Product and brand management
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Transcript of Product and brand management
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A product is any offering by a company to a market that serves to satisfy customer needs and wants.
It can be an object, service, idea,etc.
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Most new product development is an improvement on existing products
Less than 10% of new products are totally new concepts.
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The success rate of new products is very low – less than 5%. ‘You have to kiss a lot of frogs to find a prince.”
Product obsolescence is rapid with improvements in technology
Shorter PLCs
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Idea generation Idea screening Concept development and testing Concept testing Conjoint analysis – to find out the best
valued attributes by consumers
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The most customer appealing offer is not always the most profitable to make
Estimate on costs, sales volumes,pricing and profit levels are made to find out the optimal price – volume mix.
Breakeven and paybacks Discounted cash flow projections
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Test markets Test periods What information to gather? What action to take?
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When? (Timing) Where? (Which geographical markets) To whom? (Target markets) How? (Introductory Marketing strategy)
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Customer value hierarchy Core benefit Basic product Expected product Augmented product Potential product
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When you exceed customer expectations
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Need Product family Product class Product Line Product type Brand Item
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Durable Non – durable Services
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Convenience goods Shopping goods Specialty goods Unsought goods
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Materials and Parts - raw materials - manufactured materials and parts Capital items Supplies and business services
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The assortment of products that a company offers to a market
Width – how many different product lines? Length – the number of items in the
product mix Depth – The no. of variants offered in a
product line Consistency – how closely the product
lines are related in usage
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Product rationalization Market rationalization Product line length too long – when profits increase by
dropping a product in the line too short – when profits increase by
adding products to the product line Line pruning – capacity restrictions to
decide
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A name becomes a brand when consumers associate it with a set of tangible and intangible benefits that they obtain from the product or service
It is the seller’s promise to deliver the same bundle of benefits/services consistently to buyers
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When a commodity becomes a brand, it is said to have equity.
The premium a brand can command in the market
The difference between the perceived value and the intrinsic value
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Attributes Benefits Values Culture Personality Users
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Customer will change brands for price reasons
Customer is satisfied. No reason to change. Customer is satisfied and would take pains
to get the brand Customer values the brand and sees it as a
friend Customer is devoted to the brand
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Reduced marketing costs Trade leverage Can charge a higher price Can easily launch brand extensions Can take some price competition
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Brand Equity needs to be nourished and replenished. We must not flog the brand for equity to be diluted or dissipated
Store brands
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Easy for the seller to track down problems and process orders
Provide legal protection of unique product features
Branding gives an opportunity to attract loyal and profitable set of customers
It helps to give a product category at different segments, having separate bundle of benefits
It helps build corporate image It minimises harm to company reputation
if the brand fails
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Consumers buy from a set of acceptable/ preferred brands
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Products from different categories under one brand
Dangerous to the brand if the principal brand fails
Sometimes the company name is prefixed to the brand. In such cases the company name gives it legitimacy. The product name individualises it.
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Product benefits Product qualities Easy to pronounce Should be distinctive Should not have poor meanings in other
languages and countries
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Line extension – existing brand name extended to new sizes in the existing product category
Brand extension – brand name extended to new product categories
Multibrands – new brands in the same product category
New brands – new product in a different product category
Cobrands –brands bearing two or more well known brand names
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This may be required after a few years to face new competition and changing customer preferences
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Includes the activities of designing and producing the container for a product
Packaging is done at three levels - primary - secondary - shipping
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Self service Consumer affluence Company and brand image innovation
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Packaging concepts Technical specifications Engineering tests Visual tests Dealer tests Consumer tests Packaging innovations Environmental considerations
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Identification Grade classification Description of product Manufacturer identity Date of mfg., batch no. Instructions for use Promotion
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Labels need to change with time or packaging changes to give it a contemporary and fresh look