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Objectives Product Characteristics Building & Managing the Product Mix & Product Lines Brand Decisions Packaging & Labeling ©2000 Prentice Hall Components of the Market Offering Value-based prices Attractiveness of the market offering Product features and quality ©2000 Prentice Hall Services mix and quality Five Product Levels Potential product Augmented product Expected product Basic product Core benefit ©2000 Prentice Hall Consumer-Goods Classification Convenience Products Shopping Products Buy frequently & immediately > Low priced > Many purchase locations > Includes: • Staple goods • Impulse goods • Emergency goods Buy less frequently > Gather product information > Fewer purchase locations > Compare for: • Suitability & Quality • Price & Style Specialty Products Unsought Products Special purchase efforts > Unique characteristics > Brand identification > Few purchase locations ©2000 Prentice Hall New innovations > Products consumers don’t want to think about. >Require much advertising & personal selling Product Mix Width - number of different product lines Length - total number of items within the lines Depth - number of versions of each product ©2000 Prentice Hall Product Mix all the product lines offered Product-Line Length Line Stretching Downmarket Upmarket Two-way Line Filling Line Modernization Line Featuring & Line Pruning ©2000 Prentice Hall Two-Way Product-Line Stretch: Marriott Hotels Quality Economy Standard Good Marriott Marquis (Top executives) Price High Marriott (Middle managers) Above average Average Fairfield Inn Low (Vacationers) ©2000 Prentice Hall Superior Courtyard (Salespeople) What is a Brand? User Culture Attributes ©2000 Prentice Hall Personality Benefits Values Brand Equity Devoted to Brand Values the Brand (brand as friend) Satisfied & Switching Cost Satisfied Customer (no reason to change) No Brand Loyalty (customer will change) ©2000 Prentice Hall An Overview of Branding Decisions Branding Decision •Brand •No brand BrandSponsor Decision BrandName Decision BrandBrandStrategy Repositioning Decision Decision •Manufacturer brand •Individual brand names •Blanket family name •Separate family names •Companyindividual names •Line extension •Brand extension •Multibrands •New brands •Cobrands •Distributor (private) brand •Licensed brand ©2000 Prentice Hall •Repositioning •No repositioning Brand Strategies Brand Name Product Category Existing New Existing Line Extension Brand Extension New Multibrands New Brands ©2000 Prentice Hall Good Brand Names: Distinctive Suggest Product Qualities ©2000 Prentice Hall Suggest Product Benefits Lack Poor Foreign Language Meanings Easy to: Pronounce Recognize Remember Why Package Crucial as a Marketing Tool Self-service Consumer affluence Company & brand image Opportunity for innovation ©2000 Prentice Hall Labels Promote Describe Identify ©2000 Prentice Hall Review Product Characteristics Building & Managing the Product Mix & Product Lines Brand Decisions Packaging & Labeling ©2000 Prentice Hall
