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• The success rate of new products is very
low – less than 5%. ‘You have to kiss a lot of frogs to find a prince.”
• Product obsolescence is rapid with
improvements in technБайду номын сангаасlogy
known brand names
Brand Repositioning
• This may be required after a few years to
face new competition and changing customer preferences
Packaging
• Includes the activities of designing and
bundle of benefits/services consistently to buyers
Brand Equity
• When a commodity becomes a brand, it is
said to have equity.
• The premium a brand can command in the
Product Hierarchy
• Need • Product family • Product class • Product Line • Product type • Brand • Item
Product classification
• Durable • Non – durable • Services
Brand
• A name becomes a brand when consumers
associate it with a set of tangible and intangible benefits that they obtain from the product or service
• It is the seller’s promise to deliver the same
producing the container for a product
• Packaging is done at three levels
- primary - secondary - shipping
Brand strategy
• Line extension – existing brand name extended to
new sizes in the existing product category
• Brand extension – brand name extended to new
valued attributes by consumers
Business analysis
• The most customer appealing offer is not
always the most profitable to make
• Estimate on costs, sales volumes,pricing
to a market
• Width – how many different product lines? • Length – the number of items in the product mix • Depth – The no. of variants offered in a product
Advantages of branding
• Easy for the seller to track down problems and
process orders
• Provide legal protection of unique product features • Branding gives an opportunity to attract loyal and
Customer value hierarchy
• Core benefit • Basic product • Expected product • Augmented product • Potential product
Customer Delight
• When you exceed customer expectations
too long – when profits increase by dropping a product in the line too short – when profits increase by adding products to the product line
• Line pruning – capacity restrictions to decide
Brand Power
• Customer will change brands for price
reasons
• Customer is satisfied. No reason to change. • Customer is satisfied and would take pains
to get the brand
Managing Brand Equity
• Brand Equity needs to be nourished and
replenished. We must not flog the brand for equity to be diluted or dissipated
• Store brands
Commercialization
• When? (Timing) • Where? (Which geographical markets) • To whom? (Target markets) • How? (Introductory Marketing strategy)
Product Levels
brand fails
Brand parity
• Consumers buy from a set of acceptable/
preferred brands
Umbrella Brand
• Products from different categories under
one brand
• Dangerous to the brand if the principal
and profit levels are made to find out the optimal price – volume mix.
• Breakeven and paybacks • Discounted cash flow projections
Market testing
• Test markets • Test periods • What information to gather? • What action to take?
Naming the Brand
• Product benefits • Product qualities • Easy to pronounce • Should be distinctive • Should not have poor meanings in other
languages and countries
- raw materials - manufactured materials and parts
• Capital items • Supplies and business services
Product Mix
• The assortment of products that a company offers
Product and Brand Management
What is a product?
• A product is any offering by a company to a
market that serves to satisfy customer needs and wants.
• It can be an object, service, idea,etc.
brand fails
• Sometimes the company name is prefixed to
the brand. In such cases the company name gives it legitimacy. The product name individualises it.
• Customer values the brand and sees it as a
friend
• Customer is devoted to the brand
Brand Equity – Competitive Advantages
• Reduced marketing costs • Trade leverage • Can charge a higher price • Can easily launch brand extensions • Can take some price competition
Consumer goods classification
• Convenience goods • Shopping goods • Specialty goods • Unsought goods
Industrial goods classification
• Materials and Parts
profitable set of customers
• It helps to give a product category at different
segments, having separate bundle of benefits
• It helps build corporate image • It minimises harm to company reputation if the
market
• The difference between the perceived value
and the intrinsic value
Levels of meaning
• Attributes • Benefits • Values • Culture • Personality • Users
New Product Development
• Most new product development is an
improvement on existing products
• Less than 10% of new products are totally
new concepts.
Success rate of new products
• Shorter PLCs
Product Development Stages
• Idea generation • Idea screening • Concept development and testing • Concept testing • Conjoint analysis – to find out the best
product categories
• Multibrands – new brands in the same product
category
• New brands – new product in a different product
category
• Cobrands –brands bearing two or more well
line
• Consistency – how closely the product lines are
related in usage
Product Line decisions
• Product rationalization • Market rationalization • Product line length
low – less than 5%. ‘You have to kiss a lot of frogs to find a prince.”
• Product obsolescence is rapid with
improvements in technБайду номын сангаасlogy
known brand names
Brand Repositioning
• This may be required after a few years to
face new competition and changing customer preferences
Packaging
• Includes the activities of designing and
bundle of benefits/services consistently to buyers
Brand Equity
• When a commodity becomes a brand, it is
said to have equity.
• The premium a brand can command in the
Product Hierarchy
• Need • Product family • Product class • Product Line • Product type • Brand • Item
Product classification
• Durable • Non – durable • Services
Brand
• A name becomes a brand when consumers
associate it with a set of tangible and intangible benefits that they obtain from the product or service
• It is the seller’s promise to deliver the same
producing the container for a product
• Packaging is done at three levels
- primary - secondary - shipping
Brand strategy
• Line extension – existing brand name extended to
new sizes in the existing product category
• Brand extension – brand name extended to new
valued attributes by consumers
Business analysis
• The most customer appealing offer is not
always the most profitable to make
• Estimate on costs, sales volumes,pricing
to a market
• Width – how many different product lines? • Length – the number of items in the product mix • Depth – The no. of variants offered in a product
Advantages of branding
• Easy for the seller to track down problems and
process orders
• Provide legal protection of unique product features • Branding gives an opportunity to attract loyal and
Customer value hierarchy
• Core benefit • Basic product • Expected product • Augmented product • Potential product
Customer Delight
• When you exceed customer expectations
too long – when profits increase by dropping a product in the line too short – when profits increase by adding products to the product line
• Line pruning – capacity restrictions to decide
Brand Power
• Customer will change brands for price
reasons
• Customer is satisfied. No reason to change. • Customer is satisfied and would take pains
to get the brand
Managing Brand Equity
• Brand Equity needs to be nourished and
replenished. We must not flog the brand for equity to be diluted or dissipated
• Store brands
Commercialization
• When? (Timing) • Where? (Which geographical markets) • To whom? (Target markets) • How? (Introductory Marketing strategy)
Product Levels
brand fails
Brand parity
• Consumers buy from a set of acceptable/
preferred brands
Umbrella Brand
• Products from different categories under
one brand
• Dangerous to the brand if the principal
and profit levels are made to find out the optimal price – volume mix.
• Breakeven and paybacks • Discounted cash flow projections
Market testing
• Test markets • Test periods • What information to gather? • What action to take?
Naming the Brand
• Product benefits • Product qualities • Easy to pronounce • Should be distinctive • Should not have poor meanings in other
languages and countries
- raw materials - manufactured materials and parts
• Capital items • Supplies and business services
Product Mix
• The assortment of products that a company offers
Product and Brand Management
What is a product?
• A product is any offering by a company to a
market that serves to satisfy customer needs and wants.
• It can be an object, service, idea,etc.
brand fails
• Sometimes the company name is prefixed to
the brand. In such cases the company name gives it legitimacy. The product name individualises it.
• Customer values the brand and sees it as a
friend
• Customer is devoted to the brand
Brand Equity – Competitive Advantages
• Reduced marketing costs • Trade leverage • Can charge a higher price • Can easily launch brand extensions • Can take some price competition
Consumer goods classification
• Convenience goods • Shopping goods • Specialty goods • Unsought goods
Industrial goods classification
• Materials and Parts
profitable set of customers
• It helps to give a product category at different
segments, having separate bundle of benefits
• It helps build corporate image • It minimises harm to company reputation if the
market
• The difference between the perceived value
and the intrinsic value
Levels of meaning
• Attributes • Benefits • Values • Culture • Personality • Users
New Product Development
• Most new product development is an
improvement on existing products
• Less than 10% of new products are totally
new concepts.
Success rate of new products
• Shorter PLCs
Product Development Stages
• Idea generation • Idea screening • Concept development and testing • Concept testing • Conjoint analysis – to find out the best
product categories
• Multibrands – new brands in the same product
category
• New brands – new product in a different product
category
• Cobrands –brands bearing two or more well
line
• Consistency – how closely the product lines are
related in usage
Product Line decisions
• Product rationalization • Market rationalization • Product line length