THE PRODUCT

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This lesson on Product introduces the meaning of product and other terminologies about the lesson. It also includes the discussion on branding and packaging and decisions that must be met by the marketer to efficiently manage the product life cycle in maintaining the product in a competitive situations.

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THE PRODUCT

  1. 1. LESSON in Principles of Marketing
  2. 2. Objectives  Define and classify Product according to consumer and industrial goods categories; Brand, Brand Name, Brand Mark; Packaging, Label, Warranty  Distinguish brand, brand name, and brand mark  Discuss Product Life Cycle and Product Differentiation  Conclude when a product need not be branded and explain why.  Give examples of Branding Strategies  Confirm expectations of a marketer in solving the sales/volume gap in a Cycle of Product Analysis
  3. 3. Unlock Difficulties  Product  Brand  Brand Name-words, letters, numbers that can be vocalized  Brand Mark can’t be vocalized  Packaging/Package  Label  Warranty Immediate container, protects the product or shipping package Brand, descriptive, promotional label Express Warranties: a) Limited Warranty b). Full Warranty Implied Warranties Obligations/responsibility for product deficiencies Name, term, sign, symbol, design, trademark Physical object, service, place, idea, organization, personality Satisfy physical, social, symbolic, psychological wants and needs
  4. 4. Define or give meanings to the following  Product  Brand  Brand Name-words, letters, numbers that can be vocalized  Brand Mark- can’t be vocalized  Packaging/Package  Label  Warranty
  5. 5. CLASSIFICATION OF PRODUCTS (2)  CONSUMER GOODS Rate of Consumption and Tangibility Consumer Shopping Habits DURABLE NON- DURABLE SERVICES convenience Shopping Specialty New Unsought Regular Unsought Survive many uses Consumed in one or few uses Intangible goods
  6. 6. CLASSIFICATION OF PRODUCTS (2)  INDUSTRIAL GOODS Goods that are used in the production of other goods INSTALLATIONS ACCESSORY EQUIPMENT RAW MATERIALS COMPONENT PARTS/MATERIALS SUPPLIES SERVICES A Product is Differentiated due to: 1. Branding 2. Quality 3. Image 4. Product Features 5. Packaging 6. Location 7. Promotion 8. Innovation 9. Different Service Levels
  7. 7. Product Life Cycle- the period between the birth and death of a product Slow sales growth, heavy promotional expenditures, high prices , limited product offerings Sales climbing rapidly, Decrease on promotional expenditures due to rapid increase on sales, prices tend to remain high, new forms of products Sales settle down as product becomes well known, price reduction used as tool to competition that is intensified, saturated market Pruning of Product model, reduce promotions, phasing out
  8. 8.  Demand is large  Demand is strong enough to make effort profitable  There is economies of scale-Cost as more units are sold  Product Quality is best for the Price and Quality  Brand/Trademark be made easy to be identified  Availability is dependable and widespread  Favorable shelf location/ display space in stores for retailing
  9. 9. Importance of PRODUCT LIFE CYCLE 3. Assist Marketer in achieving marketing goals 2. Knowledge for Decision Making 1. Provides guide in adapting appropriate marketing strategies
  10. 10. Generic Manufacturer reseller multiband Mixed brand
  11. 11. Explanation Brand names tell buyer about product quality to increase shopper’s efficiency, and increase rate of innovation in society.
  12. 12. If you are the marketer what do you expect in solving the gaps of the PLC?
  13. 13. Assignment  Define price; pricing;  Distinguish the forms of Price  Illustrate the pricing procedure  Give examples of Pricing Strategy  Compute the economic feasibility of price alternatives in the given example  Apply the pricing approaches in: Cost Based approach, Buyer Based Approach, and Competition Based Approach  Reflect on the given pricing approaches  Answer a 5 item recall test on pricing approaches and economic feasibility of price alternatives

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