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Product and Services Strategy

Product and Services Strategy

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Product and Services Strategy

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  1. Product and Services Strategy • What is a product? One more time…

  2. More on product… • Goods • Services • Experiences

  3. Augmented Product Delivery Brand Name Service Core benefit Packaging Actual product Features Installation Quality Warranty A Product Dissected:

  4. Other product terms • Brand: name, symbol, term, design or combination that distinguishes competitors products • Brand name • Brand mark • Product line • Product mix

  5. Branding • To brand or not to brand • Paul McCartney applies to trademark his name • George Foreman: $137.5 Million from Salton (Foreman Grills) “Foreman is a brand, not a grill” wsj 2/2 • Brand sponsor: manufacturer, private, or licensed • Brand Equity: positive differential effect brand has on customer response (e.g. price premium) • Family brand? Multibrand?

  6. Product Category Existing New Line Extension Brand Extension Existing Brand Name New Brands Multibrands New Brand Strategies

  7. Packaging • Benefits for manufacturer, consumer, and reseller • communications • storage • convenience • protection • perception “From a packaging viewpoint, Reser's most successful branding effort has been its nationwide rollout, last year, of Salad Ovals. Purely through packaging, Reser's has added value to its flagship product. The company's sales of prepackaged salads are 27% ahead of last year, attributable solely to the new package”

  8. Product Classifications • Durables • Non-durables

  9. Product Classifications: Consumer • Convenience Products • staples, unplanned, and emergency • Shopping Products • Specialty Products • Unsought Products

  10. Product Classifications: Industrial • Materials and Parts: become part of the product • Capital Items: aid in production or operations • installations and accessories • Supplies and Services

  11. Services are… • Intangible • Inseparable • Variable • Perishable