Marketing Marketing Product Product
Marketing Product. Overview l Definition of product vs. service l The importance of branding and packaging l Consumer and industrial products l Product.
Mar 31, 2015
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MarketingMarketing
ProductProduct
OverviewOverview
Definition of product vs. service The importance of branding and packaging Consumer and industrial products Product mix and product line Product differentiation The stages of the product life cycle
Marketing Mix: The “Four (5) P’s”
(Distribution)(Distribution)
roductroductroductroduct ricingricingricingricing
romotionromotionromotionromotionlacelacelacelace
ackaging
What’s a Product? anything that can be offered to a market for
attention, acquisition, use, or consumption and that might satisfy a want or need.
tangible or intangible Good Service Event Idea (social marketing; recycling; public service
ads) Place (tourism) Person (politicians, entertainers, athletes, lawyers) Organization (profit & non-profit)
What’s a Service? any activity/benefit that one party can offer to
another that is essentially intangible and does not result in the ownership of anything.
• Renting a hotel room• depositing $ in a bank• traveling on an airplane• getting a haircut• having car repaired
• watching a professional sport• seeing a movie• having clothes cleaned at a dry cleaner• getting advice from a lawyer
Classifying Goods & ServicesClassifying Goods & Services
ConvenienceGoods
ShoppingGoods
Specialty Goods
ExpenseItems
Capital Items
Consumer Markets Industrial Marketsbased on WHO will use them; HOW will be used
Consumer Products
Based on HOW/WHERE consumers buy them
Industrial Products Consumed by businesses Expense Items
– Consumed within 1 year
– Include raw materials, parts, supplies
– At SMC?
• Capital Items: – Permanent (expensive)
– Buildings, fixed equipment
– At SMC?
Classified according to COST and USE
Strategic DecisionsWhat features are part of a product and differentiate it from another?
Packaging
Functional benefits– Convenience– Protection– Storage
Promotional/Communication benefits– Directions– Legal requirements or product disclosure
Perceptual Benefits– Color– Connote status, economy, quality
Product Line & Product Mix
Product MixThe total group of products or product lines offered by a company
Product LineA group of closely related product items
Product Line & Product Mix
Product Line & Product Mix
Prod
uct lin
e (dep
th)
Product Mix (width)
Product Differentiation by BrandingProduct Differentiation by Branding
• Brand• Brand Name• Trademark
Trade Characters
Kellogg’s
Quaker Oats
Mr. Clean (Procter & Gamble)
Geico
Aflac
Types of Brands
National brands/Manufacturer’s Brand– Producers are identified with their products
Licensed brands– The manufacturer sells the license for the brand
name or symbol to be put on accessories. Private brands
– Retailers or wholesalers selling products under their own private (= non-manufacturer) label
Product DifferentiationProduct Differentiation
Definition: “the creation of a product or product image that differs enough from existing products to attract customers”
Standardized/homogeneous products Example—fast food: juicier hamburgers, crispier fries
iPhone
Hydrogen car
iPod
Analog cameras
Music CDs
Product Life Cycle
Product Life CycleEffect on sales and profits
Summary
Products vs. Services Classification Strategic Decisions Product Mix vs. Product Line Branding Packaging The Product Life Cycle
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