MARKETING-CH6

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Product, Services, and Branding Strategy

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MARKETING-CH6

  1. 1. Product, Services, and Branding Strategy Marketing : An Introduction An Asian Perspective
  2. 2. What is a Product? <ul><li>Anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. </li></ul><ul><ul><li>Includes: physical objects, services, events, persons, places, organizations, ideas, or some combination thereof. </li></ul></ul>
  3. 3. What is a Service? <ul><li>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. </li></ul><ul><ul><li>Examples: banking, hotel, airline, retail, tax preparation, home repairs. </li></ul></ul>
  4. 4. The Product-Service Continuum Sugar Restaurant University Education Pure Tangible Good Pure Service
  5. 5. Levels of a Product Figure 7.1
  6. 6. Comparison of the Product Concepts of Full Service vs No Frills or Budget Airlines
  7. 8. The Evolving Product Concept in Coffee Marketing Figure 7.3
  8. 9. Consumer Products <ul><li>Products and services bought by final consumers for personal consumption. </li></ul>
  9. 10. Convenience Products <ul><li>Purchased frequently and immediately </li></ul><ul><li>Low priced </li></ul><ul><li>Mass advertising </li></ul><ul><li>Many purchase locations </li></ul><ul><ul><li>Examples: candy, soda, newspapers </li></ul></ul>
  10. 11. Shopping Products <ul><li>Bought less frequently </li></ul><ul><li>Higher price </li></ul><ul><li>Fewer purchase locations </li></ul><ul><li>Comparison shop </li></ul><ul><ul><li>Examples: furniture, clothing, cars, appliances </li></ul></ul>
  11. 12. Specialty Products <ul><li>Special purchase efforts </li></ul><ul><li>High price </li></ul><ul><li>Unique characteristics </li></ul><ul><li>Brand identification </li></ul><ul><li>Few purchase locations </li></ul><ul><ul><li>Examples: Lamborghini, Rolex Watch </li></ul></ul>
  12. 13. Unsought Products <ul><li>New innovations </li></ul><ul><li>Products consumers do not want to think about </li></ul><ul><li>Require much advertising and personal selling </li></ul><ul><li>Examples: life insurance, cemetery plots, blood donation </li></ul>
  13. 15. Industrial Products <ul><li>Those purchased for further processing or for use in conducting business. </li></ul>
  14. 16. Industrial Products Supplies and Services Operating supplies, repair, and maintenance items Materials and Parts Raw materials, manufactured materials, and parts Capital Items Products that aid in buyer’s production or operations
  15. 17. Other Market Offerings <ul><li>Organizations: Profit (businesses) and nonprofit (schools and churches). </li></ul><ul><li>Persons: Politicians, entertainers, sports figures, doctors, and lawyers. </li></ul><ul><li>Places: create, maintain, or change attitudes or behavior toward particular places (e.g., tourism). </li></ul><ul><li>Ideas (social marketing): Public health campaigns, environmental campaigns, family planning, or human rights. </li></ul>
  16. 18. Individual Product Decisions
  17. 19. Product and Service Attributes Quality Features Style & Design Performance and Satisfaction Includes Level & Consistency Differentiates a product from the competition; assessed based on value and cost Style = Appearance Design = heart of the product
  18. 20. Branding <ul><li>Creating, maintaining, protecting, and enhancing products and services. </li></ul><ul><li>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. </li></ul>
  19. 21. Branding <ul><li>Advantages to buyers: </li></ul><ul><ul><li>Product identification </li></ul></ul><ul><ul><li>Product quality </li></ul></ul><ul><li>Advantages to sellers: </li></ul><ul><ul><li>Basis for product’s quality story </li></ul></ul><ul><ul><li>Provides legal protection </li></ul></ul><ul><ul><li>Helps to segment markets </li></ul></ul>
  20. 22. Packaging <ul><li>Designing and producing the container or wrapper for a product. </li></ul><ul><li>Developing a good package: </li></ul><ul><ul><li>Packaging concept </li></ul></ul><ul><ul><li>Package elements </li></ul></ul><ul><ul><li>Product safety </li></ul></ul><ul><ul><li>Environmental concerns </li></ul></ul>
  21. 23. Labeling <ul><li>Printed information appearing on or with the package. </li></ul><ul><li>Performs several functions: </li></ul><ul><ul><li>Identifies product or brand </li></ul></ul><ul><ul><li>Describes several things about the product </li></ul></ul><ul><ul><li>Promotes the product through attractive graphics </li></ul></ul>
  22. 24. Product Support Services <ul><li>Assess the value of current services and obtain ideas for new services. </li></ul><ul><li>Assess the cost of providing the services. </li></ul><ul><li>Put together a package of services that delights the customers and yields profits for the company. </li></ul>
  23. 25. Product Line Decisions Product Line Length Number of Items in the Product Line Stretching Lengthen beyond current range. Can be: Downward Upward Both Directions Filling Lengthen within current range
  24. 26. Product Line Stretching
  25. 27. Two-Way Stretch Marriott added the Renaissance Hotels line to serve the upper end of the market and the TownePlace Suites line to serve the moderate and lower ends.
  26. 28. Product Mix Decisions <ul><li>Product Mix : all of the product lines and items that a particular seller offers for sale. </li></ul><ul><li>Width : the number of different product lines the company carries. </li></ul><ul><li>Depth : the number of versions offered of each product in the line. </li></ul><ul><li>Consistency : how closely related the various lines are. </li></ul>
  27. 29. The Product Mix and Implications for Marketing Strategy Figure 7.6
  28. 30. Product Mixes and Product Strategies of Consumer Appliance Companies
  29. 31. Brand Equity <ul><li>The positive differential effect that knowing the brand name has on customer response to the product or service. </li></ul><ul><li>Provides: </li></ul><ul><ul><li>More brand awareness and loyalty </li></ul></ul><ul><ul><li>Basis for strong, profitable customer relationships </li></ul></ul>
  30. 32. Major Brand Strategy Decisions
  31. 33. Brand Positioning <ul><li>Can position brands at any of three levels. </li></ul>Product Attributes Product Benefits Beliefs and Values
  32. 34. Brand Name Selection <ul><li>Desirable qualities for a brand name include: </li></ul><ul><ul><li>It should suggest product’s benefits and qualities </li></ul></ul><ul><ul><li>It should be easy to pronounce, recognize, and remember </li></ul></ul><ul><ul><li>It should be distinctive </li></ul></ul><ul><ul><li>It should be extendable </li></ul></ul><ul><ul><li>It should translate easily into foreign languages </li></ul></ul><ul><ul><li>It should be capable of registration and legal protection </li></ul></ul>
  33. 35. Brand Sponsorship Four Options Co-Branding Private Brands Manufacturer’s Brands Licensed Brands
  34. 36. Brand Development Strategies Figure 7.9
  35. 37. Brand Development <ul><li>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). </li></ul><ul><li>Brand Extension : using a successful brand name to launch a new or modified product in a new category. </li></ul>
  36. 38. Brand Development <ul><li>Multibranding : offers a way to establish different features and appeal to different buying motives. </li></ul><ul><li>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. </li></ul>
  37. 39. Broadened Scope of Branding- The Branding Hierarchy Figure 7.10
  38. 40. Nature and Characteristics of a Service Figure 7.11
  39. 41. Three Types of Service Marketing Figure 7.12
  40. 42. Major Service Marketing Tasks <ul><li>Managing Service Differentiation : </li></ul><ul><ul><li>Develop a differentiated offer, delivery, and image. </li></ul></ul><ul><li>Managing Service Quality : </li></ul><ul><ul><li>Be customer obsessed, set high service quality standards, have good service recovery, empower front-line employees. </li></ul></ul><ul><li>Managing Service Productivity : </li></ul><ul><ul><li>Train current employees or hire new ones, increase quantity and sacrifice quality, harness technology. </li></ul></ul>
  41. 43. International Product and Services Marketing Decide Which Products & Services to Introduce Decide How Much to Standardize or Adapt Packaging Presents New Challenges Service Marketers Face Special Challenges Trend Toward Global Service Companies Will Continue

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