Fundamentals of Marketing

1. Chris Banman Fall 2010 471.21 Providence College Fundamentals of Marketing

2. chapter 9 Product Planning

3. perspective: selling benefits, which satisfy desires not features quality NOT how well-made a product is How well does this product satisfy desires? Product Quality

4. Product Qualities good service

5. Product Classes • consumer • convenience product • staples • Impulse • Emergency • shopping product • Homogeneous • Heterogeneous • speciality product • unsought product • new • regular NOT what they are How are they bought?

6. Product Classes very elastic individual seller demand • business • installations • accessories • raw materials • component parts & materials • MRO supplies • professional services inelastic total industry demand demand derived NOT what they are How are they used?

7. Warranties • promises • implied • explicit • costs • benefits • laws

8. Branding

9. Canadian Branding

10. Brand Name • short & simple • easy to • spell • read • pronounce • only one option • multi-lingual • suggests benefits • no undesirable associations • meets packaging needs • always timely • adapts to advertising mediums • available

11. Brand Familiarity • insistence • preference • recognition • ignorance • rejection • prompted • unprompted

12. Favourable Branding Conditions • best value for price • dependable, widespread availability • market price can be high enough • economies of scale • easy to label and identify • favourable shelf or display space

13. Protecting Brands & Trademarks • trademarks • counterfeiting

14. Brand Options • company brand • family brand • line brand • individual brand • generic “brand” • licensed brand What kind of brand should we use?

15. Who should brand? • Manufacturer brands • AKA “national brands” • owned by producers • spans markets • Dealer brands • AKA • private brands • store brands • owned by middlemen • higher margins battle of the brands

16. Brand Life • creating • investing in • selling • draining • resurrecting • attacking Round 2! battle of the brands

17. What does the package do? • identify • inform • enhance • preserve • reduce costs • anticipating • the hidden power of adjectives ethics

18. What is a brand promise? • How is it related to: • feature • benefit • desire • How is it related to: • value proposition • the product itself • the warranty • the company

19. What is a brand? • trademark • logo • package • name • company name • reputation • experience • promise • anticipation

20. Key Terms • product • quality • service • product assortment • product line • individual product • consumer products • business products • convenience products • staples • impulse products • emergency products • shopping products • homogeneous shopping products • heterogeneous shopping products • specialty products • unsought products • new unsought products • regularly unsought products • derived demand

21. Key Terms • individual brands • generic products • manufacturer brands • dealer brands • private brands • battle of the brands • packaging • UPC (Universal Product Code) • unit-pricing • warranty

22. Key Terms • installations • accessories • raw materials • farm products • natural products • components • supplies • professional services • branding • brand name • trademark • service mark • brand familiarity • brand rejection • brand nonrecognition • brand recognition • brand preference • brand insistence • brand equity • trademark act • family brand • licensed brand