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.

1. LESSON in Principles of Marketing

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

4. 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

5. 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

6. 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

7. 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

8. 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

9.  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

10. 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

11. Generic
Manufacturer
reseller
multiband
Mixed brand

12. Explanation
Brand names tell buyer
about product quality to
increase shopper’s
efficiency, and increase
rate of innovation in society.

13. If you are the marketer what
do you expect in solving the
gaps of the PLC?

14. 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