The document provides an overview of product and brand management, defining products as offerings to satisfy customer needs, and categorizing them into consumer, business, and industry products. It discusses the characteristics and attributes of products, the product life cycle stages, and the importance of effective brand management in building customer loyalty and brand equity. Additionally, it addresses the advantages of branding, including tracking problems and attracting loyal customers.

1. Product and Brand
Management
Chapter 01

2. What is a product?
• A product is any offering by a company to a market and that
serves to satisfy customer needs and wants defined as products
• It can be an object, service, idea etc.
• Classification of Products
1.Tangible
2. Intangible

3. Characteristics of a product
• Product characteristics vary depending on the product type, industry
standards, and consumer preferences. Businesses often prioritize a
product's attributes based on their target markets and competitive
landscapes.
• Though product characteristics vary widely, a few basic ones are universal

4. Characteristics of a product… Contd
• Product characteristics vary widely, a few basic ones are universal.
• Intended for customers: Products are typically created to be sold and
consumed by someone else, whether that is an individual consumer or a
business consumers.
• Created to provide benefits to a market: Identifying and meeting
a market need can be challenging. But at a base level, a product should
provide some advantage to users.
• Exchanged for value: The most typical value exchange is money —
meaning products have a price and can be bought and sold.

5. Product Attributes
• In addition to basic characteristics, each product has desirable attributes from the customer's point
• Quality: Superiority of the product
• Durability: Ability to withstand wear and tear
• Functionality: How well it performs an intended purpose
• Reliability: Consistency in performance and dependability over time
• Design: Aesthetics, style, visual appeal
• Usability: Ease of use/user friendliness
• Safety: No risk or hazards from using the product Compatibility: Ability to work with other
products

6. Types of products
• Many products are split among three major customer categories:
consumer, business, and industry.
• Consumer products are designed for individual and personal use,
• Business products are used by businesses in their operations or
production, and
• Industry products are customized to meet the needs of a specific vertical
(healthcare, for instance).

7. What are the three types of products?
• There are multiple ways to categorize products, but one of the most standard ways is
to split them up into three types:
• Consumer Products — Consumer products, or business-to-consumer (B2C)
products, are sold to end users and intended for personal use. Consumer products can
be further divided into convenience, shopping, specialty, and unsought products.
• Industrial Products — these are used to create other products or manage specific
systems or businesses. Industrial products are usually raw materials, parts, major
equipment, accessory equipment, or operating supplies.

8. Business Products
• Business products, or business-to-business (B2B) products, help other
companies create their own products or operate their businesses. They
can also be referred to as horizontal market products, as they are present
in multiple industries and support a wide range of business needs.
• Business products include raw materials, equipment, supplies, business
services, and software.

9. New Product Development
• Mostly new product development is an improvement on
existing products
• Less than 10% of new products are totally new concepts.

10. Success rate of new products
• The success rate of new products is very low – less than 5%.
• Product obsolescence is rapid with improvements in technology
• Shorter PLCs

11. Product Development Stages
• Idea generation
• Idea screening
• Concept development and testing
• Concept testing
• Conjoint analysis – to find out the best valued attributes
by consumers

12. Market Testing
• Test markets
• Test periods
• What information to gather?
• What action to take?

13. Commercialization
• When? (Timing)
• Where? (Which geographical markets)
• To whom? (Target markets)
• How? (Introductory Marketing strategy)

14. Product Hierarchy
1. Need
2. Product family
3. Product class
4. Product Line
5. Brand
6. Item

15. Product classification
• Durable
• Non – durable
• FMCG
• Services

16. Durable Goods
• It usually include cars, home appliances, consumer electronics,
furniture, sports equipment. When durable goods are selling
well, it generally indicates a positive economy of the country.
When sales are down, so is the health of the economy.
• The rule of thumb for this is, if it lasts longer than 3 years, it is a durable
good, and if it lasts less than 3 years, it is a non-durable good.

17. Non Durable
• Non-durable goods or soft goods are the opposite of durable
goods and are called consumables.
• It may be defined as goods that are immediately consumed in one
use or have a lifespan of less than three years.
• Examples of non-durable goods include cosmetics, cleaning
products, food, fuel, paper products, rubber, textiles, clothing and
footwear.

18. Product Mix
• The assortment of products that a company offers to a market
• Width – how many different product lines?
• Length – the number of items in the product mix
• Depth – The no. of variants offered in a product line (Range of
Products)
• Consistency – how closely the product lines are related in usage

19. Product Life Cycle
• There are four stages to the Life Cycle
1.Introduction Stage
2.Growth Stage
3.Maturity Stage
4.Decline Stage

20. Introduction Stage
• Sales are generally low and somewhat slow to take off
• Any business that is launching a new product needs to appreciate that this
initial stage could require significant investment.
• This is the pre-lunched and very beginning stage of any product or brand.
In this stage, a product is on the table of experiment and research.

21. Growth Stage
• After the introduction of the product in the market, the company
knows the response of customer toward its product.
• Growth is the Second stage of product life cycle. In this stage
company also make the heavy investment in advertising and
marketing of product because the competition is high and product
needs some support from the company in term of advertising.

22. Maturity Stage
• After growth stage, next stage is maturity stage. The product is mature and very much familiar
with market conditions and on top position in this stage, product enjoys its high market share
and cashing brand name.
• In this stage low investment required for advertisement and promotions because everyone knows
about product and ad displays.
• Now the product is earning a high profit and on its peak time. Market conditions are mature.
Competitors also know about product market share.

23. Decline Stage
• Everything in this world has to die. Here die means quitting from the market. The
product, after long time enjoying profit and sales, goes down in the market.
• There may be many reasons for it i.e. technology can be changed and new technology
can make a good product as compare to previous so in this stage, customers change
their preferences and shift to other product. Sales go down and profit also.

24. Benefits of PLC
1. With help of PLC it is easy to launch new products properly into the market
2. Reduced market entry costs
3. More efficient and profitable distribution channels
4. Higher return on investment from promotional campaigns
5. Extend the lifetime of your product by adapting your approach as it moves through the lifecycle
6. Profitable product distribution management in different markets

25. Brand Management
• Brand management is a broad term used to describe marketing strategies to
maintain, improve and bring awareness to the wider value and reputation of
a brand and its products over time.
• A strong brand management strategy helps to build and nurture closer
relationships with its audience. By building a loyal customer base, a brand’s
reputation and associated products will be perceived more positively,
subsequently driving higher revenue and better brand equity.

26. Brand Equity
• Brand equity is the value of a brand, determined by the consumer's
perception of its quality and desirability. It is based on factors such as the
brand's recognition, customer loyalty, and customer satisfaction.
• When a commodity becomes a brand, it is said to have equity.
• The premium a brand can command in the market
• The difference between the perceived value and the intrinsic value

27. Component of Brand Equity
• Brand equity has four dimensions—
1.Brand loyalty,
2.Brand awareness,
3.Brand associations, and
4.Perceived quality,
Each component of brand equity provide value to a firm in numerous ways.
• Once a brand identifies the value of brand equity, it can follow this roadmap to build
and manage that potential value.

28. Brand Power
• Customer will change brands for price reasons
• Customer is satisfied. No reason to change.
• Customer is satisfied and would take pains to get the brand
• Customer values the brand and sees it as a friend
• Customer is devoted to the brand

29. Advantages of branding
• Easy for the seller to track down problems and process orders
• Provide legal protection of unique product features
• Branding gives an opportunity to attract loyal and profitable set of customers
• It helps to give a product category at different segments, having separate bundle
of benefits
• It helps build corporate image
• It minimises harm to company reputation if the brand fails

30. Naming the Brand
• Product benefits
• Product qualities
• Easy to pronounce
• Should be distinctive
• Should not have poor meanings in other languages and countries

31. Brand strategy
• Line extension – existing brand name extended to new sizes in the
existing product category
• Brand extension – brand name extended to new product
categories
• Multibrands – new brands in the same product category
• New brands – new product in a different product category
• Cobrands –brands bearing two or more well known brand names

32. Packaging
• Packaging includes the activities of designing and producing the container
for a product and its have three levels – primary

33. Home Work
• Define product and brand
• Define stages of PLC
• Explain Benefits PLC
• Explain advantages of branding

34. Thank you