LESSON in Principles of Marketing
THE PRODUCT
Nov 01, 2014
This lesson on Product introduces the meaning of product and other terminologies about the lesson. It also includes the discussion on branding and packaging and decisions that must be met by the marketer to efficiently manage the product life cycle in maintaining the product in a competitive situations.
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Transcript
LESSON in Principles of Marketing
Objectives Define and classify Product according to
consumer and industrial goods categories; Brand, Brand Name, Brand Mark; Packaging, Label, Warranty
Distinguish brand, brand name, and brand mark Discuss Product Life Cycle and Product
Differentiation Conclude when a product need not be branded
and explain why. Give examples of Branding Strategies Confirm expectations of a marketer in solving the
sales/volume gap in a Cycle of Product Analysis
Unlock Difficulties
Product Brand Brand Name-words, letters,
numbers that can be vocalized
Brand Mark can’t be vocalized
Packaging/Package Label Warranty
Food
Spices Mc
Turmeric Ground
McImmediate
container, protects the product or shipping package
Brand, descriptive, promotional label
Express Warranties: a) Limited Warranty b). Full Warranty Implied WarrantiesObligations/responsibility for product deficiencies
Name, term, sign, symbol, design, trademarkPhysical object, service,
place, idea, organization, personality
Satisfy physical, social, symbolic, psychological wants and needs
Define or give meanings to the following
Product Brand Brand Name-words, letters,
numbers that can be vocalized
Brand Mark- can’t be vocalized Packaging/Package Label Warranty
CLASSIFICATION OF PRODUCTS (2)
CONSUMER GOODSRate of Consumption and Tangibility
Consumer Shopping Habits
DURABLE NON-
DURABLE
SERVICES
convenience
Shopping Specialty
New Unsought Regular Unsought Survive
many uses
Consumed in one or few uses Intangible
goods
CLASSIFICATION OF PRODUCTS (2)
INDUSTRIAL GOODSGoods that are used in the production of other goods
INSTALLATIONS
ACCESSORY EQUIPMENT
RAW MATERIALS
COMPONENT PARTS/MATERI
ALS
SUPPLIES SERVICES
A Product is Differentiated due to:1. Branding2. Quality3. Image4. Product Features5. Packaging6. Location7. Promotion8. Innovation9. Different Service
Levels
Product Life Cycle- the period between the birth and death of a product
Slow sales growth, heavy promotional expenditures, high prices , limited product offerings
Sales climbing rapidly, Decrease on promotional expenditures due to rapid increase on sales, prices tend to remain high, new forms of products
Sales settle down as product becomes well known, price reduction used as tool to competition that is intensified, saturated market
Pruning of Product model, reduce promotions, phasing out
When do we adopt a Brand?
Demand is large Demand is strong enough to make effort
profitable There is economies of scale-Cost as more
units are sold Product Quality is best for the Price and Quality Brand/Trademark be made easy to be identified Availability is dependable and widespread Favorable shelf location/ display space in stores
for retailing
Importance of PRODUCT LIFE CYCLE
Examples of
Branding
Strategies
GenericManufacturer
reseller
multiband
Mixed brand
Explanation
Brand names tell buyer about product quality to increase shopper’s efficiency, and increase rate of innovation in society.
If you are the marketer what do you expect in solving the gaps of the PLC?
Reflect
Assignment
Define price; pricing; Distinguish the forms of Price Illustrate the pricing procedure Give examples of Pricing Strategy Compute the economic feasibility of price alternatives
in the given example Apply the pricing approaches in: Cost Based
approach, Buyer Based Approach, and Competition Based Approach
Reflect on the given pricing approaches Answer a 5 item recall test on pricing approaches and
economic feasibility of price alternatives
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