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Marketing Management Products and Services

Marketing Management Products and Services. Paul Dishman , Ph.D. Department of Business Management Marriott School of Management Brigham Young University Lecture 11. What is a Product?.

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Marketing Management Products and Services

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  1. Marketing ManagementProducts and Services Paul Dishman, Ph.D. Department of Business Management Marriott School of Management Brigham Young University Lecture 11

  2. What is a Product? • A Product is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. • Includes: • Physical Objects • Services • Events • Persons • Places • Organizations • Ideas • Combinations of the above

  3. What is a Service? • A Service is a form of product that consist of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything. • Examples include: • Banking • Hotels • Tax Preparation • Home Repair Services

  4. Service With Accompanying Minor Goods Tangible Good With Accompanying Services Pure Tangible Good Hybrid Offer Pure Service Auto With Accompanying Repair Services Airline Trip With Accompanying Snacks Soap Restaurant Doctor’s Exam The Product-Service Continuum

  5. Shopping Products • Buy less frequently • Higher price • Fewer purchase locations • Comparison shop • Convenience Products • Buy frequently & immediately • Low priced • Many purchase locations • Unsought Products • New innovations • Products consumers don’t want to think about these products • Require much advertising & personal selling • Specialty Products • Special purchase efforts • High price • Unique characteristics • Brand identification • Few purchase locations Product ClassificationsConsumer Products

  6. Product ClassificationsOther Marketable Entities • Activities undertaken to create, maintain, or change the attitudes and behavior toward the following: • Organizations • Persons • Places • Ideas

  7. Individual Product Decisions Product Attributes Branding Labeling Packaging Product Support Services

  8. Brand Name Selection Selection Protection Major Branding Decisions (Fig. 8.3) Brand Sponsor Manufacturer’s Brand Private Brand Licensed Brand Co-branding Brand Strategy Line Extensions Brand Extensions Multibrands New Brands

  9. Brand Strategy • Line Extension • Existing brand names extended to new forms, sizes, and flavors of an existing product category. • Multibrands • New brand names introduced in the same product category. • Brand Extension • Existing brand names extended to new or modified product categories. • New Brands • New brand names in new product categories. Smokey Red BBQ

  10. Packaging • Activity of designing and producing the container or wrapper for a product. • Packaging used to just contain and protect the product. • Packing now has promotional value and marketers should: • Establish a packaging concept, • Develop specific elements of the package, • Tie together elements to support the positioning and marketing strategy.

  11. Nature and Characteristic of a Service Intangibility Inseparability Can’t be seen, tasted, felt, heard, or smelled before purchase. Can’t be separated from service providers. Quality depends on who provides them and when, where and how. Can’t be stored for later sale or use. Variability Perishability

  12. The Service-Profit Chain Internal Service Quality Healthy Service Profits and Growth Satisfied and Loyal Customers Satisfied and Productive Service Employees Greater Service Value

  13. Marketing Strategies for Service Firms • Managing Service Differentiation • Develop differentiated offer, delivery and image. • Managing Service Quality • Empower front-line employees, • Become “Customer obsessed”, • Develop high service quality standards, • Watch service performance closely. • Managing Service Productivity • Train current or new employees better, • Work on quality as well as quantity, • Utilize technology.

  14. Review of Concept Connections • Define product and the major classifications of products and services. • Describe the roles of product and service branding, packaging, labeling, and product support services. • Explain the decisions companies make when developing product lines and mixes. • Identify the four characteristics that affect the marketing of a service. • Discuss the additional marketing considerations for services.

  15. Group Exercise • Cadbury's wants to introduce a new chocolate bar targeted at 8 to 12 year old boys in America. Please come up with a brand name for the initial plain chocolate bar and then brand names for two additional line extensions. Creativity as well as applicability of the brand name count here. Prepare a professional looking colored overhead transparency with the brand name, logo, or wrapper design to show the class. Due next class period.

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