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PRODUCT STRATEGY AND BRANDING PowerPoint Presentation
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PRODUCT STRATEGY AND BRANDING

PRODUCT STRATEGY AND BRANDING

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PRODUCT STRATEGY AND BRANDING

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    1. PRODUCT STRATEGY AND BRANDING Professor Chip Besio Cox School of Business Southern Methodist University

    2. What Is the Product?

    3. Types of Products Consumer Industrial Other Entities Organizations Persons Places Ideas

    4. Types of Products CONSUMER PRODUCTS

    5. Types of Products INDUSTRIAL PRODUCTS

    6. Characteristics of Services Cant be seen, tasted, felt, heard, or smelled before purchase Cant be separated from service providers Quality depends on who provides them and when, where and how Cant be stored for later sale or use

    7. Individual Product Strategy Decisions Attributes Packaging Labeling Product Support

    8. Product Attributes - Where Do They Come From? Quality

    9. Packaging

    10. Multi-Product Strategy Decisions Branding Product Lines Product Mix Variety Assortment

    11. What Do Brands Mean to Customers?

    12. Brand Equity The value your customers perceive to be uniquely associated with your brand = Awareness + Associations Awareness Recall Recognition Associations Perceived Quality Image

    13. Brand Awareness

    14. Brand Awareness RECOGNITION

    15. Brand Awareness RECOGNITION

    16. Brand Awareness RECOGNITION

    17. Brand Awareness RECOGNITION Free publicity in the Wall Street Journal

    18. Brand Awareness RECALL Essential for memory-based choice and customer-initiated contact

    19. Brand Associations PERCEIVED QUALITY

    20. Brand Associations IMAGE Brand image is the integration of all experiences with and information about a brand as perceived and remembered by customers The whole is more than the sum of its parts Brand image is relative easy to create, but almost impossible to change! Example 1: K-Mart and the Blue Light Special Example 2: Hyundai and product quality

    21. Brand Equity ? BRAND LOYALTY Brand loyalty - the probability of choosing a brand given that you are a user of that brand - can result from: Inertia: the general tendency to repeat previous purchases due to high switching costs, convenience, or habit Preference: an enduring preference for a brand over and above what would be expected based on the benefits derived from the product or from a long-term relationship with the brand

    22. Example BRAND LOYALTY In 1983, six people in Chicago died of cyanide poisoning from tampered TYLENOL capsules. J&J reacted quickly and appropriately withdrawing all capsules from the market. Tylenol shared dropped only from 37% to 35% and eventually recovered completely.

    23. Brand Equity ? BETTER BUSINESS RESULTS Brands Price Market Share Toothpastes (6 oz.) Price Premium Share Premium Crest $2.19 $ .44 27.2% 17.3% Colgate $2.19 $ .37 21.8% 12.2% Aqua-fresh $2.19 $ .24 15.1% 6.6% Close-Up $2.14 $ .27 16.5% 8.0% SOURCE: Park, C. S. and V. Srinivasan (1994; based on survey results)

    24. Brand Equity ? BETTER BUSINESS RESULTS Brands Price Market Share Mouthwashes (24 oz.) Price Premium Share Premium Scope $3.83 $ .47 31.2% 13.7% Listerine $3.79 $ .42 26.8% 11.1% Close-Up $5.02 $ .23 2.3% .8% Plax $4.29 $ .26 10.3% 3.4% Colgate $5.22 $ .10 1.4% .2% SOURCE: Park, C. S. and V. Srinivasan (1994; based on survey results)

    25. Major Brand Decisions

    26. Brand Strategy

    27. Brand Strategy Line Extension Existing brand names extended to new forms, sizes, and flavors of an existing product category Brand Extension Existing brand names extended to new product categories Multi-brands New brand names introduced in the same product category New Brands New brand names in new product categories

    28. Brand Strategy BRAND EXTENSION Brand associations determine which brand extensions will be successful

    29. Brand Strategy BRAND EXTENSION

    30. Brand Strategy BRAND EXTENSION

    31. Product Mix