers for sale.
    Product mix dimensions include:
    Length: the number of items in a line.
    Width: the number of different product lines the company carries.
    Depth: the number of versions offered of each product in the line.
    Consistency: how closely related various lines are.
  • 25. Copyright 2007, Prentice Hall, Inc.
    7-25
    Brand Equity
    The positive differential effect that knowing the brand name has on customer response to the product or service.
    Provides:
    More brand awareness and loyalty
    Basis for strong, profitable customer relationships
  • 26. Copyright 2007, Prentice Hall, Inc.
    7-26
    Major Brand Strategy Decisions
    Brands are assets that must be carefully developed and managed via:
    Brand positioning
    Brand name selections
    Brand sponsorship
    Brand development
  • 27. Copyright 2007, Prentice Hall, Inc.
    7-27
    Brand Positioning
    Can position brands at any of three levels:
    Product attributes
    Product benefits
    Beliefs and values
  • 28. Copyright 2007, Prentice Hall, Inc.
    7-28
    Brand Name Selection
    Desirable qualities for a brand name include:
    It should suggest product’s benefits and qualities.
    It should be easy to pronounce, recognize, and remember.
    It should be distinctive.
    It should be extendable.
    It should translate easily into foreign languages.
    It should be capable of registration and legal protection.
  • 29. Copyright 2007, Prentice Hall, Inc.
    7-29
    Brand Sponsorship
    Manufacturer’s brands
    Also called national brands
    Private brands
    Also called store or distributor brands
    Licensed brands
    Co-branding
  • 30. Copyright 2007, Prentice Hall, Inc.
    7-30
    Brand Development
    Line extension:
    introduction of additional items in a given product category under the same brand name (e.g., new flavors, forms, colors, ingredients, or package sizes).
    Brand extension:
    using a successful brand name to launch a new or modified product in a new category.
  • 31. Copyright 2007, Prentice Hall, Inc.
    7-31
    Brand Development
    Multibranding:
    offers a way to establish different features and appeal to different buying motives.
    New brands:
    developed based on belief that the power of its existing brand is waning and a new brand name is needed. Also used for products in new product category.
  • 32. Copyright 2007, Prentice Hall, Inc.
    7-32
    Nature and Characteristics of a Service
    Intangibility:
    Services cannot be seen, tasted, felt, heard, or smelled before purchase.
    Inseparability:
    Services cannot be separated from their providers.
    Variability:
    Quality of services depends on who provides them and when, where, and how they are delivered.
    Perishability:
    Services cannot be stored for later sale or use.
  • 33. Copyright 2007, Prentice Hall, Inc.
    7-33
    The Service-Profit Chain
    Internal service quality
    Satisfied and productive service employees
    Great service value
    Satisfied and loyal customers
    Healthy service profits and growth.
  • 34. Copyright 2007, Prentice Hall, Inc.
    7-34
    Services Marketing
    External marketing:
    Traditional marketing via the 4 “P’s”
    Internal marketing:
    Effective training and motivation of customer contact employees
    Interactive marketing:
    Delivering interactions during the service encounter that are satisfying to the buyer
  • 35. Copyright 2007, Prentice Hall, Inc.
    7-35
    Major Service Marketing Tasks
    Managing service differentiation:
    Develop a differentiated offer, delivery, and image.
    Managing service quality:
    Be customer obsessed, set high service quality standards, have good service recovery, empower front-line employees.
    Managing service productivity:
    Train current employees or hire new ones, increase quantity and sacrifice quality, harness technology.
  • 36. Copyright 2007, Prentice Hall, Inc.
    7-36
    International Product and Services Marketing
    Decide which products and services to introduce.
    Decide how much to standardize or adapt.
    Packaging presents new challenges.
    Services marketers face special challenges.
    Trend toward global service companies will continue.
  • 37. Copyright 2007, Prentice Hall, Inc.
    7-37
    Define product and the major classifications of products and services.
    Describe the decisions companies make regarding their individual products and services, product lines, and product mixes.
    Discuss branding strategy – the decisions firms make in building and managing their brands.
    Identify the four characteristics that affect the marketing of a service and the additional marketing considerations that services require.
    Discuss two additional product issues: socially responsible product decisions and international product and services marketing.