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MKTG Designed by Amy McGuire, B-books, Ltd. Prepared by Dana Freeman, B-books, Ltd. Lamb, Hair, McDaniel 2018 10 CHAPTER Product Concepts

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Page 1: MKTG 2018 10 · Branding. Brand Name 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

MKTG

Designed by

Amy McGuire, B-books, Ltd.

Prepared by

Dana Freeman, B-books, Ltd.

Lamb, Hair, McDaniel 2018

10CHAPTERProduct Concepts

Page 2: MKTG 2018 10 · Branding. Brand Name 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

Learning Outcomes

Define the term product

Classify consumer products

Define the terms product item, product line, and product mix

Describe marketing uses of branding

LO1

LO2

LO3

LO4

Page 3: MKTG 2018 10 · Branding. Brand Name 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

Learning Outcomes

Describe marketing uses of packaging and labeling

Discuss global issues in branding and packaging

Describe how and why product warranties are important marketing tools

LO5

LO6

LO7

Page 4: MKTG 2018 10 · Branding. Brand Name 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

Define the term

product

What Is a Product?

Page 5: MKTG 2018 10 · Branding. Brand Name 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

What Is a Product?

Product is the starting point of Marketing Mix

Promotion

Place (Distribution)

Price

Product

Page 6: MKTG 2018 10 · Branding. Brand Name 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

What Is a Product?

Everything, both favorable

and unfavorable, that a

person receives in an

exchange.

◆ Tangible Good

◆ Service

◆ Idea

Product

Page 7: MKTG 2018 10 · Branding. Brand Name 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

Types of Products

BusinessProduct

Consumer Product

A product used to manufacture other goods or services, to facilitate an

organization’s operations, or to resell to other consumers.

A product bought to satisfy an individual’s personal needs or wants

Page 8: MKTG 2018 10 · Branding. Brand Name 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

Types of Consumer Products

UnsoughtProducts

SpecialtyProducts

ShoppingProducts

ConvenienceProducts

ConsumerProducts

BusinessProducts

Products

Page 9: MKTG 2018 10 · Branding. Brand Name 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

LO2

Types of Consumer Products

MarketDevelopment

Diversification

Increase market share among

existing customers

Attract new customers to

existing products

Introduce new products

into new markets

Create new products for

present markets

ConvenienceProduct

ShoppingProduct

SpecialtyProduct

UnsoughtProduct

A relatively inexpensive item that merits little shopping effort

A product that requires comparison shopping, because it is usually more expensive and found in fewer stores

A particular item for which consumers search extensively and are reluctant to accept substitutes

A product unknown to the potential buyer or a known product that the buyer does not actively seek

Page 10: MKTG 2018 10 · Branding. Brand Name 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

Service

ServiceThe result of applying

human or mechanical

efforts to people or objects.

Page 11: MKTG 2018 10 · Branding. Brand Name 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

How Services Differ from Goods

11

Intangible

Inseparable

Heterogeneous(greater variability)

Perishable

• Cannot be touched, seen, tasted,

heard, or felt.

• Goods are produced, sold, and

then consumed. In contrast,

services are often sold,

produced, and consumed at the

same time.

• Services are less standardized

and uniform than goods. Hard to

achieve quality control.

• Services cannot be stored,

warehoused, or inventoried.

Page 12: MKTG 2018 10 · Branding. Brand Name 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

Define the terms product item, product line,

and product mix

Product Items, Lines, and Mixes

Page 13: MKTG 2018 10 · Branding. Brand Name 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

Product Items, Lines, and Mixes

Product Item

Product Line

Product Mix

A specific version of a product that can be designated as a distinct offering among an organization’s products.

A group of closely-related product items.

All products that an organization sells.

Page 14: MKTG 2018 10 · Branding. Brand Name 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

Colgate Product Assortment

Page 15: MKTG 2018 10 · Branding. Brand Name 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

Benefits of Product Lines

Equivalent Quality

Efficient Sales andDistribution

Standardized Components

Package Uniformity

Advertising Economies

Page 16: MKTG 2018 10 · Branding. Brand Name 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

Apple’s Simple Product Assortment

Page 17: MKTG 2018 10 · Branding. Brand Name 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

Product Mix Width

The number of product lines an organization offers.

◆ Diversifies risk

◆ Capitalizes on established

reputations

Product Mix

Width

Page 18: MKTG 2018 10 · Branding. Brand Name 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

The Walt Disney CompanyWalt Disney

Media Networks

ABC Television

Group

ABC Family

Channels Worldwide

ESPN

Walt Disney Parks and

Resorts

Disneyland

Disney World

Disney Resort

Disney Paris, Hong Kong,

Shanghai

Disney Cruise

Walt Disney Studios

Animation Studio

Pixar

Marvel Studio

Touchtone films

Music Group

Walt Disney Consumer Products

Publishing

Disney Story

Disney Consumer Products

Disney Interactive

Disney Infinity

Page 19: MKTG 2018 10 · Branding. Brand Name 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

Product Line Depth

The number of product Items in a product line.

◆ Attracts buyers with different preferences

◆ Increases sales/profits by further market segmentation

◆ Capitalizes on economies of scale◆ Evens out seasonal sales patterns

Product Line

Depth

Page 20: MKTG 2018 10 · Branding. Brand Name 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

Campbell’s Product Lines and Mix

Page 21: MKTG 2018 10 · Branding. Brand Name 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

Vitamin Water

Page 22: MKTG 2018 10 · Branding. Brand Name 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

Adjustments

Product Modification

ProductRepositioning

Product LineExtension or Contraction

Adjustments to Product Items,

Lines, and Mixes

Over time, updates in technical or product developments or environmental changes warrant changes to product items, lines, and mixes.

The three strategies for making these changes are:

Page 23: MKTG 2018 10 · Branding. Brand Name 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

Product Modification

Changes one or more of product characteristics

Page 24: MKTG 2018 10 · Branding. Brand Name 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

Types of Product Modifications

Quality ModificationChange in dependability or

durability

Functional ModificationVersatility, effectiveness,

convenience, safety

Style ModificationAesthetic change, color,

design

Page 25: MKTG 2018 10 · Branding. Brand Name 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

Modifications

Nook offering color version to compete

in tablet arenaQUALITY

MODIFICATION

Levi modifying pockets to

accommodate bigger cell phones

FUNCTIONAL MODIFICATION

Dr. DRE Beats offers a variety of styles

and colors to target different markets

tastes and preferences

STYLE MODIFICATION

Page 26: MKTG 2018 10 · Branding. Brand Name 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

Planned Obsolescence

Planned

ObsolescenceThe practice of modifying

products so those that have

already been sold become

obsolete before they actually

need replacement.

Page 27: MKTG 2018 10 · Branding. Brand Name 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
Page 28: MKTG 2018 10 · Branding. Brand Name 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

Adjustments

Product Modification

ProductRepositioning

Product LineExtension or Contraction

Adjustments to Product Items,

Lines, and Mixes

Page 29: MKTG 2018 10 · Branding. Brand Name 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

Repositioning

Changing Demographics

Declining SalesChanges in

Social Environment

Why reposition established brands?

Page 30: MKTG 2018 10 · Branding. Brand Name 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

Binaca

Page 31: MKTG 2018 10 · Branding. Brand Name 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
Page 32: MKTG 2018 10 · Branding. Brand Name 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

Changes in Social Environment

http://www.google.com/imgres?imgurl=http://www.resolvingconflictsnow.com/wp-content/uploads/2009/06/military-ad.jpg&imgrefurl=http://www.resolvingconflictsnow.com/conflict-resolution-talk-about-it-part-2/&h=883&w=789&sz=68&tbnid=YZyjW_Lti9-69M:&tbnh=238&tbnw=212&prev=/images?q=military+ad&zoom=1&q=military+ad&usg=__n44zKWJIKgWOHsT3ZXeRcUotXZA=&sa=X&ei=Sw-tTL_yC4jSsAP666XtCw&ved=0CB4Q9QEwAA
Page 33: MKTG 2018 10 · Branding. Brand Name 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

Product Line Extension

Product Line

ExtensionAdding additional products to

an existing product line in

order to compete more broadly

in the industry.

Page 34: MKTG 2018 10 · Branding. Brand Name 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
Page 35: MKTG 2018 10 · Branding. Brand Name 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

BRANDING

THE SUCCESS OF ANY BUSINESS OR CONSUMER PRODUCT DEPENDS IN PART ON THE TARGETS MARKET’S ABILITY TO

DISTINGUISH ONE PRODUCT FROM ANOTHER

◦

Page 36: MKTG 2018 10 · Branding. Brand Name 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

Brand

A name, term, symbol,

design, or combination

thereof that identifies a

seller’s products and

differentiates them from

competitors’ products.

Brand

Page 37: MKTG 2018 10 · Branding. Brand Name 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

Branding

Brand Name

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 20 percent of theproduct is sold outside its home country

Page 38: MKTG 2018 10 · Branding. Brand Name 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

Trademark & service markTrademark: Exclusive right to use a brand or part of a brand.

Others are prohibited form using the brand without permission

Service Mark

Performs the same function for services

Parts of a brand other product identification

Examples: Sounds, shapes, colors or designs

Catchy phrases: “your in good hands”, “Just do it”

Abbreviations: Coke, Mac, Insta

Page 39: MKTG 2018 10 · Branding. Brand Name 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
Page 40: MKTG 2018 10 · Branding. Brand Name 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

Benefits of Branding

Product Identification

Repeat Sales

New Product Sales

Page 41: MKTG 2018 10 · Branding. Brand Name 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

Describe marketing

uses of packaging

and labeling

Packaging

Page 42: MKTG 2018 10 · Branding. Brand Name 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

Functions of Packaging

Contain and Protect

Promote

Facilitate Storage, Use, and Convenience

Facilitate Recycling

Page 43: MKTG 2018 10 · Branding. Brand Name 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
Page 44: MKTG 2018 10 · Branding. Brand Name 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
Page 45: MKTG 2018 10 · Branding. Brand Name 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
Page 46: MKTG 2018 10 · Branding. Brand Name 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
Page 47: MKTG 2018 10 · Branding. Brand Name 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
Page 48: MKTG 2018 10 · Branding. Brand Name 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
Page 49: MKTG 2018 10 · Branding. Brand Name 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
Page 50: MKTG 2018 10 · Branding. Brand Name 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
Page 51: MKTG 2018 10 · Branding. Brand Name 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
Page 52: MKTG 2018 10 · Branding. Brand Name 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
Page 53: MKTG 2018 10 · Branding. Brand Name 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

Labeling

Persuasive

▪ Focuses on promotional theme

▪ Consumer information is secondary

Informational

▪ Helps make proper selections

▪ Lowers cognitive dissonance

▪ Includes use/care

Page 54: MKTG 2018 10 · Branding. Brand Name 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
Page 55: MKTG 2018 10 · Branding. Brand Name 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
Page 56: MKTG 2018 10 · Branding. Brand Name 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
Page 57: MKTG 2018 10 · Branding. Brand Name 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
Page 58: MKTG 2018 10 · Branding. Brand Name 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

Universal Product Codes

Universal

Product Codes

(UPCs)

A series of thick and thin

vertical lines (bar codes),

readable by computerized

optical scanners, that

represent numbers used

to track products.

Page 59: MKTG 2018 10 · Branding. Brand Name 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

Describe how

and why product

warranties are

important

marketing tools

Product Warranties

Page 60: MKTG 2018 10 · Branding. Brand Name 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

Product Warranties

Warranty

Express

Warranty

Implied

Warranty

A confirmation of the quality or performance of a good or service.

A written guarantee.

An unwritten guarantee that the

good or service is fit for the purpose for

which it was sold. (UCC)


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