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What We Will Discuss Today

What We Will Discuss Today. What is a product? Attributes Brand Packaging. What is a Product?. A Definition. a product is anything that can be offered to someone to satisfy a need or a want. Types of Products (Durability). Durable Goods : tangible goods that survive many uses.

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What We Will Discuss Today

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  1. What We Will Discuss Today • What is a product? • Attributes • Brand • Packaging

  2. What is a Product?

  3. A Definition • a product is anything that can be offered to someone to satisfy a need or a want

  4. Types of Products(Durability) • Durable Goods: tangible goods that survive many uses. • Nondurable Goods: tangible goods that normally are consumed in one or a few uses. • Services: activities, benefits or satisfactions offered for sale. Generally consumed as they are created.

  5. Westerbrook

  6. Types of Products(Consumer Goods 1) • Convenience Goods: goods that are purchased frequently, immediately and with a minimum of effort. • staples • impulse goods • emergency goods • Shopping Goods: goods that are compared on the basis of quality, price, style, etc.

  7. Types of Products(Consumer Goods 2) • Specialty Goods: goods with unique characteristics or brand identifications which a group of buyers regularly seek. • Unsought Goods: goods that the consumer does not know about or does not think about buying.

  8. Attributes • Quality • Features • Design

  9. Barn Fresh

  10. The Product Life Cycle(Assumptions) • Products have a limited life. • Product sales pass through distinct stages, each posing different challenges to the seller • Profits rise and fall at different stages of the life cyle.

  11. The Product Life Cycle(Stages) • Introduction: a period of slow sales growth. Profits are low due to R&D expenses. • Growth: rapid market acceptance and profit improvement. • Maturity: sales growth slow, profits flatten, increased competition • Decline: sales decline, profits erode

  12. The Product Life Cycle(3 types) Style Fashion Fad

  13. Brand Decisions 1 • Brand: a name, symbol or logo intended to identify the goods or services of one seller. • Do we need one? • Brand Name: that part of the brand name which can be vocalized.

  14. Brand Decisions 2 • Brand Equity: the differential marketing effect of the existence or absence of a brand name. • Why is there brand equity? • How much is a brand name worth?

  15. Brand Awareness • Recognition: Have I seen it before? • Recall: What have I seen before?

  16. Brand Image • associations linked to the brand in memory • attributes, benefits or attitudes

  17. Brand Decisions 3 • Brand Extensions: the extension of an existing brand name onto products in a different product category. • What are the benefits and risks? • Line Extensions: the addition of products to existing products in a product category.

  18. Brand Equity Over Time • Introductory Stage • establish brand image • increase brand awareness • Elaboration • introduce line extensions • Fortification • introduce brand extensions

  19. Functions of Packaging • Product protection • Convenience • Promotion • Package should be • Visible • Informative • Emotionally Appealing • Change in consumption patterns

  20. What We Discussed Today • What is a Product? • Product Decisions • Attributes • Brand • Packaging

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