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New Products and Services. Chapter 10. Product. “A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value.”. Consumer Goods. Consumer v. industrial goods Consumer goods
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New Products and Services Chapter 10
Product • “A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value.”
Consumer Goods • Consumer v. industrial goods • Consumer goods • Convenience goods • Shopping goods • Specialty goods • Unsought goods
Products • Product item • Nike Air Jordan • Product line • Nike shoes • Product mix • Nike shoes and clothes • Product width • Product depth Source: http://nike-guidesntips.blogspot.com
Brands • Branding • Brand name • Trade name • Trademarks • Brand personality • Examples: • Brand equity
Benefits of Branding • Product identification • Brand equity • Brand loyalty
More on Brand Equity • The Value of Brand Equity • Intangible assets • Licensing • Naming the Brand • What characteristics should it have?
Branding Strategies • Manufacturer Branding • Multiproduct branding • Multibranding • Private Branding Strategy • Mixed Branding Strategy • Generic Branding Strategy
Manufacturer Branding • Multiproduct Branding • Advantages • Disadvantages • Subbranding • Brand Extension • Co-branding
Manufacturer Branding • Multibranding Strategy • Each product gets its own name • P&G • Advantages • Disadvantages Source: http://retail-guru.com
Private Branding • Manufactures product but sells under the brand name of the retailer or wholesaler Source: http://mypbrand.com
Mixed Branding Strategy • Mix of manufacturer and private branding • Examples:
Generic Branding • No identification other than contents • Less than 1% of grocery purchases are generic Source: http://influentia.typepad.com/blog/2007/12/why-the-generic.html
Packaging and Labeling • Packaging v. Label • Benefits of Packaging • Greenwashing
Warranties • Express warranty • Limited-coverage warranty • Full warranty • Implied warranty