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New Products and New Products and ServicesServices
Chapter 10Chapter 10
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ProductProduct
““A good, service, or idea consisting A good, service, or idea consisting of a bundle of tangible and intangible of a bundle of tangible and intangible attributes that satisfies consumers attributes that satisfies consumers and is received in exchange for and is received in exchange for money or some other unit of value.”money or some other unit of value.”
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Consumer GoodsConsumer Goods
Consumer v. industrial goodsConsumer v. industrial goods
Consumer goodsConsumer goods Convenience goodsConvenience goods Shopping goodsShopping goods Specialty goodsSpecialty goods Unsought goodsUnsought goods
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ProductsProducts
Product itemProduct item Nike Air JordanNike Air Jordan
Product lineProduct line Nike shoesNike shoes
Product mixProduct mix Nike shoes and Nike shoes and
clothesclothes
Product widthProduct width Product depthProduct depth
Source: http://nike-guidesntips.blogspot.com
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BrandsBrands
BrandingBranding Brand nameBrand name Trade nameTrade name
TrademarksTrademarks Brand personalityBrand personality
Examples:Examples: Brand equityBrand equity
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Benefits of BrandingBenefits of Branding
Product identificationProduct identification
Brand equityBrand equity
Brand loyaltyBrand loyalty
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More on Brand EquityMore on Brand Equity
The Value of Brand EquityThe Value of Brand Equity Intangible assetsIntangible assets LicensingLicensing
Naming the BrandNaming the Brand What characteristics should it have?What characteristics should it have?
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Branding StrategiesBranding Strategies
Manufacturer BrandingManufacturer Branding Multiproduct brandingMultiproduct branding Multibranding Multibranding
Private Branding StrategyPrivate Branding Strategy Mixed Branding StrategyMixed Branding Strategy Generic Branding StrategyGeneric Branding Strategy
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Manufacturer BrandingManufacturer Branding
Multiproduct Multiproduct BrandingBranding AdvantagesAdvantages DisadvantagesDisadvantages SubbrandingSubbranding Brand ExtensionBrand Extension
Co-brandingCo-branding
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Manufacturer BrandingManufacturer Branding
Multibranding Multibranding StrategyStrategy Each product gets Each product gets
its own nameits own name P&GP&G
AdvantagesAdvantages DisadvantagesDisadvantages
Source: http://retail-guru.com
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Private BrandingPrivate Branding
Manufactures product but sells under the Manufactures product but sells under the brand name of the retailer or wholesalerbrand name of the retailer or wholesaler
Source: http://mypbrand.com
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Mixed Branding StrategyMixed Branding Strategy
Mix of manufacturer and private Mix of manufacturer and private brandingbranding
Examples:Examples:
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Generic BrandingGeneric Branding
No identification No identification other than other than contentscontents
Less than 1% of Less than 1% of grocery purchases grocery purchases are generic are generic
Source: http://influentia.typepad.com/blog/2007/12/why-the-generic.html
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Packaging and LabelingPackaging and Labeling
Packaging v. LabelPackaging v. Label
Benefits of PackagingBenefits of Packaging
GreenwashingGreenwashing
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WarrantiesWarranties
Express warrantyExpress warranty Limited-coverage warrantyLimited-coverage warranty Full warrantyFull warranty Implied warrantyImplied warranty