Product, Services, and Branding Strategy

8 - *DefinitionsProductAnything offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.ServiceA form of product that consists of activities, benefits or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.

8 - *

Three Levels of Product

8 - *Product ClassificationsConsumer Products

8 - *Product and Service ClassificationsConsumer productsIndustrial products Materials and parts Capital items Supplies and services

8 - *BrandA name, term, sign, symbolor design, or a combination of them, intended to identify the goodsor services of one seller or groupof sellers and to differentiatethem from those of competitors.

8 - *The Role of BrandsIdentify the makerSimplify product handlingOrganize accountingOffer legal protection

8 - *The Role of BrandsSignify qualityCreate barriers to entryServe as a competitive advantageSecure price premium

8 - *Brand ElementsElementsSlogansBrandnamesURLsLogosSymbolsCharacters

8 - *Brand Elements

8 - * Brand ElementsCompanies often create product icons to develop an identity for their products. Many made-up creatures and personalities, such as elik, Sta nek and Yumo Ay, are widely recognized figures in popular culture.

8 - *Brand Element Choice Criteria

MemorableMeaningfulLikeability

TransferableProtectible

8 - *SlogansLike a good neighbor, State Farm is thereJust do itNothing runs like a DeereHelp is just around the cornerSave 15% or more in 15 minutes or lessWe try harderWell pick you upNextel DoneZoom ZoomIm lovin itInnovation at workThis Buds for youAlways low prices

8 - *Brand StrategyBrand PositioningBrand Name Selection Brand SponsorshipBrand DevelopmentThree levels of positioning:Product attributes Least effectiveBenefitsBeliefs and values Taps into emotions

Key Decisions

8 - *Brand StrategyBrand PositioningBrand Name Selection Brand SponsorshipBrand DevelopmentGood Brand Names:Suggest something about the product or its benefitsAre easy to say, recognize and rememberAre distinctiveAre extendableTranslate well into other languagesCan be registered and legally protectedKey Decisions

8 - *Packaging: The 5th PAll the activities of designing and producingthe container for a product.

8 - *Packaging has been influenced bySelf-serviceCompany/brand imageInnovation opportunity

8 - *Innovations in Packaging

8 - *Functions of LabelsIdentifiesDescribesPromotes

8 - *Brand StrategyBrand PositioningBrand Name Selection Brand SponsorshipBrand DevelopmentManufacturer brandsPrivate (store) brandsCostly to establish and promoteHigher profit marginsLicensed brandsName and character licensing has grownCo-brandingAdvantages / disadvantagesKey Decisions

8 - *Product and Service DecisionsProduct line A group of products that are closely related because they may: function in a similar mannerbe sold to the same customer groups, be marketed through the same types of outlets fall within given price rangesKey Decisions Individual ProductProduct Line Product Mix

Personal Care(product category)

Personal Wash Skin Care Hair CareLux Fair & Lovely SunsilkLifebuoy Ponds ClinicBreeze Vaseline ClearDove 8 - *

Food(Product category)Tea Ice cream FoodBrook bond Walls KissanLipton Knorr8 - *

8 - *Product and Service DecisionsIndividual ProductProduct Line Product MixProduct line lengthLine stretching: adding products that are higher or lower priced than the existing lineLine filling: adding more items within the present price range

Key Decisions

8 - *Product and Service DecisionsIndividual ProductProduct Line Product MixProduct mixAlso known as product assortmentConsists of all the product lines and items that a particular seller offers for saleKey Decisions

8 - *Product and Service DecisionsIndividual ProductProduct Line Product MixProduct mix width:Number of different product lines carried by companyProduct mix depth:Number of different versions of each product in the lineProduct mix consistencyKey Decisions

8 - *Brand EquityThe differential effect that brandknowledge has on consumerresponse to the marketing of that brand.

8 - *Branding StrategyBrands with strong equity have many competitive advantages:High consumer awareness Strong brand loyaltyHelps when introducing new productsLess susceptible to price competition

8 - *The 10 Most Valuable Brands(Source: Millward Brown)

Brand2007 Brand Value (Billions)Google$86.06GE$71.38Microsoft$70.89CocaCola$58.21China MobileIBMApple$57.23$55.33$55.21McDonalds$49.50Nokia$43.98Marlboro$37.32

8 - *Four Brand Strategies

8 - *

Four Services Characteristics

8 - *Characteristics of ServicesIntangibilityConsumers look for service quality signalsInseparabilityServices cant be separated from providersVariabilityEmployees and other factors result in variabilityPerishabilityServices cant be inventoried for later sale

********