* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Product
Survey
Document related concepts
Consumer behaviour wikipedia , lookup
Brand equity wikipedia , lookup
Food marketing wikipedia , lookup
Brand loyalty wikipedia , lookup
Planned obsolescence wikipedia , lookup
Youth marketing wikipedia , lookup
Advertising campaign wikipedia , lookup
Green marketing wikipedia , lookup
Brand ambassador wikipedia , lookup
Pricing strategies wikipedia , lookup
Emotional branding wikipedia , lookup
Global marketing wikipedia , lookup
Product lifecycle wikipedia , lookup
Product placement wikipedia , lookup
Marketing strategy wikipedia , lookup
Predictive engineering analytics wikipedia , lookup
Marketing channel wikipedia , lookup
Transcript
Chapter 7 Product, Services, and Branding Strategy 1 Concept Connections Define Product and the major classifications of products and services. Describe the decision companies make regarding their individual products, product lines and product mixes. Discuss branding strategy - building and managing brands. Identify the four characteristics that affect the marketing of a service. Jian Hong SHAO USTB What’s a product? Product Anything offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want. Jian Hong SHAO USTB Products Products Experiences Persons Organizations Information Places Ideas Jian Hong SHAO USTB Levels of Product and Services Jian Hong SHAO USTB Product and Service Classifications Products and services fall into two broad classes based on the types of consumers that use them: - Consumer products (Convenience, Shopping, Specialty, Unsought) - Industrial products Jian Hong SHAO USTB Types of Consumer Products - Convenience Frequent purchases bought with minimal buying effort and little comparison Low price Widespread distribution Mass promotion by producer Jian Hong SHAO USTB Types of Consumer Products -Shopping Less frequent purchases requiring more shopping effort and comparisons. Higher than convenience goods Selective distribution in fewer outlets Advertising and personal selling by producer and reseller Jian Hong SHAO USTB Types of Consumer Products -Specialty Strong brand loyalty, requires special purchase effort, little brand comparisons, and price sensitivity High price Exclusive distribution Carefully targeted promotion by producers and resellers Jian Hong SHAO USTB Types of Consumer Products - Unsought Little product awareness and knowledge (or if aware, sometimes negative interest) Pricing varies Distribution varies Aggressive advertising and personal selling Jian Hong SHAO USTB Individual Product Decisions Jian Hong SHAO USTB Product Attributes Quality - Customer value and satisfaction - TQM Features - Value to consumer - Competitive tool for differentiation Style and Design - Style describes the appearance - Design is more than skin deep Jian Hong SHAO USTB What is a Brand? A brand is a name, term, sign, symbol, or design, or a combination of these, that identify the maker or seller of a product or service. Jian Hong SHAO USTB Brand Equity Devoted to Brand (brand as a friend) Values the Brand Satisfied & Switching Cost Satisfied Customer (no reason to change) No Brand Loyalty (customer will change) Jian Hong SHAO USTB Brand Strategy -Brand Name Selection Good Brand Names: Suggest something about the product, or its benefits Are easy to pronounce, recognize and remember Are distinctive and unique Translate well into other languages Can be registered and legally protected Jian Hong SHAO USTB Brand Strategy -Brand Sponsorship Manufacturer brands Private (store) brands Higher profit margins Licensed brands Name and character licensing has grown Co-branding Advantages / disadvantages Jian Hong SHAO USTB Brand Strategy -Brand Development Brand Name Product Category Existing New Existing Line Extension Brand Extension New Multibrands New Brands Jian Hong SHAO USTB Packaging Includes primary, secondary and shipping packages. Functions -Contain and protect -Promote -Differentiate Jian Hong SHAO USTB Labeling Functions Identifies Grades Describes Promotes Jian Hong SHAO USTB Product Line Decisions Product line A group of products that are closely related because they may… function in a similar manner are sold to the same customer groups Market through the same types of outlets fall within given price ranges Jian Hong SHAO USTB Product Mix (Product Assortment) Width - # of different product lines Length - # of items within the lines Product Mix all the product lines offered by a seller Depth - # of versions of each product carried Jian Hong SHAO USTB Services Marketing Jian Hong SHAO USTB Service Firm Marketing Strategies The Service-Profit Chain Internal Marketing Interactive Marketing Jian Hong SHAO USTB Additional Product Considerations Product Decisions and Social Responsibility International Product and Services Marketing Special challenges: Which products should be marketed internationally? Should the products be standardized or adapted for world markets? How should packaging be adapted? How can other barriers be overcome? Jian Hong SHAO USTB Review of Concept Connections Define Product and the major classifications of products and services. Describe the decision companies make regarding their individual products, product lines and product mixes. Discuss branding strategy -building and managing brands. Identify the four characteristics that affect the marketing of a service. Jian Hong SHAO USTB