Product, services, and branding strategy. Chapter 8

Июль 28, 2022

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Product, services, and branding strategy. Chapter 8

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2. Learning Goals Understand products and the major classifications of products and services Learn the decisions companies
3. Produce 7.5 million doughnuts each day Sell more than doughnuts; they sell an experience New store
4. Definitions Product Anything offered to a market for attention, acquisition, use, or consumption that might satisfy
5. What is a Product? Products, Services, and Experiences Market offerings may consist of a combination of
6. What is a Product? Convenience Shopping Specialty Unsought Frequent purchases bought with minimal buying effort and
7. What is a Product? Convenience Shopping Specialty Unsought Less frequent purchases More shopping effort for comparisons.
8. What is a Product? Convenience Shopping Specialty Unsought Strong brand preference and loyalty, requires special purchase
9. What is a Product? Convenience Shopping Specialty Unsought Little product awareness and knowledge (or if aware,
10. Product and Service Classifications Consumer products Industrial products Materials and parts Capital items Supplies and services
11. Product and Service Classifications Organizations, persons, places, and ideas Organizational marketing makes use of corporate image
12. Product and Service Decisions Individual Product Product Line Product Mix Product attributes Quality, features, style and
13. Product and Service Decisions Product line A group of products that are closely related because they
14. Product and Service Decisions Individual Product Product Line Product Mix Product line length Line stretching: adding
15. Product and Service Decisions Individual Product Product Line Product Mix Product mix Also known as product
16. Product and Service Decisions Individual Product Product Line Product Mix Product mix width: Number of different
17. Branding Strategy Brand equity is the positive differential effect that knowing the brand name has on
18. Branding Strategy Brands with strong equity have many competitive advantages: High consumer awareness Strong brand loyalty
19. Brand Strategy Brand Positioning Brand Name Selection Brand Sponsorship Brand Development Three levels of positioning: Product
20. Brand Strategy Brand Positioning Brand Name Selection Brand Sponsorship Brand Development Good Brand Names: Suggest something
21. Brand Strategy Brand Positioning Brand Name Selection Brand Sponsorship Brand Development Manufacturer brands Private (store) brands
22. Brand Strategy Brand Positioning Brand Name Selection Brand Sponsorship Brand Development Line extensions Minor changes to
23. Managing Brands Brands are known through advertising, personal experience, word of mouth, the Internet Everyone in
24. Services Marketing Services Account for 74% of U.S. gross domestic product. Service industries include business organizations,
25. Characteristics of Services Intangibility Consumers look for service quality signals Inseparability Services can’t be separated from
26. Service Firm Marketing Strategies The Service-Profit Chain Internal Marketing Interactive Marketing Managing Service Differentiation Managing Service
27. Product Decisions and Social Responsibility Acquiring and dropping products Patent protection Product quality and safety Product
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Learning Goals
Understand products and the major classifications of products and services
Learn

the decisions companies make regarding their products and services
Understand branding strategy
Identify the four characteristics that affect the marketing of a service
Realize additional product issues

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Produce 7.5 million doughnuts each day
Sell more than doughnuts; they sell

an experience

New store openings are eagerly anticipated in part due to extensive promotion

Case Study Krispy Kreme

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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.

Goal 1: Understand products and their classifications

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What is a Product?
Products, Services, and Experiences
Market offerings may consist of

a combination of goods and services
Experiences are used to differentiate offerings
Levels of Product and Services
Core benefit, actual and augmented product
Product and Service Classifications
Consumer products and industrial products

Goal 1: Understand products and their classifications

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What is a Product?
Convenience
Shopping
Specialty
Unsought
Frequent purchases bought with minimal buying effort and

little comparison shopping
Low price
Widespread distribution
Mass promotion by producer

Types of Consumer Products

Goal 1: Understand products and their classifications

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What is a Product?
Convenience
Shopping
Specialty
Unsought
Less frequent purchases
More shopping effort for comparisons.

Higher than convenience good pricing
Selective distribution in fewer outlets
Advertising and personal selling

Types of Consumer Products

Goal 1: Understand products and their classifications

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What is a Product?
Convenience
Shopping
Specialty
Unsought
Strong brand preference and loyalty, requires special purchase

effort, little brand comparisons, and low price sensitivity
High price
Exclusive distribution
Carefully targeted promotions

Types of Consumer Products

Goal 1: Understand products and their classifications

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What is a Product?
Convenience
Shopping
Specialty
Unsought
Little product awareness and knowledge (or if aware,

sometimes negative interest)
Pricing varies
Distribution varies
Aggressive advertising and personal selling by producers and resellers

Types of Consumer Products

Goal 1: Understand products and their classifications

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Product and Service Classifications
Consumer products
Industrial products
Materials and parts
Capital items

Supplies and services

Goal 1: Understand products and their classifications

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Product and Service Classifications
Organizations, persons, places, and ideas
Organizational marketing makes use

of corporate image advertising
Person marketing applies to political candidates, entertainment sports figures, and professionals
Place marketing relates to tourism
Social marketing promotes ideas

Goal 1: Understand products and their classifications

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Product and Service Decisions
Individual Product
Product Line
Product Mix
Product attributes
Quality, features, style

and design
Branding
Packaging
Labeling
Product support services

Key Decisions

Goal 2: Learn decisions companies make regarding products

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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

Individual Product
Product Line
Product Mix

Goal 2: Learn decisions companies make regarding products

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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

Goal 2: Learn decisions companies make regarding products

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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

Goal 2: Learn decisions companies make regarding products

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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

Goal 2: Learn decisions companies make regarding products

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Branding Strategy
Brand equity is the positive differential effect that knowing the

brand name has on customer response to the product or service
One measure of equity is the extent to which customers are willing to pay more for the brand
Brand valuation is the process of estimating the total financial value of a brand