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Lamb, Hair, McDaniel
Chapter 10
Product
Concepts
2012-2013
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2013 by Cengage Learning Inc. All Rights Reserved. 2
What Is a Product?
Everything, both favorable and
unfavorable, that a person receives in anexchange.
Tangible Good
Service
Idea
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What do we receive in the following exchange?
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What do we receive in the following exchange?
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Just as important are:
Service i.e. a restaurant
The sellers image i.e. LV
Manufacturers Reputation
i.e. BMW
Others perceptions i.e.
Fashion
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Types of Consumer Products
UnsoughtProducts
SpecialtyProducts
ShoppingProducts
ConvenienceProducts
ConsumerProducts
BusinessProducts
Products
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Convenience Products
Relatively inexpensive item
Little shopping effort
Buy regularly without planning
Wide distributions
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How can brand names
aid the consumption
of Convenience
products?Recall and
Recognition
Perceived Quality
Familiarity and
Knowledge
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May come down to consumers subjective
perceptions
Value may be INTANGIBLE
Shopping Products
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Unsought Products
Unknown to the potential buyer
Buyer does not actively seek info
New products and innovations
Products consumers do not like to think
about
Company must go direct to them ie
personal selling, direct marketing etc
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Is MyBotto a:
Convenience Product
Shopping Product
Specialty Product
Unsought Product
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Product Items,
Lines, and Mixes
Product Item
Product Line
Product Mix
A specific version of a productthat can be designated as adistinct offering among anorganizations products.
A group of closely-relatedproduct items.
All products that anorganization sells.
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http://www.hyundai.com.au/?ppc=1&gclid=CLnevp3avbkCFUZyQgodNE
0Akg&gclid=CLnevp3avbkCFUZyQgodNE0Akg
Hyundai
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Procter and Gamble
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Benefits of Product Lines
Advertising economies
Package uniformity
Standardized components
Efficient sales and distribution
Equivalent quality
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Adjustments
ProductModification ProductRepositioning
Product Line
Extension orContraction
Adjustments to
Product Items ,
Lines, and Mixes
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Product Modification
FUNCTIONAL modification
Change in a products versatility, effectivenessor convenience
Computers and computer technology haveundergone enormous functional modifications
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Product Modification
STYLE modification
Aesthetic product change, rather than qualityor functional
Use modifications to encourage consumers to
purchase new versions i.e. Cars, clothing, iPods
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Branding
BrandName
Brand
Mark
Brand
Equity
That part of a brand that can be spoken,including letters, words, and numbers
The elements of a brand that
cannot be spoken
The value of company and brand names
Global
Brand
A brand where at least a third of theearnings come from outside its home
country
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http://www.bing.com/videos
/search?q=value+of+brand
s&view=detail&mid=97E4FFDD7148013F925497E4F
FDD7148013F9254&first=0
&FORM=NVPFVR
Brand Logos
http://www.bing.com/videos/search?q=value+of+brands&view=detail&mid=97E4FFDD7148013F925497E4FFDD7148013F9254&first=0&FORM=NVPFVRhttp://www.bing.com/videos/search?q=value+of+brands&view=detail&mid=97E4FFDD7148013F925497E4FFDD7148013F9254&first=0&FORM=NVPFVRhttp://www.bing.com/videos/search?q=value+of+brands&view=detail&mid=97E4FFDD7148013F925497E4FFDD7148013F9254&first=0&FORM=NVPFVRhttp://www.bing.com/videos/search?q=value+of+brands&view=detail&mid=97E4FFDD7148013F925497E4FFDD7148013F9254&first=0&FORM=NVPFVRhttp://www.bing.com/videos/search?q=value+of+brands&view=detail&mid=97E4FFDD7148013F925497E4FFDD7148013F9254&first=0&FORM=NVPFVRhttp://www.bing.com/videos/search?q=value+of+brands&view=detail&mid=97E4FFDD7148013F925497E4FFDD7148013F9254&first=0&FORM=NVPFVRhttp://www.bing.com/videos/search?q=value+of+brands&view=detail&mid=97E4FFDD7148013F925497E4FFDD7148013F9254&first=0&FORM=NVPFVRhttp://www.bing.com/videos/search?q=value+of+brands&view=detail&mid=97E4FFDD7148013F925497E4FFDD7148013F9254&first=0&FORM=NVPFVRhttp://www.bing.com/videos/search?q=value+of+brands&view=detail&mid=97E4FFDD7148013F925497E4FFDD7148013F9254&first=0&FORM=NVPFVRhttp://www.bing.com/videos/search?q=value+of+brands&view=detail&mid=97E4FFDD7148013F925497E4FFDD7148013F9254&first=0&FORM=NVPFVRhttp://www.bing.com/videos/search?q=value+of+brands&view=detail&mid=97E4FFDD7148013F925497E4FFDD7148013F9254&first=0&FORM=NVPFVRhttp://www.bing.com/videos/search?q=value+of+brands&view=detail&mid=97E4FFDD7148013F925497E4FFDD7148013F9254&first=0&FORM=NVPFVR -
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Name the brand?
Eat Fresh
Im loving it
Finger lickin good
Have a break, have a .
Lifes good!
Keep calm and carry on
Make tomorrow better
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http://www.youtube.com/wa
tch?v=FrHkKXFRbCI
Keep Calm and Carry On
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Benefits of Branding
ProductIdentification
Repeat Sales
New ProductSales
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Branding Strategies
Manufacturers
Brand
PrivateBrand
The brand name of amanufacturer.
A brand name owned by awholesaler or a retailer. Alsoknown as a private label or store
brand.
CaptiveA brand manufactured by a thirdparty for exclusive retailer,without evidence of a thatretailers affiliation.
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Coles Private Label
Mercedes Captive Brand
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Individual Brands Versus
Family Brands
Individual
Brand
Family
Brand
Using different brandnames for different
products.
Marketing several different
products under the same
brand name.
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Cobranding
IngredientBranding
CooperativeBranding
ComplementaryBranding
Types of
Cobranding
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http://www.youtube.com/watch?v=prImvDVHzTM
Apple and Intel
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Trademarks
A Trademark is th e exc lusive r igh t touse a brand.
Many parts of a brand and associatedsymbols qualify for trademark protection.
Trademark right comes from use rather thanregistration.
To renew the trademark, the company mustprove use of the mark.
Rights continue for as long as the mark isused.
Trademark law applies to the online world.4
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Coca Cola Packaging
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Functions of Packaging
Contain and Protect
Promote
Facilitate Storage, Use,and Convenience
Facilitate Recycling
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Global Issues in Packaging
Aesthetics
GlobalConsiderationsfor Packaging
ClimateConsiderations
Labeling
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Labeling
Persuasive labeling
Informational labeling
GREENWASHING
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http://www.ifyoucare.com/
If You are
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Global Issues in Branding
Adaptations &Modifications
Global Optionsfor Branding
One Brand NameEverywhere
Different BrandNames in Different
Markets
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Product Warranties
Warranty
Express
Warranty
Implied
Warranty
A confirmation of the quality orperformance of a good or service.
A written guarantee.
An unwritten guarantee that the good
or service is fit for the purpose forwhich it was sold.
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