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Products, Services and Branding Strategy

Products, Services and Branding Strategy

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Products, Services and Branding Strategy

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  1. Products, Services and Branding Strategy Session-5

  2. 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, Basic, Expected and augmented and Potential product • Product and Service Classifications • Consumer products and industrial products

  3. Product Levels PRODUCT LEVELS 1. CORE PRODUCT 2. BASIC PRODUCT 3. EXPECTED PRODUCT 4. AUGMENTED PRODUCT 5. POTENTIAL PRODUCT

  4. Example

  5. Example: Hotel

  6. Product Classification • Consumer products: • Durability & Tangibility • Non Durable: eg. Soap, beer • Durable: TV, Refrigerator. • Services: Intangible, eg: Air Travel, Hotel, Telecom

  7. Consumer-Goods Classification • Convenience • Shopping • Specialty • Unsought

  8. Industrial Goods Classification • Materials and parts : • Raw Materials [ farm & natural] and Manufactured materials and parts [ component material and component parts • Capital items • Installation and Equipments • Supplies and services • Operating Supplies and Maintenance and repair items • Maintenance and repair service & business advisory service

  9. Product Differentiation • Form- Shape Size • Features • Customization • Performance • Conformance • Durability • Reliability • Reparability

  10. Product Line Analysis • Product Mix • Product Line • Product Width • Consistency

  11. Product Line Analysis • Two Aspects • Sales and Profit • Market Profile

  12. Product Line Length Profits can increase either if product line is shorten or added. It can be lengthens in two ways : 1. Line Stretching : Down market stretch, Up Market stretch, Two way stretch 2. Line Filling :by adding more items on product line

  13. Product Line Modernization • Part Basis/Overall • Modernization is carried rapidly, eg micro-processor companies • Too early might damage sale of current line and too late competition might take advantage. • Vox Wagan Beatle

  14. Featuring and Pruning • Line Featuring • Establishing Image driver for the line[ Surya classic for Surya brand] • Issue to promote weak items or safe guard strong ones • Pruning • Weak items • Production demands

  15. Branding Coke, Toyota, Surya: What comes to your mind? Attributes Benefits Values Culture Personality User Marketing is also converting simple products and Services into brands.

  16. Why Branding • Brands with strong equity have many competitive advantages: • High consumer awareness will reduce marketing cost • Strong brand loyalty • Helps when introducing new products • Less susceptible to price competition • More Trade Leverage in bargaining with distributors and retailers [Bajaj Bikes in Nepal]

  17. Brand Name Decision • Product benefits • Product Qualities • Easy to pronounce recognize and remember • Distinctive • Should not carry poor meanings in other countries and languages • Blanket Family Names

  18. Brand Strategy Decision Line Extension: Minor Changes to Existing Products Brand Extension: Successful brands help introduce new products Multibrands: Multiple brands into a product category New brands: New product brand Co brands

  19. Labeling and Packaging • Identifies the product • Describes the product • Promotes the product • Legal requirement

  20. Packaging • A Marketing Tool. • Garnishing the product. • Important Marketing Tool

  21. SheiShei