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Chapter 7 define product and the major classifications of products and services; describe the decisions companies make regarding their individual products and services, product lines, and product mixes; discuss branding strategy – the decisions firms make in building and managing their brands; identify the four characteristics that affect the marketing of a service and the additional marketing considerations that services require; discuss two additional product issues: socially responsible product decisions and international product and services marketing.
Chapter Seven Product, Services, and Branding Strategy Roadmap: Previewing the Concepts Define product and the major classifications of products and services Describe the decisions companies make regarding their individual products and services, product lines, and product mixes Discuss branding strategy – the decisions firms make in building and managing their brands Identify the four characteristics that affect the marketing of a service and the additional marketing considerations that services require Discuss two additional product issues: socially responsible product decisions and international product and services marketing Copyright 2007, Prentice Hall, Inc 7-2 Case Study FIJI Water – “The Taste of Paradise” Product Promotion Brand name: FIJI Natural Artesian Water Product source: comes from an underground location in Fiji islands Key benefits: ultra-clean taste, no impurities or pollutants Brand image: “The Taste of Paradise” It’s a brand experience! Name, packaging, label, celebrity endorsers and places through which it is sold contributes to “Taste of Paradise” imagery Ads evoke exotic origins: tropical forest, volcanoes High price charged supports premium appeal What Is a Product? Anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need – Includes: physical objects, services, events, persons, places, organizations, ideas, or some combination thereof What Is a Service? A form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and not result in the ownership of anything – Examples: banking, hotel, airline, retail, tax preparation, home repairs Market Offerings Continuum ranges from pure tangible goods (with no services) to pure services (with no good component) with many combinations in between – Pure good: Camay soap – Pure service: Legal representation – Combination: Restaurant meal Creating and managing customer experiences differentiates offers Levels of a Product Core benefit – What the consumer is really buying Actual product – Includes the brand name, features, design, packaging, quality level Augmented product – Additional services and benefits such as delivery and credit, instructions, installation, warranty, service Consumer Products Products and services bought by final consumers for personal consumption – Also includes other marketable entities Classified by how consumers buy them Convenience Products Purchased frequently and immediately Low priced Mass advertising Many purchase locations – Examples: candy, soda, newspapers Shopping Products Bought less frequently Higher price Fewer purchase locations Comparison shop – Examples: furniture, clothing, cars, appliances Product Line Decisions Product line length: – The number of items in a product line Adjust line length by: – Stretching • Downward • Upward • Both directions – Filling Product Mix Decisions Product mix: – all of the product lines and items that a particular seller offers for sale Product mix dimensions include: – Length: the number of items in a line – Width: the number of different product lines the company carries – Depth: the number of versions offered of each product in the line – Consistency: how closely related various lines are Brand Equity The positive differential effect that knowing the brand name has on customer response to the product or service Provides: – More brand awareness and loyalty – Basis for strong, profitable customer relationships Major Brand Strategy Decisions Brands are assets that must be carefully developed and managed via: – Brand positioning – Brand name selections – Brand sponsorship – Brand development Brand Positioning Can position brands at any of three levels: – Product attributes – Product benefits – Beliefs and values Brand Name Selection Desirable qualities for a brand name include: It should suggest product’s benefits and qualities It should be easy to pronounce, recognize, and remember It should be distinctive It should be extendable It should translate easily into foreign languages It should be capable of registration and legal protection Brand Sponsorship Manufacturer’s brands – Also called national brands Private brands – Also called store or distributor brands Licensed brands Co-branding Brand Development Line extension: – introduction of additional items in a given product category under the same brand name (e.g., new flavors, forms, colors, ingredients, or package sizes) Brand extension: – using a successful brand name to launch a new or modified product in a new category Brand Development Multibranding: – offers a way to establish different features and appeal to different buying motives New brands: – developed based on belief that the power of its existing brand is waning and a new brand name is needed Also used for products in new product category Nature and Characteristics of a Service Intangibility: – Services cannot be seen, tasted, felt, heard, or smelled before purchase Inseparability: – Services cannot be separated from their providers Variability: – Quality of services depends on who provides them and when, where, and how they are delivered Perishability: – Services cannot be stored for later sale or use The Service-Profit Chain Internal service quality Satisfied and productive service employees Great service value Satisfied and loyal customers Healthy service profits and growth Services Marketing External marketing: – Traditional marketing via the “P’s” Internal marketing: – Effective training and motivation of customer contact employees Interactive marketing: – Delivering interactions during the service encounter that are satisfying to the buyer Major Service Marketing Tasks Managing service differentiation: – Develop a differentiated offer, delivery, and image Managing service quality: – Be customer obsessed, set high service quality standards, have good service recovery, empower front-line employees Managing service productivity: – Train current employees or hire new ones, increase quantity and sacrifice quality, harness technology International Product and Services Marketing Decide which products and services to introduce Decide how much to standardize or adapt Packaging presents new challenges Services marketers face special challenges Trend toward global service companies will continue Rest Stop: Reviewing the Concepts Define product and the major classifications of products and services Describe the decisions companies make regarding their individual products and services, product lines, and product mixes Discuss branding strategy – the decisions firms make in building and managing their brands Identify the four characteristics that affect the marketing of a service and the additional marketing considerations that services require Discuss two additional product issues: socially responsible product decisions and international product and services marketing Copyright 2007, Prentice Hall, Inc 7-37 ... product and the major classifications of products and services Describe the decisions companies make regarding their individual products and services, product lines, and product mixes Discuss branding. .. More brand awareness and loyalty – Basis for strong, profitable customer relationships Major Brand Strategy Decisions Brands are assets that must be carefully developed and managed via: – Brand... Brand name selections – Brand sponsorship – Brand development Brand Positioning Can position brands at any of three levels: – Product attributes – Product benefits – Beliefs and values Brand