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Product decisions chapter 8

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Product decisions chapter 8

  1. 1. Product Decisions week 7Chapter 8
  2. 2. Product Decisions Marketing mix describes how a business uses and manipulates the 4ps to market their product. Businesses employ different strategies when marketing products compared to services. As a physical product, marketers need to consider packaging, labelling and branding involved in marketing the overall product.
  3. 3. Products in the marketing Mix “Anything that can be offered to a market for attention, acquisition use or consumption that might satisfy a need or want.” Marketers refer to products as having three levels;1. The core product – immediate benefits2. Actual Product – quality, product features, styling, brand name and packaging.3. the augmented product – extras of product
  4. 4. Product Classifications Marketers have developed four product classifications in the consumer markets designed to assist in selecting a suitable marketing strategy:1. Convenience – goods bought regularly therefore familiar with type of purchase e.g milk2. Shopping – consumer will spend more time comparing and considering the various alternatives. Concluded on value for money, quality and sustainability. E.g new jeans3. Specialty – looking for a particular brand and luxury characteristic. They are expensive, exclusive and are only available to limited distributions. E,g Luxury car or boat4. Unsought products – not previously thought of by consumer or it is unaware of its existence. Example: new technologies to upgrade dvd player.
  5. 5. Individual Product Decisions Business needs to be involved in a decision making process for completing the overall product for market. Decisions faced by the marketer preparing their individual products for market include issues surrounding:- Product attributes- Branding- Packaging- Labelling- Product support services
  6. 6.  When a customer considers a familiar brand they enjoy there will be four levels:1. Attributes2. Benefits3. Values associated with brand4. conjure personality – type of person who would use it
  7. 7. Brand Strategies for Businesses There are four main brand strategies available to businesses:1. Line Extension Strategy = existing product, no brand name2. Multibrand Strategy = existing product with a new brand name3. Brand Extension = new product with an existing brand4. New Brands Strategy = for new products and new brands
  8. 8. Product decision process Consider packaging that is most appropriate for product what level of product support services will be offered to the consumers.
  9. 9. Product Line and Product Mixdecisions Turn our attention on decision made for groups of products called product lines. Product lines have similar elements such as price, or function. E.g different types of nokia phones Businesses sometimes stretch product lines upwards and downwards, meaning having quality expensive items as well as lower price items to widen target market.

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