Product, Services, and Branding Strategy. 8 - 1 Definitions Product Anything offered to a market...
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Transcript of Product, Services, and Branding Strategy. 8 - 1 Definitions Product Anything offered to a market...
![Page 1: Product, Services, and Branding Strategy. 8 - 1 Definitions Product Anything offered to a market for attention, acquisition, use, or consumption that.](https://reader036.fdocuments.us/reader036/viewer/2022070410/56649f135503460f94c279f6/html5/thumbnails/1.jpg)
Product, Services, and Branding Strategy
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Definitions
• Product Anything offered to a market for attention,
acquisition, use, or consumption that might satisfy a need or want.
• Service A form of product that consists of activities,
benefits or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.
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Three Levels of Product
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Unsought ProductsUnsought Products
New innovations Products consumers don’t want to think about these products Require much advertising &personal selling i.e Life insurance, blood donation
Product ClassificationsConsumer Products
Specialty ProductsSpecialty Products
Special purchase efforts High price Unique characteristics Brand identification Few purchase locations i.e can be anything
Shopping ProductsShopping Products
Buy less frequently Higher price Fewer purchase locations Comparison shop i.e Clothing, appliances
Convenience ProductsConvenience Products
Buy frequently & immediately Low priced Mass advertising Many purchase locations i.e Candy, newspapers
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Product and Service Classifications
• Consumer products
• Industrial products Materials and parts Capital items Supplies and services
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Brand
A name, term, sign, symbolor design, or a combination of them,
intended to identify the goodsor services of one seller or group
of sellers and to differentiatethem from those of competitors.
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The Role of Brands
Identify the makerIdentify the maker
Simplify product handlingSimplify product handling
Organize accountingOrganize accounting
Offer legal protectionOffer legal protection
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The Role of Brands
Signify qualitySignify quality
Create barriers to entryCreate barriers to entry
Serve as a competitive advantage
Serve as a competitive advantage
Secure price premiumSecure price premium
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Brand Elements
ElementsSlogans
Brand
names URLs
Logos
SymbolsCharacters
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Brand Elements
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Brand Elements
Companies often create product icons to develop an identity for their products. Many made-up creatures and personalities, such as Çelik, Sütaş İnek and Yumoş Ayı,
are widely recognized figures in popular culture.
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Brand Element Choice Criteria
• Memorable
• Meaningful
• Likeability
• Transferable
• Protectible
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Slogans
• Like a good neighbor, State Farm is there
• Just do it
• Nothing runs like a Deere
• Help is just around the corner
• Save 15% or more in 15 minutes or less
• We try harder
• We’ll pick you up
• Nextel – Done
• Zoom Zoom
• I’m lovin’ it
• Innovation at work
• This Bud’s for you
• Always low prices
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Brand Strategy
• Brand Positioning
• Brand Name Selection
• Brand Sponsorship
• Brand Development
• Three levels of positioning: Product attributes
• Least effective Benefits Beliefs and values
• Taps into emotions
Key Decisions Key Decisions
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Brand Strategy
• Brand Positioning
• Brand Name Selection
• Brand Sponsorship
• Brand Development
• Good Brand Names: Suggest something
about the product or its benefits
Are easy to say, recognize and remember
Are distinctive Are extendable Translate well into other
languages Can be registered and
legally protected
Key Decisions Key Decisions
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Packaging: The 5th P
All the activities of designing and producingthe container for a product.
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Packaging has been influenced by…
Self-serviceSelf-service
Company/brand imageCompany/brand image
Innovation opportunityInnovation opportunity
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Innovations in Packaging
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Functions of Labels
Identifies
Describes
Promotes
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Brand Strategy
• Brand Positioning
• Brand Name Selection
• Brand Sponsorship
• Brand Development
• Manufacturer brands
• Private (store) brands Costly to establish and
promote Higher profit margins
• Licensed brands Name and character
licensing has grown
• Co-branding Advantages /
disadvantages
Key Decisions Key Decisions
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Product and Service Decisions
• Product line A group of products
that are closely related because they may: • function in a similar
manner• be sold to the same
customer groups, • be marketed through
the same types of outlets
• fall within given price ranges
Key Decisions Key Decisions
• Individual Product
• Product Line
• Product Mix
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Personal Care(product category)
• Personal Wash Skin Care Hair Care
• Lux Fair & Lovely Sunsilk
• Lifebuoy Pond’s Clinic
• Breeze Vaseline Clear
• Dove
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Food(Product category)
• Tea Ice cream Food• Brook bond Wall’s Kissan
• Lipton Knorr
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Product and Service Decisions
• Individual Product
• Product Line
• Product Mix
• Product line length Line stretching:
adding products that are higher or lower priced than the existing line
Line filling: adding more items within the present price range
Key Decisions Key Decisions
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Product and Service Decisions
• Individual Product
• Product Line
• Product Mix
• Product mix Also known as
product assortment Consists of all the
product lines and items that a particular seller offers for sale
Key Decisions Key Decisions
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Product and Service Decisions
• Individual Product
• Product Line
• Product Mix
• Product mix width: Number of different
product lines carried by company
• Product mix depth: Number of different
versions of each product in the line
• Product mix consistency
Key Decisions Key Decisions
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Brand Equity
The differential effect that brandknowledge has on consumer
response to the marketing of that brand.
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Branding Strategy
• Brands with strong equity have many competitive advantages: High consumer awareness Strong brand loyalty Helps when introducing new products Less susceptible to price competition
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The 10 Most Valuable Brands(Source: Millward Brown)
Brand 2007 Brand Value (Billions)
Google $86.06
GE $71.38
Microsoft $70.89
CocaCola $58.21
China Mobile
IBM
Apple
$57.23
$55.33
$55.21
McDonald’s $49.50
Nokia $43.98
Marlboro $37.32
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Line Extension
Multi brands
Brand Extension
New Brands
Bra
nd
Nam
e
Existing New
Product Category
Existing
New
Four Brand Strategies
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Four Services Characteristics
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Characteristics of Services
• Intangibility Consumers look for service quality signals
• Inseparability Services can’t be separated from providers
• Variability Employees and other factors result in
variability
• Perishability Services can’t be inventoried for later sale