product and services strategy what is a product? one more time…
Post on 20-Dec-2015
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Product and Services Strategy
What is a product? One more time…
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More on product…
Goods Services Experiences
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A Product Dissected:
Core benefit
Actual product
Augmented Product
Brand Name
Quality
Packaging
Features
Warranty
Delivery
Service
Installation
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Other product terms
Brand: name, symbol, term, design or combination that distinguishes competitors products
Brand name Brand mark Product line Product mix
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Branding
To brand or not to brand– Paul McCartney applies to trademark his name– George Foreman: $137.5 Million from Salton
(Foreman Grills) “Foreman is a brand, not a grill” wsj 2/2
Brand sponsor: manufacturer, private, or licensed– Brand Equity: positive differential effect brand has
on customer response (e.g. price premium) Family brand? Multibrand?
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Brand Strategies
Product Category
Existing New
Brand Name
Existing
New
LineExtension
BrandExtension
Multibrands New Brands
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Packaging
Benefits for manufacturer, consumer, and reseller– communications– storage– convenience– protection– perception
“From a packaging viewpoint, Reser's most successful branding effort has been its nationwide rollout, last year, of Salad Ovals. Purely through packaging, Reser's has added value to its flagship product. The company's sales of prepackaged salads are 27% ahead of last year, attributable solely to the new package”
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Product Classifications
Durables Non-durables
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Product Classifications: Consumer Convenience Products
– staples, unplanned, and emergency Shopping Products Specialty Products Unsought Products
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Product Classifications: Industrial Materials and Parts: become part of the
product Capital Items: aid in production or
operations– installations and accessories
Supplies and Services
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Services are…
Intangible Inseparable Variable Perishable