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    Marketing Mix Product-Price Part-1

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    Sangeeta Baishya
    A product is anything that can be offered to a market for attention, acquisition, use or consumption. By definition, "brand" is whatever the consumer thinks of when he or she hears your company's name. A brand is a promise. By identifying and authenticating a product or service it delivers a pledge of satisfaction and quality.

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    Marketing Mix Product-Price Part-1

    Uploaded by

    Sangeeta Baishya
    39 views28 pages
    A product is anything that can be offered to a market for attention, acquisition, use or consumption. By definition, "brand" is whatever the consumer thinks of when he or she hears your company's name. A brand is a promise. By identifying and authenticating a product or service it delivers a pledge of satisfaction and quality.

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    A product is anything that can be offered to a market for attention, acquisition, use or consumption. By definition, "brand" is whatever the consumer thinks of when he or she hears your company's name. A brand is a promise. By identifying and authenticating a product or service it delivers a pledge of satisfaction and quality.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    39 views28 pages

    Marketing Mix Product-Price Part-1

    Uploaded by

    Sangeeta Baishya
    A product is anything that can be offered to a market for attention, acquisition, use or consumption. By definition, "brand" is whatever the consumer thinks of when he or she hears your company's name. A brand is a promise. By identifying and authenticating a product or service it delivers a pledge of satisfaction and quality.

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    Marketing Mix Product-Price Part-1

    What is a Product?
    A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.

    Characteristics of Services

    Intangibility Inseparability Variability Perishability

    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.

    Three Product Levels

    Durability and Tangibility

    Nondurable goods Durable goods

    Services

    Consumer Goods Classification

    Convenience

    Shopping

    Specialty

    Unsought

    Industrial Goods Classification

    Materials and parts

    Capital items

    Supplies/ business services

    PRODUCT CLASSIFICATIONS

    Marketing considerations for Consumer products

    Individual Product Decisions


    Product Attributes

    Branding

    Packaging

    Labeling

    Product Support Services

    Product Attribute Decisions

    Quality

    Features

    Style &Design

    Product Mix Decisions


    Width - number of different product lines

    Consistency

    Length - total number of items within the lines

    Product Mix all the product lines offered

    Depth - number of versions of each product

    Brands

    A brand is a name, term, sign, symbol, or design or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of the competitor.

    Brands
    A brand is a collection of perceptions in the mind of the consumer.
    Brand is everything what you want to communicate to consumers and what you communicate. By definition, brand is whatever the consumer thinks of when he or she hears your companys name. A brand is a promise. By identifying and authenticating a product or service it delivers a pledge of satisfaction and quality. Its a bundle of functional and emotional benefits A name with a reputation A mark of pride A simplifier of choice A product or service with an attitude

    Brands
    Consistency Quality & Value

    Attributes

    Advantages of Brand Names Brand Equity

    Identification

    Association

    Loyalty Awareness

    Credibility

    Brand Strategy
    Product Category
    Existing New

    Brand Name

    Existing

    Line Extension Multibrands

    Brand Extension New Brands

    New

    Packaging
    Packaging - the activities of designing and producing the container or wrapper for a product.

    Factors Contributing to the Emphasis on Packaging

    Self-service
    Consumer affluence Company/brand image

    Innovation opportunity

    Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall

    12-18

    Packaging Objectives
    Identify the brand Convey descriptive and persuasive information Facilitate product transportation and protection Assist at-home storage Aid product consumption

    Labeling
    Display of information about a product on its container, packaging, or the product itself. For several types of consumer and industrial products, the type and extent of information that must be imparted by a label is governed by the relevant safety and shipping laws.

    Functions of Labels
    Identifies
    Grades Describes

    Promotes

    Packaging
    Competitive Advantages

    Sales Tasks
    Identifies

    Packaging
    Labeling

    Product Safety Promotes

    Describes

    Product - Support Services


    Companies should design its support services to profitably meet the needs of target customers.

    How? Step 1. Survey customers to determine satisfaction with current services and any desired new services.
    Step 2. Assess costs of providing desired services. Step 3. Develop a package of services to delight customers and yield profits.

    Product Life Cycle


    Sales and Profits Over the Products Life From Introduction to Decline
    Sales and Profits ($)
    Sales

    Profits Time

    Product Development
    Losses/ Investments ($)

    Introduction

    Growth

    Maturity

    Decline

    Introduction Stage of the PLC


    Summary of Characteristics, Objectives, & Strategies

    Sales
    Costs Profits
    Marketing Objectives

    Low sales High cost per customer Negative Create product awareness and trial Offer a basic product Use cost-plus Build selective distribution Build product awareness among early adopters and dealers

    Product Price Distribution Advertising

    Growth Stage of the PLC Summary of Characteristics, Objectives, & Strategies


    Sales Costs Profits
    Marketing Objectives Rapidly rising sales Average cost per customer Rising profits Maximize market share Offer product extensions, service, warranty

    Product Price Distribution Advertising

    Price to penetrate market


    Build intensive distribution Build awareness and interest in the mass market

    Maturity Stage of the PLC


    Summary of Characteristics, Objectives, & Strategies
    Sales Costs Profits
    Marketing Objectives Peak sales Low cost per customer High profits Maximize profit while defending market share Diversify brand and models

    Product Price Distribution Advertising

    Price to match or best competitors


    Build more intensive distribution Stress brand differences and benefits

    Decline Stage of the PLC


    Summary of Characteristics, Objectives, & Strategies
    Sales Costs Profits
    Marketing Objectives Declining sales Low cost per customer Declining profits Reduce expenditure and milk the brand Phase out weak items

    Product Price Distribution Advertising

    Cut price
    Go selective: phase out unprofitable outlets Reduce to level needed to retain hard-core loyal customers

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