productbasics

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Information about productbasics
Entertainment

Published on November 20, 2007

Author: Mikhail

Source: authorstream.com

What is a Product?:  What is a Product? Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want. Physical Products: Tide, Ford, Chevy Services: Haircuts, Nails, Travel Planning Persons: Presidents, Stars, Announcers Places: Vacation Spots, States, Cities Events: Olympics, Concerts Organizations: Red Cross, Heart Association. Idea: Healthy Food, Exercise A Product in Three Levels::  A Product in Three Levels: Core Product Actual Product Augmented Product The Core Product:  The Core Product Core Product: What is the buyer really buying? .... Core benefits, Problem Solving services. Examples: Lipstick....... Beauty, Hope, not lip color Drill Bit ...... A finished project, 1/4” Hole, but not a bit The Actual Product:  The Actual Product Product Attributes: Quality Level: Lexus.... Features: Sunroof, Walnut Trim,... Styling: Sleek, Sporty Brand Name: Lexus Packaging: Style and Grace Augmented Product:  Augmented Product Consists of Additional Consumer Services and Benefits....Augmented benefits may become expected benefits Camcorder: Complete solution to picture-taking problems. Warranty on parts and workmanship, Instruction on how to use camcorder, Toll free number for questions and problems Haircut: Doctor’s Exam: few tangible features Park Lane Hotel, Hong Kong: Candy on hotel pillow, basket of fruit, manager escorts you to room, Pillbox hat white uniforms, messaging service (printed and voice), toiletries. Perfume: Fantasy, memories, hopes, dreams, romance, passion, femininity, success, life style, self-expression, exclusivity Product Classifications:  Product Classifications Durable Goods: Products used over an extended period of time: Refrigerators, Autos, Furniture NonDurable Goods Consumed in one or a few uses: Soap, Salt, food products Services: Activities, benefits or satisfactions for sale: Haircuts, repairs Consumer Goods Goods and services consumers buy frequently, immediately, with a minimum of comparison or buying effort: Convenience Goods Shopping Goods Specialty Goods Unsought Goods Consumer Goods:  Consumer Goods Convenience Goods Staple Goods: Heinz Ketchup, Crest Impulse Goods: Twinkies, Candy bars Emergency Goods: Umbrella, boots Shopping goods: Goods that are compared based on suitability, quality, price, style. Furniture, Clothing, Cars, Major Appliances Specialty Goods: Consumer goods with unique characteristics or brand identification for which a significant group of buyers are willing to make a special purchase effort: Jaguar, Lexus, Rolex Unsought goods: Consumer goods the consumer does not know about or does not normally think about buying: Life Insurance, encyclopedias How Do You Best Obtain a Sustainable Competitive Advantage?:  How Do You Best Obtain a Sustainable Competitive Advantage? Reputation for Quality Customer Service / Product Support Name Recognition / High Profile Slide12:  Achieving a Sustainable Competitive Advantage Achieve differentiation in the product delivery attributes: Price, Quality, Aesthetics, Functionality, Availability, Consumer Awareness, Visibility, Service Achieve differentiation on the key buying attributes: 1, 2, or 3 attributes may be critical... Others are marginal Laptop: Battery Life, Physical Profile, Power Achieve breadth of attraction and depth of preference Achieve Capability Gap Business Systems Gap Positioning Gaps: Reputation, Consumer Awareness, Capability Regulatory / Legal Gap Organizational / Managerial Gap Slide13:  What is Brand Equity? Brand Equity Brand Loyalty Name Awareness Perceived Quality Brand Associations Other Proprietary Brand Assets Provides Value to Customer * Interpretation of Info. * Confidence in Decision * Use Satisfaction Provides Value to Firm * Efficient/Effective Mkt. * Brand Loyalty * Brand Extensions * Trade Leverage * Competitive Advantage Branding Definitions:  Branding Definitions A Brand is: name, term, sign, symbol, design, or combination of these intended to identify the good or service, and differentiate them from those of competitors Brand Name: The vocalized part of the brand... Tide, Avon, Chevrolet, Disneyland, AMEX Brand mark: The symbol, design, color, letters: Pillsbury doughboy, MGM Lion, K on Kodak box Trademark: The part of the brand given legal protection to brand name or brand mark Copyright: Legal right to reproduce, publish and sell the matter and form of a literary musical or artistic work. Branding Decisions: Family Brands:  Branding Decisions: Family Brands Individual Brand Names P&G (Tide, Crest, Folger’s Pampers) General Mills (Bisquick, Gold Medal, Betty Crocker, Nature Valley, Yoplait) Blanket Family Name for all products Heinz and General Electric Separate family names for all products Sears (Kenmore, Craftsman, Homart) Company trade name combined with individual product names Kellogg’s (Corn Flakes, Rice Krispies, Raisin Bran) Brand Decisions:  Brand Decisions Brand Extension: Use successful brand name to launch new or modified products: Ivory: dishwashing detergent, hand soap, shampoo Fruit of the Loom: Socks, fashion underwear, women's underwear Honda: Lawnmowers Scott Paper Co.: ScotTowels, ScotTissues, Scotkins, BabyScott diapers... tough competition from Charmin, Bounty, Kleenex, Pampers Multibrand: Multiple brands in the same product category: P&G Cheer vs. Tide GM: Capture brand switchers using multiple brands Brand Repositioning: Change both the product and image: Ivory Soap: “Baby Soap” to “All Natural Soap” Marlboro: women’s cigarette to man’s cigarette Velveeta: “Cooking Cheese to “Good tasting, natural and nutritious” Brand Names: (1) Suggest qualities, benefits: Beautyrest, Craftsman, Sunkist, Spic and Span, Mr.. Clean, (2) Easy to pronounce, recognize and remember: Tide, Aim (3) Distinctive brand name: Taurus, Kodak, Exxon, IBM, Xerox (4) Translate easily into foreign languages: (5) Capable of registration and legal protection (Miller Lite refused) Individual Product Decisions:  Individual Product Decisions Product Attribute Decisions: Product Quality: At Ford, Quality is Job #1 Product Features: Strip down vs full featured. What features improve the product? Product Design Black and Decker cordless tools, Steelcase furniture Bose audio equipment Herman Miller furniture Product Line Decisions:  Product Line Decisions Product Line Length: (Full Vs. Incomplete line) Expanded by Product Line Stretch and Filling Stretch: Upward, Downward, Two-way Price: High Low Quality Low High Present Products New Products New Products Downward Upward Examples: Marriott: Marquis, Courtyard, Fairfield Inn, Residence Inn Product Line Fill: Sony Walkmans: Solar Powered Waterproof Ultralight Tape, CD, MD, MP3 Product Line Decisions:  Product Line Decisions Product Line Breadth, Length, Depth,Consistency Breadth: Number of different product lines: Avon: cosmetics, jewelry, fashions, household items Length: total number of items the company carries (many different brands: Tide, Joy, Dash, Gain) Depth: number of versions offered of each product in the line Crest: many formulations and sizes Consistency: Closeness of end use, production requirements, distribution channels Product Mix Breadth and Length:  Product Mix Breadth and Length Product Mix Breadth Example: Product Gamble: Length is 42 Slide29:  Advertising Hierarchy of Effects Model Awareness - Interest - Desire - Action Unaware Purchase - Loyalty Slide41:  Product - Market Strategies Existing Product New Product Existing Market Market Product Development Development New Market Market Diversification Segmentation An Overview Slide47:  Product Idea Test Market Launch Time BirdsEye Froz. 1908 1923 15 Yrs. Ban Roll-On 1948 1954 6 Yrs. Crest 1945 1955 1956 10 Yrs. Gerber B.Food 1927 1928 1 Yr. Luster Creme 1950 .. 1958 8 Yrs. Hills Bros.Inst 1934 1956 22 Yrs. Maxim FreezeDC 1954 1964 10 Yrs. Stripe T.P. 1952 1957 1958 6 Yrs. Minute Rice 1931 1949 18 Yrs. Elapsed Time From Idea to Introduction

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