BMGT350 Ch.7: Products and Branding

products

anything that can be offered to a consumer for attention, acquisition, use, or consumption that might satisfy a want or need

-includes a physical/tangible objects and intangible services

-includes events, persons, places, organizations, ideas, or a mixture of these

actual product

second level of product

-includes: brand name, features, quality level, packaging, design

augmented product

third level of product

-includes: delivery and credit, after-sale service, product support, warranty

consumer products

bought by final consumers for personal consumption

industrial products

bought by individuals and organizations for further processing or for use in conducting a business

-includes materials and parts, capital items, and supplies and services

product attributes, branding, packaging, labeling, product support services

steps for individual product decisions

product line

closely related products that:

-have similar functions and customer groups

-are sold through similar outlets or fall within given price ranges

product line length

number of items in the product line

-product line filling

-product line stretching

width

number of different product lines the company carries

depth

number of versions offered for each product in the line

consistency

relativity of the various product lines in end use, product requirements, distribution channels, or some other aspect

intangibility

one of the four service characteristics

services cannot be seen, tasted, felt, heard, or smelled before purchase

variability

one of the four service characteristics

quality of services depends on who provides them and when, where, and how

inseparability

one of the four service characteristics

-services cannot be separated from their providers

perishability

one of the four service characteristics

-services cannot be stored for later sale or use

managing service differentiation

developing a differentiated offer, delivery, and image

managing service quality

delivering consistently higher quality than the competitors

managing service productivity

-training current employees or hiring new ones

-increasing the quantity of service by giving up some quality

-harnessing the power of technology

brand positioning

brand strategy decisions

-attributes, benefits, beliefs, and values

brand name selection

brand strategy decisions

-selection and protection

brand sponsorship

brand strategy decisions

-manufacturer’s brand

-private brand

-licensing

-co-branding

brand development

brand strategy decisions

-line extensions

-brand extensions

-multibrands

-new brands

branding elements

proprietary devices that identify and differentiate the brand

-include names, logos/symbols, signage, packages, slogans, etc.

supports brand equity

branding elements ____ _____ _____ by

-enhancing awareness via impact and recognition

-forming strong, relevant brand associations

-helping create enduring relationships

memorability

branding element criteria

-cut through, easily recognized, easily recalled

meaningfulness

branding element criteria

-descriptive, persuasive, no unintended consequences

likeability

branding element criteria

-fun and interesting

-rich verbal and visual imagery

-aesthetically pleasing

transferability

branding element criteria

-across geographic boundaries and cultures

adaptability

branding element criteria

-flexible and updateable

protectability

branding element criteria

-legally and competitively

situational background

required needs for it:

-reinforcing recognition signal to customers

-treatment difference cue for associates

-cost-neutral vs. brand key