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Kotler, P. & Armstrong, G., 2006, Principles of Marketing, New Jersey: Pearson Education, Inc., Ch.8 • A Product is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. • Includes: – – – – – – – – Physical Objects Services Events Persons Places Organizations Ideas Combinations of the above • A Service is a form of product that consist of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything. • Examples include: – Banking – Hotels – Tax Preparation – Home Repair Services Augmented Product Installation Packaging Delivery & Credit Brand Name Quality Level Core Benefit or Service Features Design Warranty Actual Product Core Product AfterSale Service • • Convenience Products Buy frequently & immediately Low priced Mass advertising Many purchase locations i.e Candy, newspapers Specialty Products Special purchase efforts High price Unique characteristics Brand identification Few purchase locations i.e Lamborghini, Rolex • • Shopping Products Buy less frequently Higher price Fewer purchase locations Comparison shop i.e Clothing, cars, appliances Unsought Products New innovations Products consumers don’t want to think about these products Require much advertising & personal selling i.e Life insurance, blood donation Materials and Parts Capital Items Supplies and Services • Activities undertaken to create, maintain, or change the attitudes and behavior toward the following: – Organizations - Profit (businesses) and nonprofit (schools and churches). – Persons – Politicians, entertainers, sports figures, doctors and lawyers. – Places - Business sites and tourism. – Ideas (social ideas marketing) – public health campaigns, environmental campaigns, and others such as family planning, or human rights. Product Attributes Branding Labeling Packaging Product Support Services Design over performance: The iMac has less features than many computers, but its untraditional design grabbed it a number two spot on the best-selling computer list only a month after its introduction. Click to return. Developing a Product or Service Involves Defining the Benefits that it Will Offer Such as: Product Quality Ability of a Product to Perform Its Functions; Includes Level & Consistency Product Features Help to Differentiate the Product from Those of the Competition Product Style & Design Process of Designing a Product’s Style & Function BRAND A classic labeling example . What about thi s l abe l he lps to se ll the pr oduc t? A name, term, sign, symbol, or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. Words, letters, and/or number that can be vocalized. Click or pres s s pacebar to r et urn. BRAND NAME* BRAND MARK* Part of the brand that appears in the form of a symbol, design, or distinctive color or lettering. TRADEMARK* A brand that has been adopted by a seller and given legal protection. * Stanton, W.J., Etzel, M.J., & Walker, B.J., 1994, Fundamentals of Marketing, USA: McGraw-Hill, Inc., p. 262 Consistency Quality & Value Attributes Advantages of Brand Names High Brand Loyalty Brand Equity Name Awareness Identification Strong Brand Association Perceived Quality Brand Name Selection Selection Protection Brand Sponsor Manufacturer’s Brand Private Brand Licensed Brand Co-branding Brand Strategy Line Extensions Brand Extensions Multibrands New Brands This business-to-business ad offers to provide ecologically sound packaging. Besides its impact on the environment, what aspects of packaging can help/hinder product sales? How have these products become known by their packaging: •Cracker Jacks? •Capri Sun? • Activity of designing and producing the container or wrapper for a product. • Packaging used to just contain and protect the product. • Packing now has promotional value and marketers should: – Establish a packaging concept, – Develop specific elements of the package, – Tie together elements to support the positioning and marketing strategy. A classic labeling example . • Printed information appearing on or with the package. • Performs several functions: – Identifies product or brand – Describes several things about the product – Promotes the product through attractive graphics. What about thi s l abe l he lps to se ll the pr oduc t? Click or pres s s pacebar to r et urn. PRODUCT LINE A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges. PRODUCT MIX (OR PRODUCT ASSORTMENT) The set of all product lines and items that a particular seller offer for sale. Detergents Product-Mix Width Toothpaste Bar Soap Product Line Length Ivory Snow (1930) Gleen (1952) Ivory (1879) Dreft (1933) Crest (1955) Camay (1926) Tide (1946) Zest (1952) Cheer (1950) Safeguard (1963) Dash (1954) Oil of Olay (1993) Bold (1965) Gain (1966) Era (1072) Disposable Paper Diapers Products Pampers (1961) Charmin (1928) Lives (1976) Puffs (1960) Bouty (1965) PROCTER & GAMBLE’S PRODUCT PORTFOLIO Consistency Width - number of different product lines Length - total number of items in product lines Depth - number of versions of each product Product Mix all the product lines & items offered Sales/Profit Sales + Profit 0 Period I II III IV SALE S COSTS PER CUSTOME R PROFITS CUSTOMER S COMPETITO RS INTRODUCTI ON LOW HIGH NEGATIVE INNOVATORS FEW GROWTH RAPID LY RISING AVERAGE RISING EARLY ADOPTERS GROWING NUMBER MATURITY PEAK LOW HIGH MIDDLE MAJORITY STABLE NUMBER – BEGIN TO DECLINING DECLINE DECLI N-ING LOW DECLININ G LAGGARDS DECLINING NUMBER MARKETING OBJECTIVES PRODUCT PRICE DISTRIBUTIO N INTRODUCTI ON CREATE PRODUCT OFFER AWARENESS & BASIC TRAIL PRODUCT USE COSTPLUS BUILD SELECTIVE DISTRIBUTION GROWTH MAXIMIZE MARKET SHARE PRICE TO PENETRATE MARKET BUILD INTENSIVE DISTRIBUTION MATURITY MAXIMAZE PROFIT DIVERSIFY WHILE DEFNDING BRAND & MARKET SHARE MODELS PRICE TO MATCH/BEAT COMPETITO RS BUILD MORE INTENSIVE DISTRIBUTION DECLINE REDUCE EXPENDITURE & MILK THE BRAND CUT PRICE GO SELECTIVE PHASE OUT UNPROFITABL E OUTLETS OFFER PRODUCT EXTENSION S, SERVICE, WARRANTY PHASE OUT WEAK ITEMS ADVERTISING SALES PROMOTION INTRODUCTIO N BUILD PRODUCT AWARENESS AMONG EARLY ADAPTORS & DEALERS USE HEAVY SALES PROMOTION TO ENTICE TRIAL GROWTH BUILD AWARENESS & INTEREST IN THE MASS MARKET REDUCE THE TAKE ADVANTAGE OF HEAVY CONSUMER DEMAND MATURITY STRESS BRAND DIFFERENCES & BENEFITS INCREASE TO ENCOURAGE BRAND SWITCHING DECLINE REDUCE THE LEVEL NEEDED TO RETAIN HARD-CORE LOYALS REDUCE TO MINIMAL LEVEL NEW PRODUCT DEVELOPMENT STAGES 1. IDEA GENERATION a. INTERNAL IDEA SOURCES i. FORMAL R&D ii. EXECUTIVES & EMPLOYEES b. EXTERNAL IDEA SOURCES i. CUSTOMERS ii. COMPETITORS iii. DISTRIBUTORS & SUPPLIERS NEW PRODUCT DEVELOPMENT STAGES 2. IDEA SCREENING 3. CONCEPT DEVELOPMENT & TESTING 4. MARKETING STRATEGY DEVELOPMENT 5. BUSINESS ANALYSIS 6. PRODUCT DEVELOPMENT 7. TEST MARKETING 8. COMMERCIALIZATION