marketing mix: product and packaging
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Marketing mix: Product and packaging . Chapter 19. What you will learn:-. Role of the product Product Development Importance of Branding Importance of Packaging Product-Life Cycle Extension Strategies of the Product-Life Cycle. . Role of products in the marketing mix. - PowerPoint PPT PresentationTRANSCRIPT
MARKETING MIX:PRODUCT AND PACKAGING
Chapter 19
What you will learn:-
Role of the product Product Development Importance of Branding Importance of Packaging Product-Life Cycle Extension Strategies of
the Product-Life Cycle.
Role of products in the marketing mix
Most important element. Product look, properties, etc are
researched. Product must fulfill a want /satisfy
customer.
After market segmentation, the product and packaging are chosen.
Types of product. Different types of products. Some sold to consumers,
some sold to producers. Products are grouped into:- Consumer goods- Bought by people.
Types of product. Different types of products. Some sold to consumers,
some sold to producers. Products are grouped into:- Consumer services- Services for people.
Types of product. Different types of products. Some sold to consumers,
some sold to producers. Products are grouped into:- Producer goods- Goods produced for other businesses.
Types of product. Different types of products. Some sold to consumers,
some sold to producers. Products are grouped into:- Producer services- Services which help other businesses
*QUIZ TIME!!!
Product Consumer good
Consumer service
Producer good
Producer service
Toothpaste
Bank accountsOffice cleaningT.V programmeFactory building
Tick where each product belongs correctly.
GOOD PRODUCT POINTS: HAS TO SATISFY or will not sell. Right quality so the price is what customers
want to pay. A substantial amount of profit should be
added to the product price. Attractive design to aimed age group. Appropriate quality for brand image. Reputation should be good or else no buyers.
Product Development:Process businesses go through when
developing product:-Ideas generated
Select best ideas for further research
Decide if it will sell well. Product
success?Develop a prototype
Test the market.
Full launch of product to
market
Sales departmentResearch &
developmentCustomer suggestionsCompetitors productsSome ideas abandoned, some researched further.Break even analysis. How large will the sales be needed to cover costs. Example/ test. Defaults are seen and taken care of. Product launched in a small part of the market. It’s successfulness is determined. Launched into main market. Later could be exported.
BREAK-EVEN ANALYSIS
Name the Brand
Name the Brand
Name the Brand
Name the Brand
Name the Brand
Name the Brand
Name the Brand
Name the Brand
Name the Brand
Name the Brand
Name the Brand
The Importance of Branding
• Today products aren't sold directly to customers, but to other businesses or retailers.
• Products are sold to by being branded.• Branded products higher quality
better consumer confidence • Use of brands to encourage repeat purchases• Creates Brand Loyalty
The role of packaging in the marketing mix
Suitable for the product. Provide protection, doesn’t allow it to
spoil. Suitable for transporting Should not be too delicate Used in promoting product
Color, shape, attractiveness. Eye-catching
Product Life Cycle (PLC)
All products DO NOT LAST FOREVER. Like all living organisms, products also
have certain stages of their “lives” to go through.
The process of what happens to a product is called the product life cycle.
Product Life Cycle (PLC)
Product Life Cycle (PLC) See “light bulb video”
http://news.bbc.co.uk/1/hi/uk/7814502.stm
Questions Define the term “product life cycle” Explain why the standard 100 watt light bulb is
being phased out by leading retailers Why are customers prepared to pay a higher
price for energy-saving light bulbs?
Extension - What method of production is used in the manufacture of light bulbs?
Extending the product life cycle
Introduce new variations of the original product, e.g. a children version
-Ways that sales may be given a boost.Sell into new markets, e.g. export the product to another country
Make small changes to the product’s design, colour or packaging
Use a new advertising campaign
Introduce a new, improved version of the old product
Sell through additional, different retail outlets
EXTENDING THE PRODUCT LIFE CYCLE
Let’s see how much you know…
a) Who are the customers?b) What attracts them to the
product?c) What brand image is trying to
be created?d) Where it is sold?e) How does the name support the
brand image?
Let’s see how much you know…
a) Who are the customers?b) What attracts them to the product?c) What brand image is trying to be
created?d) Where it is sold?e) How does the name and packaging
support the brand image?
Let’s see how much you know…
a) Who are the customers?b) What attracts them to the product?c) What brand image is trying to be
created?d) Where it is sold?e) How does the name and packaging
support the brand image?
Let’s see how much you know…
a) Who are the customers?b) What attracts them to the
product?c) What brand image is trying to
be created?d) Where it is sold?e) How does the name support the
brand image?
*EXTENSTION QUESTIONS.
1) Which of the containers from above would you use for the new fruit-flavored milk drink? Explain?
2) Which colours should the container be?3) Choose a brand name for the drink. What image does
this name give the product?4) What information would be needed to be put on the
product?
YOU HAVE CREATED A NEW MILK PRODUCT FOR KIDS. THE MARKET SEGMENT IS AIMED FOR PARENTS TO BUY IT FOR THERE KIDS. IT IS HEALTHY WITH VITMAINS AND MINERALS .
THE END!!