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MKTG2200 Week #3 Notes

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Monday, January 21, 2019
MKTG2200
Product
- Starting point in creating a marketing mix
- Not all product can be owned
Product - Augmented Reality
- Augmented Reality (AR) will continue to affect the way products are defined, identified and sold
- To be effective it should be used in real life environments
Convenience Goods
Shopping Goods
- Require comparison shopping
- Homogeneous: products is perceived as similar, looking for lowest price brand the desired features.
- Heterogeneous- product is perceived as different
Specialty Goods
- Consumers search extensively
- Unwilling to accept substitutes
- Unique characteristics
Unsought Goods
- Unknown to the consumer
- Known product but not actively sought after
- Insurance, burial plots: require person selling and aggressive advertising
-New products until consumer becomes aware
Product Items, Lines and Mixes
Product Item
• Distinct offering
Product Lines
• Group of closely related
Product Mix
• All the products that a company sells
Product Mix Width
• Number of products lines offered
Product Line Length
• Number of products items in a product line
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Product Line Depth
• # of types and sizes offered for each product line
Adjustments
1. Product modification: changing one or more of a products characteristics
- Quality Modification, Functional Modification, Style Modification
Planned Obsolescence: the process of modifying products so that this products that have already been
sold become obsolete before they need replacement
Repositioning: Changing consumers perception of the brand (changing demographics, declining sales,
competition intensification)
Product line extensions: adding products to existing product line
Product line contraction: reduce the # of items in a product line
Benefits:
- resources can be allocated to more important products
- Less waste of management time and strategic energy
- Greater opportunity for remaining products as financial and human resources are available
Branding
Brand:
-Name
-Term
-Symbol
-Design
-Combination
Consumer actions, thoughts, expectations, and feelings
Brand name: the part of a brand that can be spoken (letters,words,numbers)
Brand mark: the elements of a brand that cannot be changed
Benefits of branding
• Product identification
• Repeat sales
• New-product sales
Generic vs. Branded
Manufacturers vs. Branded
Individual vs. Family brand
Cobranding
• Two or more brand names on a package or product
- Ingredient branding
- Cooperative branding
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- Complementary branding
• Useful strategy when a combination of brand names enhances prestige or perceived value of a product
or when it benefits brand owners and users
Trademarks
-The exclusive right to use a brand or part of a brand
Service mark:
- Shapes
-
Ornamental colour or design
Catchy phrase
Abbreviations
Sounds
Trademark protection:
• Aggressively enforce their trademarks
• Severe penalties exist
• “knockoffs” unauthorized brands
• EU files or registers a trademark
Packaging:
• Containing
• Protecting
• Promoting
• Facilitating Storage, use, convenience
• Facilitating recycling
Labelling:
• Persuasive labelling
- Focuses on a promotional theme or logo and consumer information is secondary
• Informational Labelling
- Designed to help consumer make proper product selection to reduce cognitive dissonance after
purchase
- Consumer Packaging and Labelling Act
UPC (1974): matched to brand names, package sizes and prices, source of excellent data for retailers
Global issues in Packaging
• Proper labelling
• Package aesthetics
• Extreme climates
Product Warranties: protects the buyer and provides essential information about the product
-Express warranty
• Written guarantee
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-Implied warranty
• Unwritten guarantee that the good is fit for the purpose for which it is sold
Categories of New Products*
1. New to the world
2. New product lines
3. Additions to product lines
4. Improvements or revisions to existing products
5. Repositioned products
6. Lower-priced product
The process:
1.New product strategy
2.Idea Generation
3.Idea Screening
4.Business Analysis
5.Development (4 p’s)
6.Test Marketing
7.Commercialization
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