Unit 7 Product, Services and Branding , g Strategy 1 - - PowerPoint PPT Presentation

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Unit 7 Product, Services and Branding , g Strategy 1 - - PowerPoint PPT Presentation

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Unit 7 Product, Services and Branding , g Strategy 1 CuuDuongThanCong.com https://fb.com/tailieudientucntt Road Map: Previewing the Road Map: Previewing the Concepts Define product and the major classifications of products and services.

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Unit 7

Product, Services and Branding , g Strategy

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Road Map: Previewing the Road Map: Previewing the Concepts

Define product and the major classifications of products and services. Describe the roles of product and service branding, packaging, labeling, and product support services. Explain the decisions companies make when developing Explain the decisions companies make when developing product lines and mixes. Identify the four characteristics that affect the marketing of a service a service. Discuss the additional marketing considerations for services.

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Wh t i P d t? What is a Product?

A PRODUCT is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. and that might satisfy a want or need. Includes:

– Physical Objects S i – Services – Events – Persons – Places – Organisations – Ideas

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– Combinations of the above

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Wh t i S i ? What is a Service?

A SERVICE is a form of product that consist

  • f activities, benefits, or satisfactions offered

for sale that are essentially intangible and do not result in the ownership of anything. E l i l d Examples include:

– Banking Hotels – Hotels – Tax preparation – Home repair services

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Home repair services

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G d S i d E i Goods, Services, and Experiences

S i Pure Tangible Pure Service Tangible Good With Accompanying Hybrid Offer Service With Accompanying g Good Accompanying Services p y g Minor Goods Soap Auto With Accompanying Repair Restaurant Airline Trip With Accompanying Doctor’s Exam Repair Services Accompanying Snacks Exam

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Nature and Characteristic of a atu e a d C a acte st c o a Service

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Illustrate how a movie theatre can deal with the intangibility, inseparability, variability, and perishability of the y, p y services it provides.

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L l f P d t Levels of Product

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P d Cl ifi i C Product Classifications: Consumer

Shopping Products Shopping Products

  • Buy less frequently
  • Hi h

i

Convenience Products Convenience Products

  • Buy frequently & immediately
  • L

i d

  • Higher price
  • Fewer purchase locations
  • Comparison shop

i.e Clothing, cars, appliances

  • Low priced
  • Mass advertising
  • Many purchase locations

i.e Candy, newspapers

Unsought Products Unsought Products

  • New innovations

Specialty Products Specialty Products

  • Special purchase efforts

g, , pp i.e Candy, newspapers

  • New innovations
  • Products consumers don’t

want to think about

  • Require much advertising &
  • Special purchase efforts
  • High price
  • Unique characteristics
  • Brand identification

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personal selling i.e Life insurance, blood donation

  • Few purchase locations

i.e Lamborghini, Rolex

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What do you think these at do you t t ese products are?

A pair of shoes Toilet paper KFC Chicken Burger Mobile phone Iced black coffee Sofa S k d Smoke detector Gucci sunglasses R f i t

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Refrigerator

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Product Classifications: Industrial

Materials and Parts

Raw materials, manufactured

Materials and Parts

Raw materials, manufactured , materials, and parts , materials, and parts

C it l It C it l It Capital Items

Industrial products that aid in buyer’s production or operations

Capital Items

Industrial products that aid in buyer’s production or operations

Supplies and Services

Operating supplies repair/

Supplies and Services

Operating supplies repair/

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Operating supplies, repair/ maintenance items Operating supplies, repair/ maintenance items

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Product Classifications:

  • duct C ass cat o s

Other Marketable Entities

Activities undertaken to create, maintain, or change the attitudes and behaviour toward the following: g

– Organisations - Profit (businesses) and non profit (schools and churches). – Persons – Politicians, entertainers, sports figures, doctors, and Persons Politicians, entertainers, sports figures, doctors, and lawyers. – Places - Business sites, new residents, and tourism. Ideas (social ideas marketing) Public health campaigns – Ideas (social ideas marketing) – Public health campaigns, environmental campaigns, and others such as family planning, or human rights.

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I di id l P d t D i i Individual Product Decisions

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P d t Att ib t Product Attributes

Developing a Product or Service Involves Defining the Benefits that it Will Offer Such as:

Product Quality Product Quality Ability of a Product to Perform Its Functions; Includes Level & Consistency Ability of a Product to Perform Its Functions; Includes Level & Consistency Product Features Product Features Consistency Consistency Differentiates the Product from Competitors’ Products Differentiates the Product from Competitors’ Products Product Style & Design Product Style & Design Competitors Products Competitors Products Process of Designing a Product’s St le & Usef lness Process of Designing a Product’s St le & Usef lness

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& Design & Design Style & Usefulness Style & Usefulness

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Branding

What is a good brand? g

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B di Branding

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B di Branding

Advantages to Branding Brand Equity

– Higher brand loyalty

g

– Buyers:

  • Identification

Q lit d l

g y y – Name awareness – Perceived quality

  • Quality and value

– Sellers

  • Tells a story

– Strong brand associations Patents trademarks

y

  • Provides legal protection
  • Helps segments

markets

– Patents, trademarks, channel relationships

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markets

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B d d B d S b l Brands and Brand Symbols

Powerful brands such as these have brand as these have brand equity:

– Eg. Coca-Cola brand - $69 billion

Offers defense i t fi i against fierce price competition.

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M j B di D i i Major Branding Decisions

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B fit f B di Benefits of Branding

Branding distinguishes distinguishes products from com petition

Product I dentification New Product Sales Repeat Sales

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A Eff ti B d N An Effective Brand Name

 I s easy to pronounce  I s easy to recognize and rem em ber  I s easy to recognize and rem em ber  I s short, distinctive, and unique  Describes the product use and  Describes the product, use, and benefits  Has a positive connotation  Reinforces the product im age  I s legally protectable

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g y p

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M t B d Master Brands

Photocopy Zerox Photocopy Mobile phone I nternet Search Zerox Nokia Google I nternet Search Com puter Google Dell Car Airline BMW Air Asia Television Fast food Sony McDonald

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Fast food McDonald

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B di St t i Branding Strategies

Brand No Brand

Manufacturer’s B d Private Brand Brand Private Brand

I ndividual I ndividual Brand Fam ily Brand Com bi- nation I ndividual I ndividual Brand Fam ily Brand Com bi- nation

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B di St t i Branding Strategies

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Four Brand Strategies

Existing New Product Category Line Extension Vinamilk Yog t Fla o s Brand Extension B bi El t i e Existing Vinamilk Yogurt Flavours M ltib d Barbie Electronics d Name Multibrands Toyota and Lexus New Brands Brand New

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B d St t Brand Strategy

Li E t i Line Extension

– Existing brand names extended to new forms, sizes, and flavours of an existing product category. g p g y

Brand Extension

– Existing brand names extended to new or modified d t t i product categories.

Multibrands

New brand names introduced in the same product – New brand names introduced in the same product category.

New Brands

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– New brand names in new product categories.

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We can find Coke in six or more varieties in some countries.

– Coke – Classic Coke Classic Coke – Vanilla Coke – Cherry Coke – Diet Coke Diet Coke – Diet Coke with Lime – Diet Coke Decaffeinated – Coke Zero Coke Zero

List some of the issues these line extensions raise for the manufacturers, retailers, and consumers.

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P k i Packaging

Designing and producing the container or wrapper for a product product. Steps in developing a good package: package:

– Packaging concept, – Develop specific elements of the Develop specific elements of the package, – Elements must support product’s iti d k ti t t

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position and marketing strategy.

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L b li Labeling

Printed information appearing on or with the package. Performs several functions:

– Identifies product or brand – Describes several things about the product about the product – Promotes the product through attractive graphics

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through attractive graphics

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P d t S t S i Product Support Services

Companies use product support services as a major tool in gaining competitive advantage. How?

Step 1. Survey customers to assess the value of

d b d f current services and to obtain ideas for new services.

St 2

Assess costs of providing desired services

Step 2. Assess costs of providing desired services. Step 3. Develop a package of services to delight

customers and yield profits to the company

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customers and yield profits to the company.

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Marketing Strategies for Marketing Strategies for Service Firms

Managing Service Differentiation Managing Service Productivity

– Develop differentiated offer, delivery, and image.

Managing Service Quality

– Train current or new employees better, – Work on quality as well

g g y

– Empower front-line employees, – Become “Customer obsessed,” Set high service quality q y as quantity, – Utilize technology – Well-designed Web site – Set high service quality standards, – Watch service performance closely.

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closely.

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Product life cycle Product life cycle

Introductory Introductory stage stage Growth Growth stage stage Maturity Maturity stage stage Decline stage Product category sales stage stage stage stage stage stage stage Product Product category profits

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Time

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Introductory stage Introductory stage

Full-scale launch of new products

  • High failure rates
  • Little competition
  • Frequent product modification
  • Limited distribution
  • High marketing and production costs
  • Negative profits
  • Promotion focuses on awareness and

information I t i l lli t h l

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  • Intensive personal selling to channels

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Growth stage Growth stage

Second stage

  • Increasing rate of sales
  • Entrance of competitors
  • Entrance of competitors
  • Initial healthy profits

P ti h i b d d

  • Promotion emphasises brand ads
  • Goal is wider distribution
  • Prices normally fall
  • Development costs are recovered

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Maturity stage y g

A period during w hich sales increase at an decreasing rate

  • Declining sales growth
  • Saturated markets

Saturated markets

  • Extending product line
  • Stylistic product changes

y p g

  • Heavy promotions to dealers and

consumers Ma ginal competito s d op o t

  • Marginal competitors drop out
  • Prices and profits fall
  • Niche marketers emerge

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  • Niche marketers emerge

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Decline stage Decline stage

A long run drop in sales

  • Long-run drop in sales

Long run drop in sales

  • Large inventories of unsold

items items

  • Elimination of all nonessential

k marketing expenses

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The adoption process The adoption process

Awareness Interest Interest Evaluation Trial Decision Confirmation

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Confirmation

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Diffusion Diffusion

The process by which The process by which the adoption of an p innovation spreads.

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Categories of adopters Categories of adopters

Categories of adopters in the diffusion process: diffusion process:

  • Innovators

E l d t

  • Early adopters
  • Early majority
  • Late majority
  • Laggards

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gg

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Categories of adopters Categories of adopters

  • pters

e of ado rcentag Pe

Innovators 2 5% Early adopters 13 5% Late majority 34% Early majority 34% Laggards 16%

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Time

2.5% 13.5% 34% 34% 16%

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Diffusion process and product p p life cycle curve

Introduction Growth Maturity Decline Product Product life cycle life cycle curve curve les Early adopters Early majority Late majority Sal Innovators y p Laggards Diffusion Diffusion curve curve

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curve curve

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R t St R i i th C t Rest Stop: Reviewing the Concepts

Define product and the major classifications of products and services. Describe the roles of product and service branding, packaging, labelling, and product support services. Explain the decisions companies make when developing Explain the decisions companies make when developing product lines and mixes. Identify the four characteristics that affect the marketing of a service a service. Discuss the additional marketing considerations for services.

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