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Product Strategies & Branding
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Product
It is the sum of the physical, psychological and sociological satisfactions the buyer derives from purchase, ownership and consumption
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Product Definition – impact on firm
The survival, profitability and long-run growth of the firm depends on how the product is defined: Tangible Product
Extended Product Generic Product
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Classification of Consumer Goods
Characteristics & Marketing Considerations
Convenience Shopping Specialty
Consumer time & effort
Very little Considerable Cannot generalize
Planning time Very little considerable Considerable
How soon want is satisfied after it arises
Immediately Relatively long time Relatively long time
Are price and quality compared?
No Yes No
Price Usually low High High
Frequency of purchase
Usually frequent Infrequent Infrequent
Importance Unimportant Often very important
Cannot generalize
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Product Strategies
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Individual Product Strategies Product Line Strategies Product Mix Strategies
Product Scope Strategies
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Product Adoption and Diffusion• Diffusion process describes the adoption of an innovation over time.
Individual Product Strategies
Innovators2.5%
•Venturesome, highly educated, use multiple information sources
Early Adopters13.5%
Leaders in social setting, slightly above-average education
Early Majority
34%
Deliberate, many informal social contacts
Late Majority34%
Skeptical, below average social status
Laggards16%
Fear of debt, neighbors & friends are information sources
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Product Life Cycle
Individual Product Strategies
Awareness & trial Primary demand
& secondary demand
Price Skimming or penetration
Build consumer preference for brand
Distribution expands
CA emphasized in communication strategies
Incentives to consumers
New uses for the product
Continually introduce new & improved versions
MaintainingHarvestingDeleting
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Product Mix & Product Line, Width & Depth - KRAFT
Country time lemonadeCrystal LightKool-AidSugar free Kool-AidTang
Entenmann’sHostess SnacksKrema CandyOrowheat
Alpha BitsFruit & FiberGrape NutsHoneycombPebblesPost 40% Bran FlakesPost Raisin BranPost ToastiesSmurf Berry Crunch
BeveragesBaked GoodsBreakfast Cereals
Width of Product Mix
Depth
of P
roduct Lin
e
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Increasing product line Downward – stretch Upward – stretch Two-way stretch Line filling
Decreasing product line
Product Line Strategies
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Strategic alternatives Objective: Growth Add or delete product lines Synergy between new and existing product lines Assess risk & evaluate profit potential
Product Mix Strategies
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Branding
A distinguishing name and/ or symbol (such as logo, trademark, or package design) intended to identify the goods or services of either one seller or a group of sellers, and to differentiate those goods or services from those of competitors.
A brand thus signals to the customer the source of the product, and protects both the customer and the producer from competitors who would attempt to provide products that appear to be identical.”
(Aaker,
1991:7)
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Branding
Factors Contributing to the Strength of a Brand
Product Quality when products do what they do very wellConsistent advertising and other marketing communications in which brands tell their story often and well.Distribution intensity whereby customers see the brand wherever they shop.Brand personality where the brand stands for something.
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Branding Strategies
Several taxonomies presented for classifying brand strategies:
Olins Classification
Corporate identities only or monolithic Corporate name with a subsidiary name Endorsed
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Branding Strategies
Several taxonomies presented for classifying brand strategies:
Laforet & Saunders Classification
Corporate Branding – could be monolithic (Yamaha) or endorsed (Nestle)
Mixed Branding – could be endorsed or dual brands House of Brands or Branded
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Brand Equity
Marketing effects or outcomes that accrue to a product with its brand name compared with those that would accrue if the same product did not have the brand name.
(Aaker, 1991)
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Brand Equity
Perspectives of Brand Equity Customer Perspective (such as attitudes,
image, awareness, knowledge) Corporate Perspective (such as price, market
share, revenue, cash flows)
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Brand Equity
Keller further divides the customer based brand Equity into Brand Awareness and Brand Image
Brand Awareness
Brand recognition & Brand recall
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Brand Equity
Brand Image
A set of perceptions in the consumer’s mind about the brand as reflected by the brand associations
(Keller, 1993)
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Brand Equity Model - Aaker
Brand EquityName
Symbol
Brand Loyalty
Name Awareness
Perceived Quality
Brand Associations
Market Behavior
Provides value to customer by enhancing customer’s:• Interpretation/ processing of information• Confidence in the purchase decision.•Use satisfaction
Provides value to firm by enhancing:• Efficiency & effectiveness of marketing programs• Brand Loyalty• Price/ margins• Brand extensions• Competitive advantage