8 Product Services and Branding Strategy
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Transcript of 8 Product Services and Branding Strategy
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Product services and BrandingStrategyChapter 8
Principles of Marketing
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Product and Service
Product:
Anything that can be offeredto a market for attention, useor consumption that mightsatisfy a want or a need Key element in Mkt offering
More than tangibles Physical objects Services Events Persons Places
Organizations Ideas Mix of the above
Services Any activity or benefit that
one party can offer to anotherthat is essentially intangibleand does not result in theownership of anything.
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PURE SERVICE
Dry Cleaning
PURE PRODUCT
Soap/ Salt
Experience: What product andoffers do for the consumerEg. entertainment industry-Disney movies
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Levels of Product3
AUGUMENTEDPRODUCT
ACTUAL
PRODUCT
CORE
BENEFIT
BrandName
QualityLevel
Packaging
Design
Features
Delivery
& Credit
Installation
Warranty
After Sales
Service
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Product and Service Classification
Consumer Product: Product bought by finalconsumer for personal consumption
Convenience product: Product bought frequently ,immediately and with a minimum comparison andbuying effort
Shopping Product: Consumer Good that thecustomer shops around for {compares on the bases ofsuitability, quality, price and style}
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Product and Service Classification
Specialty Product: Product having uniquecharacteristics or brand identification for which buyers
are willing to make a special purchase effort
Unsought Product: Product that a consumer doesnot know about or knows but does not normally thinkabout buying. Eg. Insurance blood donations,
preplanned funeral services
Industrial Product: Good bought by individuals andorganizations for further processing or for use inconducting business
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Product and Service Decisions
Individual Product and Service Decisions
Product & Service attributesx Product quality: Characteristics of a product or service that
bear on its ability to satisfy stated or implied customer needsx Two dimensions: Levels and consistency
x Performance quality
x Conformance quality
x Product Features:x Tools for differentiation
x Product Styleand design
x Style: appearance of product
x Design: Skin deep, goes to the very heart of the product
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Product and Service Classification
Individual Product and Service Decisions
Product & Service attributesx Branding
x Brand: a name, term, sign, symbol or design or a combinationof these that identifies the maker or seller of a product orservice
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Product and Service Classification Individual Product and Service Decisions
Product & Service attributesx Packaging: Container and wrapperx Labeling:
x
Simple tags to complicated graphics, In recent times labeling ofFruits!!!x Promote and Support its positioning
x Product Support Servicesx Customer servicing
Product Line Decisionsx A group of products that are closely related because they function
in a similar manner, sold to the same customer groups, aremarketed through the same types of outlets, or fall within a givenprice range.Eg: Chain of restaurants in a Hotel.
Product Mix Decisions
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Building Strong BrandsFigure 8.3
Brand Equity Brand Positioning Brand Name selection Brand Sponsorship
ManufacturersBrand vs Private Brands Licensing Co Branding
Brand Development Line Extensions Brand Extensions Multibrands New Brands
Managing BrandsFIGURE 8.4
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Tips on Branding Get a great logo. Write down your brand messaging.
What are the key messages you want to communicate about your brand?
Integrate your brand Create a "voice" for your company that reflects your brand.
applied to all written communication and visual imagery of all material
Develop a tagline.
Write a memorable, meaningful and concise statement that captures the essenceof your brand.
Design templates and create brand standardsUse the same color scheme, logo placement, look and feel throughout. You
don't need to be fancy, just consistent.
Be true to your brand.Customers won't return to you--or refer you to someone else--if you don't
deliver on your brand promise. Be consistent.
Involves all of the above and is the most important tip. If you can't do this,your attempts at establishing a brand will fail.
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The Nature of Services
regardless of the product, there is a servicescomponent to the offerings of all firms
in some cases, a service is the principal purpose of
the transaction, as in the rental of a car, a haircut,or legal services -- we refer to this as the corecoreserviceservice
in others, service is performed in support of thesale of a tangible product -- these are referred to as
supplementary servicessupplementary services
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Goods and Services Continuum
There are two classes of services. Services that are themain purpose of a transaction
ren
tin
ga
truck tom
ove.
Services that supplement thesale of a tangible good for example,an information hotline for computersoftware.
The focus here is primarily on identifiable, intangible
services that are the main object of a transactiondesigned to provide want-satisfaction to customers;supplementary services growing in importance,however.
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Characteristics of Services
intangibility: difficult to sample and to evaluate
inseparability: difficult to separate services from the service
provider; mainly direct sales; staff are essential to the delivery
of quality services
heterogeneity: virtually every service is different; very difficult
to standardize quality
perishability: those not sold can not be stored
fluctuating demand: demand for some services fluctuates byseason, or even by time of day
client relationships:
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Strategic Services Management
intangibility generally makes the marketing ofservices a challenge
understanding how people buy services and
the segments that exist is just as important knowing more about the value of customer
segments is important -- some are morevaluable than others
knowing what they value so that service levelscan be tailored is also important
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Strategic Product Implications
service organizations have to plan the introduction ofnew services and the management of the life cycle
the core service can be enhanced through the addition
of supplementary services, thereby creating addedvalue the life cycle of services has to be managed the branding of a service can be difficult as the
customer often has nothing tangible to show
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Service
Equipment/Physical product
based Based
People Based
ATMs Internet Banking Kiosks Call Centre Mobile Banking POS Terminals
Branch Banking Sales
Assets & Liabilities
Utility & Other Bill Pay
Automated
Professionals
Debit Cards Credit Cards Charge Cards Prepaid Cards Safe Deposit Locker Investments Insurance Policies
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Service Marketing
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