Lecture Marketing: The core (5/e): Chapter 10 – Kerin, Hartley, Rudelius

Chapter 10: Managing successful products, services, and brands. In this chapter, you learned to: Explain the product life-cycle concept; identify the ways that marketing executives manage a product’s life cycle; recognize the importance of branding and alternative branding strategies; describe the role of packaging, labeling, and warranties in the marketing of a product.

                           McGraw­Hill/Irwin                                                                                            Copyright © 2013 by The McGraw­Hill Companies, Inc.  All rights reserved LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 10, YOU SHOULD BE ABLE TO: LO1 Explain the product life-cycle concept LO2 Identify the ways that marketing executives manage a product’s life cycle LO3 Recognize the importance of branding and alternative branding strategies 10­2 LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 10, YOU SHOULD BE ABLE TO: LO4 Describe the role of packaging, labeling, and warranties in the marketing of a product LO5 Recognize how the Ps framework is expanded in the marketing of services 10­3 GATORADE: BRINGING SCIENCE TO SWEAT 10­4 FIGURE 10-1 How stages of the product life cycle relate to a firm’s marketing objectives and marketing mix actions 10­5 FIGURE 10-1A Stages of the product life cycle and its total industry sales and total industry profit 10­6 FIGURE 10-1B How stages of the product life cycle relate to a firm’s marketing objectives and marketing mix actions 10­7 LO1 CHARTING THE PRODUCT LIFE CYCLE INTRODUCTION STAGE  Product Life Cycle  Stimulate Trial  Primary Demand  Selective Demand  Skimming Strategy  Penetration Pricing 10­8 FIGURE 10-2 Product life cycle for the stand-alone fax machine for business use: 1970-2014 10­9 LO1 CHARTING THE PRODUCT LIFE CYCLE GROWTH STAGE  Rapid Sales Growth  More Competitors  Repeat Purchasers  New Features  Broad Distribution 10­10 FIGURE 10-5 The customer-based brand equity pyramid 10­27 LO3  BRANDING AND BRAND MANAGEMENT BRAND PERSONALITY AND BRAND EQUITY Creating Brand Equity • Develop Positive Brand Awareness • Establish a Brand’s Meaning • Elicit the Proper Response • Create Intense Brand Loyalty 10­28 LO3  BRANDING AND BRAND MANAGEMENT BRAND PERSONALITY AND BRAND EQUITY Valuing Brand Equity • Provides a Financial Advantage • Brand Licensing 10­29 LO3 BRANDING AND BRAND MANAGEMENT PICKING A GOOD BRAND NAME  Should Suggest Product Benefits  Should Be Memorable and Positive  Should Fit the Company or Product Image  Should Have No Legal or Regulatory Restrictions  Should Be Simple and Emotional 10­30 FIGURE 10-6 Alternative branding strategies 10­31 LO3  BRANDING AND BRAND MANAGEMENT BRANDING STRATEGIES Multiproduct Branding (Family or Corporate Branding) • Product Line Extensions • Subbranding • Brand Extension • Co-Branding 10­32 LO3  BRANDING AND BRAND MANAGEMENT BRANDING STRATEGIES Multibranding • Fighting Brands  Private Branding (Private Labeling or Reseller Branding)  Mixed Branding 10­33 LO3 Kimberly-Clark’s Huggies What branding strategy is used? 10­34 PACKAGING AND LABELING PRODUCTS LO4  CREATING CUSTOMER VALUE AND COMPETITIVE ADVANTAGE Packaging  Label • Communication Benefits • Functional Benefits • Perceptual Benefits 10­35 LO4 MARKETING MATTERS Creating Customer Value Through Packaging— Pez Heads Dispense More Than Candy 10­36 PACKAGING AND LABELING PRODUCTS LO4 PACKAGING AND LABELING CHALLENGES AND RESPONSES  Connecting with Customers  Environmental Concerns  Health, Safety, and Security Issues • Shelf Life  Cost Reduction 10­37 PRODUCT WARRANTY LO4  Warranty • Express Warranties • Limited Coverage Warranties • Full Warranties • Implied Warranties 10­38 LO5 MANAGING THE MARKETING OF SERVICES THE SEVEN Ps OF SERVICES  Seven Ps of Services Marketing  Product (Service) • Branding  Price • Off-Peak Pricing 10­39 LO5 MANAGING THE MARKETING OF SERVICES THE SEVEN Ps OF SERVICES  Place (Distribution)  Promotion • Publicity • Public Service Announcements (PSAs) 10­40 LO5  MANAGING THE MARKETING OF SERVICES THE SEVEN Ps OF SERVICES People • Customer Experience Management (CEM)  Physical Environment  Process • Capacity Management 10­41 ... strategies 10 2 LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 10, YOU SHOULD BE ABLE TO: LO4 Describe the role of packaging, labeling, and warranties in the marketing of a product LO5 Recognize how the. .. in the marketing of services 10 3 GATORADE: BRINGING SCIENCE TO SWEAT 10 4 FIGURE 10- 1 How stages of the product life cycle relate to a firm’s marketing objectives and marketing mix actions 10 5... AFTER READING CHAPTER 10, YOU SHOULD BE ABLE TO: LO1 Explain the product life-cycle concept LO2 Identify the ways that marketing executives manage a product’s life cycle LO3 Recognize the importance