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Marketing mix: Product and packaging

Marketing mix: Product and packaging . Chapter 19. What you will learn:-. Role of the product Product Development Importance of Branding Importance of Packaging Product-Life Cycle Extension Strategies of the Product-Life Cycle. . Role of products in the marketing mix.

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Marketing mix: Product and packaging

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  1. Marketing mix:Product and packaging Chapter 19

  2. What you will learn:- • Role of the product • Product Development • Importance of Branding • Importance of Packaging • Product-Life Cycle • Extension Strategies of the Product-Life Cycle.

  3. Role of products in the marketing mix • Most important element. • Product look, properties, etc are researched. • Product must fulfill a want /satisfy customer. After market segmentation, the product and packaging are chosen.

  4. Types of product. Different types of products. Some sold to consumers, some sold to producers. Products are grouped into:- • Consumer goods- Bought by people.

  5. Types of product. Different types of products. Some sold to consumers, some sold to producers. Products are grouped into:- • Consumer services- Services for people.

  6. Types of product. Different types of products. Some sold to consumers, some sold to producers. Products are grouped into:- • Producer goods- Goods produced for other businesses.

  7. Types of product. Different types of products. Some sold to consumers, some sold to producers. Products are grouped into:- • Producer services- Services which help other businesses

  8. *QUIZ TIME!!! Tick where each product belongs correctly.

  9. GOOD PRODUCT POINTS: • HAS TO SATISFY or will not sell. • Right quality so the price is what customers want to pay. • A substantial amount of profit should be added to the product price. • Attractive design to aimed age group. • Appropriate quality for brand image. • Reputation should be good or else no buyers.

  10. Product Development: Process businesses go through when developing product:- Sales department Research & development Ideas generated Customer suggestions Competitors products Select best ideas for further research Some ideas abandoned, some researched further. Break even analysis. How large will the sales be needed to cover costs. Decide if it will sell well. Product success? Develop a prototype Example/ test. Defaults are seen and taken care of. Product launched in a small part of the market. It’s successfulness is determined. Test the market. Full launch of product to market Launched into main market. Later could be exported.

  11. BREAK-EVEN ANALYSIS

  12. Name the Brand

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  23. The Importance of Branding • Today products aren't sold directly to customers, but to other businesses or retailers. • Products are sold to by being branded. • Branded products  higher quality  better consumer confidence • Use of brands to encourage repeat purchases • Creates Brand Loyalty

  24. The role of packaging in the marketing mix • Suitable for the product. • Provide protection, doesn’t allow it to spoil. • Suitable for transporting • Should not be too delicate • Used in promoting product • Color, shape, attractiveness. • Eye-catching

  25. Product Life Cycle (PLC) • All products DO NOT LAST FOREVER. • Like all living organisms, products also have certain stages of their “lives” to go through. • The process of what happens to a product is called the product life cycle.

  26. Product Life Cycle (PLC)

  27. Product Life Cycle (PLC) • See “light bulb video” • http://news.bbc.co.uk/1/hi/uk/7814502.stm • Questions • Define the term “product life cycle” • Explain why the standard 100 watt light bulb is being phased out by leading retailers • Why are customers prepared to pay a higher price for energy-saving light bulbs? • Extension - What method of production is used in the manufacture of light bulbs?

  28. Extending the product life cycle -Ways that sales may be given a boost. Sell into new markets, e.g. export the product to another country Introduce new variations of the original product, e.g. a children version Make small changes to the product’s design, colour or packaging EXTENDING THE PRODUCT LIFE CYCLE Use a new advertising campaign Introduce a new, improved version of the old product Sell through additional, different retail outlets

  29. Let’s see how much you know… • Who are the customers? • What attracts them to the product? • What brand image is trying to be created? • Where it is sold? • How does the name support the brand image?

  30. Let’s see how much you know… • Who are the customers? • What attracts them to the product? • What brand image is trying to be created? • Where it is sold? • How does the name and packaging support the brand image?

  31. Let’s see how much you know… • Who are the customers? • What attracts them to the product? • What brand image is trying to be created? • Where it is sold? • How does the name and packaging support the brand image?

  32. Let’s see how much you know… • Who are the customers? • What attracts them to the product? • What brand image is trying to be created? • Where it is sold? • How does the name support the brand image?

  33. *EXTENSTION QUESTIONS. YOU HAVE CREATED A NEW MILK PRODUCT FOR KIDS. THE MARKET SEGMENT IS AIMED FOR PARENTS TO BUY IT FOR THERE KIDS. IT IS HEALTHY WITH VITMAINS AND MINERALS . Which of the containers from above would you use for the new fruit-flavored milk drink? Explain? Which colours should the container be? Choose a brand name for the drink. What image does this name give the product? What information would be needed to be put on the product?

  34. THE END!!

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