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Marketing 333

Marketing 333. Chapter 10 Product Concepts. What is a Product?. A bundle of benefits What the buyer gets…not what the seller sells Tangible items, services, ideas. Classifying Consumer Products. Three Types of Consumer Products:. Durable goods. Nondurable goods. Services.

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Marketing 333

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  1. Marketing 333 Chapter 10 Product Concepts

  2. What is a Product? • A bundle of benefits • What the buyer gets…not what the seller sells • Tangible items, services, ideas

  3. Classifying Consumer Products Three Types of Consumer Products: Durable goods Nondurable goods Services

  4. Goods-Services Continuum Shovel Restaurant’s offering Employment agency service Good Good/service Service

  5. Classifying Products by Consumer Behavior Convenience products Specialty products Shopping products

  6. Convenience Products • Inexpensive • Purchased regularly • Easily accessible

  7. Shopping Products • Make comparisons • Shop around • Not purchased frequently

  8. Specialty Products • Usually expensive • Special effort to purchase

  9. Unsought Goods • A product that the customer doesn’t know about and/or does not actively seek

  10. Classifying Business Products Three types: Operating Products Production Products Capital Products

  11. Product Line and Mix • Product item: A specific version of the product • Product line: group of products that are fairly closely related • Product Mix: All the product offerings of an organization, no matter how unrelated

  12. Benefits of Product Lines • Advertising Economies • Package Uniformity • Standardized Components • Efficient Sales and Distribution • Perceptions of Equivalent Quality

  13. Dimensions of the Product Mix • Breadth or width • Depth or length

  14. Adjustments to Product Items,Lines, and Mixes Product Modification ProductRepositioning Product Line Extension or Contraction Adjustments

  15. Quality Modification Functional Modification Style Modification Types of Product Modifications

  16. PlannedObsolescence The practice of modifying products so those that have already been sold become obsolete before they actually need replacement. Planned Obsolescence

  17. Expanding the Product Line • Product Line Extension: An item added to the existing product line • Product Category Extension: A new item or line of items for a company • Brand Extension: Product category extension that uses an existing brand name

  18. Branding • Brand name • Brand mark • Logo • Trademark • Service Mark

  19. Brand Equity • Value associated with a brand • Crayola • Harley-Davidson • Disney

  20. Modifying Products for International Markets Standardization Adaptation Globalization Strategy Customization Strategy

  21. Brand Name and Brand Marks • Brand name: verbal part of the brand • Brand mark: unique symbol that is part of the brand • Logo: brand name or company name written in a distinctive way

  22. What makes a good brand name? • A good brand name: • Is easy to pronounce • Has mnemonic quality • Suggests a positive image • Reinforces product concept • Communicates product benefits • Says something about the user • Avoids linguistic traps

  23. Generic Brands • Carries neither a manufacturer nor a distributor brand • Plain packaging • Stark lettering MILK

  24. Manufacturer and Distributor Brands • Manufacturer brand: owned by the maker of the product • World (global) brand: distributed and recognized around the world • Private label/Distributor brand: owned by a retailer or wholesaler

  25. Family Brands • The same brand name is used in different categories of products

  26. Individual Brand • Example: Mar’s candies • Example:P & G’s laundry detergents

  27. Co-Branding • Use of two brands on a single product Kleenix Mentholatum Mentholatum scented Kleenix

  28. Trademarks and Service Marks • Trademark: legally protected brand name or brand mark for goods • Service mark: symbol that identifies services

  29. Functions of Packaging • Contain product • Protects product • Facilitates storage and use of product • Promotes product • Recycling issues

  30. Labeling • Label: Paper or plastic sticker attached to a container to carry product information • UPC (universal product code): permits computerization of checkout and compilation of sales and inventory information

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