product, service, and branding strategies
TRANSCRIPT
Product, Service, and Branding Strategies
group 2
PRODUCT
an article or substance that is manufactured or refined for sale.
LEVELS OF PRODUCTS
CLASSIFICATION:
CONSUMER PRODUCTS
items of common or daily use, bought by individuals for private consumption
CONVENIENCE PRODUCTS
products that customers buy frequently and immediately with minimum comparison and
buying effort
SHOPPING PRODUCTSproducts that the customer spends time and effort in selecting and purchasing; and usually
uses comparison for suitability, quality, and price
SPECIALTY PRODUCTS
Products with unique characteristics which a significant group of buyers is willing to make
special purchase effort
UNSOUGHT PRODUCTS
Products consumers doesn’t know about or knows about but does not consider buying
CLASSIFICATION:
INDUSTRIAL PRODUCTS
items bought by individuals for further processing or for use in conducting a
business
INDIVIDUAL PRODUCTS DECISIONS
PRODUCT ATTRIBUTES
Developing a product or services involves defining the benefits that it will offer
BRANDING
It help consumers identify the products and tells the buyer something about the product
PACKAGING
involves the designing and producing the container or wrapper for a product
LABELING
Identifies and gives information about the product; also used to promote the product
PRODUCT SUPPORT SERVICES
the business unit with primary responsibility for responding to end-user and partner
requests for assistance with the company's products and services
PRODUCT LINE DECISION
a group of products that are manufactured by a single company, they function in a similar manner, are sold to the same target customers, are marketed in the same way or fall within the same price ranges
PRODUCT LINE LENGTH
the number of items in a product line
PRODUCT LINE FILLING
adding more items within the present range of the line
PRODUCT LINE STRETCHING
lengthening the product line beyond the current range
PRODUCT MIX DECISIONSet of all the product line an items that the
seller offers for sale
SERVICES
an activity where a labor is performed and the buyer does not take exclusive ownership of
that which is purchased
CHARACTERISTICS OF SERVICE
SERVICE-PROFIT CHAIN
Establishes relationships between profitability, customer loyalty, and employee satisfaction,
loyalty, and productivity
SERVICE MARKETING
INTERNAL MARKETING
a sales technique used by companies that treats employees as customers to help make
all components of the business function harmoniously
INTERACTIVE MARKETING
one to one marketing process that reacts and changes based on the actions of individual
customers and prospects
EXTERNAL MARKETING
locating and reaching markets outside of your practice
BRAND
a name, term, design, symbol, or other feature that distinguishes one seller's
product from those of others
BRAND EQUITY
the commercial value that derives from consumer perception of the brand name of a
particular product or service
MAJOR BRAND STRATEGY
BRAND POSITIONING
the place in the consumers mind that you want your brand to own. It is the benfit you want
your consumer to perceive when they think of your brand.
BRAND NAME SELECTION
choosing a desired name for your product
BRAND SPONSORSHIP
NATIONAL BRANDS
The brand name of a product that is distributed nationally under a brand name owned by the
producer or distributor
STORE BRANDS
a product manufactured specially for a retailer and bearing the retailer's name
LISCENCINGthe process of leasing a legally protected, trademarked or copyrighted entity
CO-BRANDING
a product or service with the brands of joint manufacturers or sponsors.
BRAND DEVELOPMENT
a metric of marketing success that measures the number of sales within a specific market
BRAND DEVELOPMENT
BRAND EXTENSIONS
Involves the use of a successful brand name to launch a new or modified products in a new
category
LINE EXTENSION
Introducing additional items in the same product category under the same brand name
MULTI BRANDSCompany often introduce additional brands in the
same category
NEW BRANDS
A company may create a new brand name when it enters a new category.
QUIZ
INSTRUCTIONS: On a ¼ sheet of yellow pad, answer the following questions
THANK YOU!