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Chapter 9 Product Concepts

Chapter 9 Product Concepts. What’s a Product?. Good Service Idea. Experience Credence. Product. Promotion. Price. Place (Distribution). Product is the starting point of Marketing Mix. Product-Service Continuum. Auto with repair services. Airline trip with snacks. Restaurant. Soap.

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Chapter 9 Product Concepts

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  1. Chapter 9Product Concepts

  2. What’s a Product? • Good • Service • Idea Experience Credence

  3. Product Promotion Price Place (Distribution) Product is the starting point ofMarketing Mix

  4. Product-Service Continuum Auto with repair services Airline trip with snacks Restaurant Soap Doctor’s exam The Product-Service Continuum

  5. Product is a bundle of benefits 3. Augmented Product Additional services & benefits (unexpected) Installation Packaging Style Brand name Delivery & credit After- sale service Core good or service Design 1. Core product What the consumer is really buying Warranty 2. Actual Product

  6. Types of ProductsConsumer, Business • Consumer products • Determined by how consumers behave when buying an item. • 1. Convenience • 2. Shopping • 3. Specialty • 4. Unsought

  7. Consumer Products • Convenience –frequently purchased • Grocery products • Staples • Emergency items • MM: • Margins:

  8. Consumer Products • Shopping (less frequent) • Homogeneous vs. Heterogeneous MM: Margins:

  9. Consumer Products • Specialty – special purchase effort • Principle of scarcity / uniqueness MM: Margins:

  10. Consumer Products • Unsought MM: Margins:

  11. Product Line & Product Mix • Product Item • Product Line • Product Mix • Width • Depth Product mix is also known as product assortment

  12. Item

  13. Product Line • LAMPS: • Table • Ceiling • Track • Desk

  14. Advertising Economies Package Uniformity Standardized Components Efficient Sales andDistribution Equivalent Quality Benefits of Product Lines

  15. Product Mix Product Line 1 Product Line 2 Product Line 3 • TABLES: • Kitchen • Dining Room • End • Coffee • Outdoor • Conference • Computer • CHAIRS: • Dining Room • Living Room • Bed Room • Outdoor • Desk • LAMPS: • Table • Ceiling • Track • Desk

  16. Product Depth Product Line 1 Product Line 2 Product Line 3 • TABLES: • Kitchen • Dining Room • End • Coffee • Outdoor • Conference • Computer • CHAIRS: • Dining Room • Living Room • Bed Room • Outdoor • Desk • LAMPS: • Table • Ceiling • Track • Desk Attracts buyers with different preferences; market segmentation

  17. Product Width Product Line 1 Product Line 2 Product Line 3 • TABLES: • Kitchen • Dining Room • End • Coffee • Outdoor • Conference • Computer • CHAIRS: • Dining Room • Living Room • Bed Room • Outdoor • Desk • LAMPS: • Table • Ceiling • Track • Desk • Diversifies risk; Capitalizes on established reputations

  18. Campbell’s Product Lines and Mix

  19. Adjustments Product Modification ProductRepositioning Product Line Extension or Contraction Adjustments to Product Lines, Items and Mixes

  20. Planned Obsolescence The practice of modifying products so those that have already been sold become obsolete before they actually need replacement.

  21. Product Line Extension Adding additional products to an existing product line in order to compete more broadly in the industry.

  22. LINE EXTENSIONS

  23. What images do these brand names evoke? Mercedes – Benz: Harley Davidson: Apple: PC jr.: Smart & Final: Listerine: Marlboro: Calvin Klein:

  24. Name the major brands:Oatmeal: Dog food:Beer:Running Shoes:Tuna:Bananas:Lobsters:Peaches:

  25. WHAT AM I? Brand • Name, term, sign, symbol, design, or some combination that identifies the products of a firm. • Brand name - part of a brand that can be spoken (examples of brands with no names?) • Brand mark - symbolic

  26. WHAT AM I? Branding Terms • Trademark – legal designation of the exclusive use of brand • Trade Name – Commercial, legal name

  27. Value of Branding • To Buyers • Quality assurance • Rewards / Risks • To Sellers • Loyalty • Price premiums • Resistance to competition

  28. Brand Equity • The value of the brand name!

  29. Types of Brands • Manufacturer Brands • Private OR Retailer OR Store OR Reseller Brands • Generic Brands Battle of the Brands

  30. “Genericide” • Aspirin • Cellophane • Corn flakes • Granola • Kerosene • Linoleum • Raisin bran • Shredded wheat • Thermos • Zipper

  31. Individual Brands Versus Family Brands Individual Brand Using different brand names for different products from the same company Family Brand Marketing several different products under the same brand name.

  32. IngredientBranding Types of Cobranding Cooperative Branding Complementary Branding Cobranding

  33. BRAND EXTENSIONS

  34. Packaging • Packaging Functions • Protect and Maintain Functional Form • Offer Convenience • Marketing UPC

  35. Labeling Persuasive Informational • Focuses on promotional theme • Consumer information is secondary • Helps make proper selections • Lowers cognitive dissonance

  36. Warranty A confirmation of the quality or performance of a good or service. Express Warranty A written guarantee. Implied Warranty An unwritten guarantee Product Warranties

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