products, services and branding strategy
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Products, Services and Branding Strategy. Session-5. Product. Products, Services, and Experiences Market offerings may consist of a combination of goods and services Experiences are used to differentiate offerings Levels of Product and Services - PowerPoint PPT PresentationTRANSCRIPT
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PowerPoint Presentation by Sixit Bhatta
Products, Services and Branding Strategy
Session-5
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ProductProducts, Services, and Experiences
– Market offerings may consist of a combination of goods and services
– Experiences are used to differentiate offerings
Levels of Product and Services– Core benefit, Basic, Expected and
augmented and Potential productProduct and Service Classifications
– Consumer products and industrial products
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Product Levels
1. CORE PRODUCT
2. BASIC PRODUCT
3. EXPECTED PRODUCT
4. AUGMENTED PRODUCT
5. POTENTIAL PRODUCT
PRODUCT LEVELS
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Example
Product or service or brand
Core Product Actual Product Augmented Product
Ford Ikon Freedom to travel
A motor car ?
Budget/No Frills Airline e.g. Jetlite, Go Air
? An airline journey Food bought during your flight
Nike Association with the best in sports.
? Nike online allows you to personalise your trainers
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Example: Hotel
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Product Classification
Consumer products:– Durability & Tangibility
•Non Durable: eg. Soap, beer•Durable: TV, Refrigerator.•Services: Intangible, eg: Air Travel,
Hotel, Telecom
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–Consumer-Goods Classification•Convenience •Shopping•Specialty•Unsought
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Industrial Goods Classification
– Materials and parts :• Raw Materials [ farm & natural] and
Manufactured materials and parts [ component material and component parts
– Capital items• Installation and Equipments
– Supplies and services• Operating Supplies and Maintenance and
repair items• Maintenance and repair service &
business advisory service
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Product Differentiation
Form- Shape Size Features Customization Performance Conformance Durability Reliability Reparability
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Product Line Analysis
Product Mix Product Line Product Width Consistency
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Product Line Analysis
Two Aspects– Sales and Profit– Market Profile
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Product Line Length
Profits can increase either if product line is shorten or added. It can be lengthens in two ways :1. Line Stretching : Down market stretch, Up Market stretch, Two way stretch2. Line Filling :by adding more items on product line
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Product Line Modernization
Part Basis/OverallModernization is carried
rapidly, eg micro-processor companies
Too early might damage sale of current line and too late competition might take advantage.
Vox Wagan Beatle
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Featuring and Pruning
Line Featuring – Establishing Image driver for the
line[ Surya classic for Surya brand]– Issue to promote weak items or safe
guard strong ones Pruning
– Weak items– Production demands
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Branding
Coke, Toyota, Surya: What comes to your mind?AttributesBenefitsValuesCulturePersonalityUser
Marketing is also converting simple products and Services into brands.
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Why Branding
Brands with strong equity have many competitive advantages:– High consumer awareness will reduce
marketing cost – Strong brand loyalty– Helps when introducing new products– Less susceptible to price competition– More Trade Leverage in bargaining with
distributors and retailers [Bajaj Bikes in Nepal]
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Brand Name Decision
Product benefits Product Qualities Easy to pronounce recognize and
remember Distinctive Should not carry poor meanings in other
countries and languages Blanket Family Names
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Brand Strategy Decision
Line Extension: Minor Changes to Existing Products
Brand Extension: Successful brands help introduce new products
Multibrands: Multiple brands into a product category
New brands: New product brandCo brands
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Labeling and Packaging
Identifies the product Describes the product Promotes the product Legal requirement
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Packaging
A Marketing Tool. Garnishing the product. Important Marketing Tool
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