Marketing Mix: Products Part 2 Principles of Marketing BUSI-141 Professor Conrad
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Marketing Mix: Products Part 2Principles of Marketing BUSI-141Professor Conrad
What we will cover this
week
Defining Product
Classification of Products
New Product Development
Product or Brand Management
Product Quality
Product Life Cycle (PLC)
Branding
Packaging2
Product Quality (256 - 258)
3
Product Quality
Overall ability of the product to
satisfy customer satisfaction
Product Safety
Degree of Pleasure
Ease of Use
Precision Satisfies Needs
Versilitity
Reliability
Durability
4
5
PLC: Introductory Stage
6
Product
Goals
Sales
Profits
Pricing
MKTG Comm
Produced by a single company
Get first-time buyers to try new product
Increases at a steady but slow rate
Negative
High - recover R&D & advertising costsLow - attract large number of customers
Maximum advertising to inform consumers
PLC: Growth Stage
7
Product
Goals
Sales
Profits
Pricing
MKTG Comm
New competitors enter with variations of product
Encourage brand loyalty
Rapid increase
Increase and peak
May need to reduce because of competition
Heavy advertising to counter new competition
PLC: Maturity Stage
8
Product
Goals
Sales
Profits
Pricing
MKTG Comm
New features addedSales are mostly replacement products
Attract new users
Peak, then levels off, start of decline
Profit margins begin to narrow
Price to maintain market share
Reminder advertising
PLC: Decline Stage
9
Product
Goals
Sales
Profits
Pricing
MKTG Comm
Number of variations reduced
Remain profitableDecide whether to keep or phase out
Continue to decline
Declining
May reduce if product can remain profitable
Decreased to maintain profitability
PLC: Examples
10
Branding (262 - 271)
Give your product an identity and personality
Start with the name and logo - like naming your kid or a pet
BrandName
Term
symbol
other unique element of a product that sets it apart from the competition11
Brand Equity
Brand equity = value perceived by consumer over and above the generic version of the product, creates
Brand loyalty = helps build brand equity
Requires building relationships with customersSelf-concept attachment - establishes user’s identity
Nostalgic attachment - link with a past self
Interdependence - part of user’s daily routine
Love - elicits positive emotional bond
12
Brand Strategies
13
Brand Strategies
Licensing
Generic Cobranding
Individual vs
Family
National Vs
Store
14
15
Packaging (268 - 271)
The covering or container for a product
Creates a competitive advantage
Functional value
Communicate brand identity
Universal Product Code (UPC)
16
Packaging - Effective Design
Consider competition packaging
Make distinctive impression on shelf
Environmental impact of packaging
Shape and design of packaging
Graphics and colors
Language translation
Information supplied
Copycat packaging for store brands
Labeling regulations
17
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