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Chapter Eight Products, Services, and Brands: Building Customer Value Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 1 Product, Services, and Branding Strategy Topic Outline • What Is a Product? • Product and Services Decisions • Branding Strategy: Building Strong Brands • Services Marketing Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 2 What Is a Product? Products, Services, and Experiences • Product is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want • Products include more than just tangible objects such as cars, computers or cell phones. Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 3 What Is a Product? Products, Services, and Experiences • Broadly defined, “products” also include service, events, persons , places , organizations , ideas , or mixes of these. • Services are the form of product that consists of activities, benefits or satisfactions offered for sale that are essentially intangible and don’t result in the ownership of anything such as Banking Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 4 What Is a Product? Products , services and experiences • Product is a key element in the overall marketing offering, marketing mix planning begins with building an offering that brings value to target customers. • This offering becomes the basis upon which the company builds profitable customer relationships • A company’s market offering includes both tangible goods and services Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 5 What Is a Product? Products , services and experiences • The offer may consist of a pure tangible good such as soap, toothpaste or salt. • At the other extreme are the pure services for which the offer consists primarily of a service. Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 6 What Is a Product? Products , services and experiences • Experiences represent what buying the product or service will do for the customer • Experiences have always been an important part of marketing for some companies • Companies that market experiences realize that customers are really buying much more than just products and services, they are buying what those offers will do for them Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 7 A ________ is anything that can be offered to a market that might satisfy a need or a want. 1. 2. 3. 4. position product promotion none of the above Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 8 A ________ is anything that can be offered to a market that might satisfy a need or a want. 1. 2. 3. 4. position product promotion none of the above Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 9 What Is a Product? Levels of Product and Services • Product planners need to think about products and services on three levels, each level adds more customer value. The most basic level is the core customer value, which addresses the question “ what is the buyer really buying ? “ • When designing products, marketers must first define the core, problem solving benefits or services that consumers seek Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 10 What Is a Product? Levels of Product and Services • At the second level, product planners must turn the core benefits into an actual product, they need to develop product and service features, design, a quality level or a brand name and packaging. • For Ex. The BlackBerry is an actual product. Its name , parts, styling, features have all been combined to deliver the core customer value Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 11 What Is a Product? Levels of Product and Services • Finally , product planners must build an augmented product around the core benefit and actual product by offering additional consumer services and benefits. • For ex. The BlackBerry solution offers more than just a communication device, it provides customers with a complete solution to mobile connectivity problems. Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 12 What Is a Product? Levels of Product and Services Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 13 The most basic level of a product is called its ________. 1. 2. 3. 4. augmented product actual product core benefit position Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 14 The most basic level of a product is called its ________. 1. 2. 3. 4. augmented product actual product core benefit position Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 15 What Is a Product? Product and Service Classifications Consumer products Industrial products Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 16 What Is a Product? Product and Service Classifications • Consumer products are products and services for personal consumption • Classified by how consumers buy them – – – – Convenience products Shopping products Specialty products Unsought products Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 17 What Is a Product? Product and Service Classifications • Convenience products are consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort • Newspapers • Candy • Fast food • They are usually low priced, and marketers place them in many locations to make them available when consumers need them Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 18 What Is a Product? • • • • Product and Service Classifications Shopping products are consumer products and services that the customer compares carefully on suitability, quality, price, and style Furniture Cars Shopping products marketers distribute their products through fewer outlets but provide deeper sales support to help customers in their comparison efforts. Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 19 What Is a Product? Product and Service Classifications • Specialty products are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort • Medical services • Designer clothes • Buyers normally don’t compare specialty products, they invest only the time needed to reach dealers carrying the wanted products Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 20 What Is a Product? Product and Service Classifications • Unsought products are consumer products that the consumer does not know about or knows about but does not normally think of buying • Life insurance • Funeral services • Blood donations • Unsought products require a lot of advertising, personal selling, and other marketing efforts Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 21 What Is a Product? Product and Service Classifications • Industrial products are products purchased for further processing or for use in conducting a business • Classified by the purpose for which the product is purchased – Materials and parts – Capital – Supplies and services Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 22 Types of consumer products include convenience products, shopping products, specialty products, and ________ products. 1. 2. 3. 4. unique luxury unsought all of the above Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 23 Types of consumer products include convenience products, shopping products, specialty products, and ________ products. 1. 2. 3. 4. unique luxury unsought all of the above Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 24 ________ products are purchased frequently, with little comparison or shopping effort. 1. 2. 3. 4. Convenience Shopping Industrial Unsought Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 25 ________ products are purchased frequently, with little comparison or shopping effort. 1. 2. 3. 4. Convenience Shopping Industrial Unsought Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 26 Consumer product with unique brand identification for which buyers are willing to make a special purchase effort is called _________ product. 1. 2. 3. 4. convenience shopping specialty unsought Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 27 Consumer product with unique brand identification for which buyers are willing to make a special purchase effort is called _________ product. 1. 2. 3. 4. convenience shopping specialty unsought Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 28 ________ products are those purchased for further processing or for use in conducting a business. 1. 2. 3. 4. Industrial Shopping Unsought Physical Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 29 ________ products are those purchased for further processing or for use in conducting a business. 1. 2. 3. 4. Industrial Shopping Unsought Physical Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 30 What Is a Product? Product and Service Classifications Capital items are industrial products that aid in the buyer’s production or operations Materials and parts include raw materials and manufactured materials and parts usually sold directly to industrial users Supplies and services include operating supplies, repair and maintenance items, and business services Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 31 Your visit to a doctor’s office is an example of a ________. 1. 2. 3. 4. pure tangible good pure intangible good unsought product impure tangible good Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 32 Your visit to a doctor’s office is an example of a ________. 1. 2. 3. 4. pure tangible good pure intangible good unsought product impure tangible good Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 33 What Is a Product? Organizations, Persons, Places, and Ideas • • • Organization marketing consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward an organization Both profit and non profit organization practice organization marketing Business firms sponsor public relations or corporate image advertising campaign to market themselves and polish their images Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 34 What Is a Product? Organizations, Persons, Places, and Ideas • • Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Person marketing consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward particular people. People use person marketing to build their reputation Chapter 8 - slide 35 What Is a Product Organizations, Persons, Places, and Ideas Place marketing consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward particular places Social marketing is the use of commercial marketing concepts and tools in programs designed to influence individuals’ behavior to improve their well-being and that of society Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 36 What Is a Product Organizations, Persons, Places, and Ideas • Social marketing programs include public health campaigns to reduce smoking , alcoholism, drug abuse, and obesity • Other social marketing efforts include environmental campaign to promote clean air and conservation • Still others address issues such as family planning and human rights and racial equality Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 37 Product and Service Decisions Individual Product and Service Decisions Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 38 Product and Service Decisions Individual Product and Service Decisions Product attributes are the benefits of the product or service • Quality • Features • Style and design Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 39 Product and Service Decisions Individual Product and Service Decisions • Quality has a direct impact on product or service performance, thus , its closely linked to customer value and satisfaction. • Quality can be defined as “ freedom from defects” • The American society for quality defines quality as the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 40 Product and Service Decisions Individual Product and Service Decisions Product quality includes level and consistency • Quality level is the level of quality that supports the product’s positioning • Conformance quality is the product’s freedom from defects and consistency in delivering a targeted level of performance Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 41 The two dimensions of product quality are ________ and ________. 1. 2. 3. 4. value; features style; design level; consistency style; value Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 42 The two dimensions of product quality are ________ and ________. 1. 2. 3. 4. value; features style; design level; consistency style; value Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 43 Product and Service Decisions Individual Product and Service Decisions Product features are a competitive tool for differentiating a product from competitors’ products Product features are assessed based on the value to the customer versus the cost to the company Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 44 Product and Service Decisions Individual Product and Service Decisions Style describes the appearance of the product Design contributes to a product’s usefulness as well as to its looks. It goes to the very heart of a product Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 45 Product and Service Decisions Individual Product and Service Decisions Brand is the name, term, sign, or design—or a combination of these—that identifies the maker or seller of a product or service Brand equity is the differential effect that the brand name has on customer response to the product and its marketing Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 46 Product and Service Decisions Individual Product and Service Decisions • Branding helps buyers in many ways. Brand names help consumers identify products that might benefit them. Brands also say something about product quality and consistency • Buyers who always buy the same brands know that they will get the same features , benefits and quality each time they buy. Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 47 Product and Service Decisions Individual Product and Service Decisions Packaging involves designing and producing the container or wrapper for a product The primary function of the package was to hold and protect the product Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 48 Product and Service Decisions Individual Product and Service Decisions • Labels range from simple tags attached to products to complex graphics that are part of the package • Labels identify the product or brand, describe attributes, and provide promotion Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 49 Product and Service Decisions Individual Product and Service Decisions Product support services augment actual products Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 50 Product and Service Decisions Individual Product and Service Decisions • Customer service is another element of the product strategy. A company’s offer usually includes some support services, which can be a minor or a major part of the total offering. Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 51 A(n) ________ is a name, term, sign, symbol, or 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. 1. 2. 3. 4. package position image brand Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 52 A(n) ________ is a name, term, sign, symbol, or 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. 1. 2. 3. 4. package position image brand Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 53 The designing and producing of the container or wrapper for a product is called ________. 1. 2. 3. 4. packaging labeling manufacturing industrial design Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 54 The designing and producing of the container or wrapper for a product is called ________. 1. 2. 3. 4. packaging labeling manufacturing industrial design Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 55 Product and Service Decisions Product Line Decisions Product line is 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 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 56 Product and Service Decisions Product Line Decisions Product line length is the number of items in the product line • Line stretching • Line filling Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 57 A company can lengthen its product line by ________ it or by ________ it. 1. 2. 3. 4. modifying; stretching stretching; switching filling; stretching brushing; combing Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 58 A company can lengthen its product line by ________ it or by ________ it. 1. 2. 3. 4. modifying; stretching stretching; switching filling; stretching brushing; combing Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 59 Product and Service Decisions Product Mix Decisions Product mix consists of all the products and items that a particular seller offers for sale • Width • Length • Depth • Consistency Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 60 Which of the following is not a dimension in a company’s product mix? 1. 2. 3. 4. Width Depth Consistency Age Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 61 Which of the following is not a dimension in a company’s product mix? 1. 2. 3. 4. Width Depth Consistency Age Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 62 Branding Strategy: Building Strong Brands Brand represents the consumer’s perceptions and feelings about a product and its performance. It is the company’s promise to deliver a specific set of features, benefits, services, and experiences consistently to the buyers Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 63 Branding Strategy: Building Strong Brands Brand Positioning Brand strategy decisions include: • Product attributes • Product benefits • Product beliefs and values Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 64 Branding Strategy: Building Strong Brands Brand Name Selection Desirable qualities 1. Suggest benefits and qualities 2. Easy to pronounce, recognize, and remember 3. Distinctive 4. Extendable 5. Translatable for the global economy 6. Capable of registration and legal protection Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 65 Branding Strategy: Building Strong Brands Brand Sponsorship Manufacturer’s brand Private brand Licensed brand Co-brand Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 66 Branding Strategy: Building Strong Brands Brand Development Strategies Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 67 A good brand name should do which of the following? 1. 2. 3. 4. Suggest something about the product’s benefits Be easy to translate into other languages Be capable of registration and legal protection All of the above Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 68 A good brand name should do which of the following? 1. 2. 3. 4. Suggest something about the product’s benefits Be easy to translate into other languages Be capable of registration and legal protection All of the above Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 69 A ________ brand is created by a reseller of a product or service. 1. 2. 3. 4. private tangible value shopping Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 70 A ________ brand is created by a reseller of a product or service. 1. 2. 3. 4. private tangible value shopping Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 71 Purina Tuna would be a poor attempt at a ________. 1. 2. 3. 4. specialty good brand extension multibrand new brand Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 72 Purina Tuna would be a poor attempt at a ________. 1. 2. 3. 4. specialty good brand extension multibrand new brand Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 73 Services Marketing Types of Service Industries • Government • Private not-for-profit organizations • Business services Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 74 Services Marketing Nature and Characteristics of a Service Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 75 Which of the following is not a special characteristic of service? 1. 2. 3. 4. Tangibility Inseparability Variability Perishability Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 76 Which of the following is not a special characteristic of service? 1. 2. 3. 4. Tangibility Inseparability Variability Perishability Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 77 Services Marketing Marketing Strategies for Service Firms In addition to traditional marketing strategies, service firms often require additional strategies • Service-profit chain • Internal marketing • Interactive marketing Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 78 Services Marketing Marketing Strategies for Service Firms Service-profit chain links service firm profits with employee and customer satisfaction • Internal service quality • Satisfied and productive service employees • Greater service value • Satisfied and loyal customers • Healthy service profits and growth Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 79 Services Marketing Marketing Strategies for Service Firms Internal marketing means that the service firm must orient and motivate its customer contact employees and supporting service people to work as a team to provide customer satisfaction Internal marketing must precede external marketing Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 80 Services Marketing Marketing Strategies for Service Firms Interactive marketing means that service quality depends heavily on the quality of the buyer-seller interaction during the service encounter • Service differentiation • Service quality • Service productivity Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 81 Services Marketing Marketing Strategies for Service Firms Managing service differentiation creates a competitive advantage from the offer, delivery, and image of the service • Offer can include distinctive features • Delivery can include more able and reliable customer contact people, environment, or process • Image can include symbols and branding Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 82 Services Marketing Marketing Strategies for Service Firms Managing service quality provides a competitive advantage by delivering consistently higher quality than its competitors Service quality always varies depending on interactions between employees and customers Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 83 Services Marketing Marketing Strategies for Service Firms Managing service productivity refers to the cost side of marketing strategies for service firms • Employee recruiting, hiring, and training strategies • Service quantity and quality strategies Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 84 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States of America. Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 8 - slide 85