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Chapter 11- Products

by: Aimee Castillon

Chapter 11- Products MBUS303

Aimee Castillon
GPA 3.61

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About this Document

Lecture notes for Chapter 11
Marketing in the Global Economy
Dr. Joiner
Class Notes
Marketing, businessminor
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This 4 page Class Notes was uploaded by Aimee Castillon on Saturday May 7, 2016. The Class Notes belongs to MBUS303 at George Mason University taught by Dr. Joiner in Spring 2016. Since its upload, it has received 11 views. For similar materials see Marketing in the Global Economy in Marketing at George Mason University.


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Date Created: 05/07/16
        Organization name        Student name  Marketing  student email address  MBUS 303  •  Spring 2016    Heading: 3/22/16  Notes: Chapter 11­ Product    The Marketing Mix (4 Ps): Product    ­ Product­  ​“anything of value that can be offered through a voluntary    marketing exchange”    ­ Goods    ­ Services    ­ Places    ­ Ideas    ­ Organizations    ­ People    ­ Types of consumer products are classified by the way they are used and    purchased    ­ Specialty​ ­ consumers show such a strong preference that they will    expend considerable effort to search (i.e. wedding gowns, luxury    cars, antiques)    ­ Shopping­ ​ consumers will spend a fair amount of time comparing    alternatives (i.e. shoes, appliances, cellphones)    ­ Convenience­ ​ consumers are only willing to spend minimum effort    to evaluate prior to purchase (i.e. soft drinks, shampoo, candy)    ­ Unsought­ ​ consumers either don’t normally think of buying or do not    know about (i.e. fire extinguishers, life insurance, smart lightbulbs)  Core customer value  ­ Complexity of products  diagram:  ­ Marketers convert core value into an actual product  ­ Core customer value  ­ Actual product   ­ Brand name  ­ features/design  ­ Quality level  ­ Packaging  ­ Associated services  ​(augmented product)  ­ Non­physical elements     ­ Supplement the value of the product (i.e. financing,  customer support, warranties, installation/set­up, etc.)    ­ Product decisions i​ nclude decisions the company’s portfolio of products as      well as the individual product(s)  ­ Product mix/product assortment­ ​ the complete set of all products    offered by the firm      ­ Specific terms are used to describe the make­up of the  product assortment of a firm    See Kellogg’s Product mix  ­ Product lines­ ​ groups of associated items, such as  table in PPT  items that consumers use together or think of as part    of a group of similar product categories (firm defined)    ­ (product) stock keeping units (SKUs)­ ​ smallest unit    of accounting for products within product lines    ­ I.e. represents each individual configuration of    a product (i.e. 16 oz. diet Coke; one liter diet    Coke; 16 oz. caffeine free diet Coke)    ­ Product mix (PM) and product line decisions    ­ PM Breath​ ­ number of product lines    ­ Product strategies to change PM Breadth    ­ Increase breadth    ­ I.e. True Religion Brand Jeans    now are a lifestyle brand with    apparel, accessories,    swimwear, and fragrances    product lines    ­ Decrease breadth    ­ I.e. due to competitive changes,    TCBY is now focusing only on    yogurt    ­ PM Depth­  number of products within a product line    ­ Product strategies to change PM Depth    ­ Increase depth    ­ I.e. Band­Aid now has over 40    products to heal cuts    ­ Decrease depth    ­ I.e. McCormick spices    eliminates dozens of products    each year    ­ Product depth­ ​ number of SKUs for a product (i.e.    Pop­Tarts)    ­ The same types of decisions can be used for services    Brands    ­ “A name (and symbols, designs…) that identifies the product and its source    and distinguishes it from competing products”    ­ Way for firms to differentiate its products from those of its competitors    ­ Branding    ­ A brand can use name, logo symbols, characters, slogans, jingles,    URLs, and even distinctive packages    ­ Value of branding for the customer and the marketer    ­ Strong brands:    ­ Facilitate purchasing    ­ Establish loyalty    ­ Protect from competition    ­ Reduce marketing costs    ­ Are assets  Mergers and acquisitions  ­ Impact market value  are good indicators of  ­ Brand equity­ ​ the value, or worth, of a brand in the marketplace  brand equity  ­ Financial perspective­  brands are intangible assets  ­ I.e.    ­ Consumer­oriented perspective  ­ Four components of brand equity  ­ Brand awareness  ​= familiarity with brand,  what it stands for, have opinion about it  ­ Perceived value  ​­ benefits vs. cost  ­ Brand loyalty  ­ Brand associations  ­ The extent to which consumers have  strong, favorable, unique associations  with a brand in memory  ­ Branding strategies  ­ Branding ownership  ­ Manufacturer brands (national brands)  ­ i.e. Apple, Kellogg’s, Breyers, Tide, Tylenol  ­ retailer/store brands (private­label brands)­ ​ Premium,  generic, and exclusive co­branded  ­ I.e. Kirkland Signature (Costco), Safeway, Publix,  Nature’s Promise (Giant), CareOne (Giant),  Guaranteed Value (Giant), CVS  ­ Co­branding example: Target  ­ Naming brands and lines  ­ Corporate or family brand  ​(i.e. The Gap; GE)  ­ Corporate and product line brands (i.e. Kellogg’s Frosted  Flakes; Apple iPad)  ­ Individual brands (i.e. Mr. Clean; Swiffer; Crest (Proctor &  Gamble); Frito­Lay  ­ Leveraging the brand  ­ Brand extension­ ​ using an existing brand name on a new  product category  ­ I.e. Healthy Choice; Ralph Lauren paint  ­ Line extension­ introduction of a new product in existing  product category (i.e. Skippy)  ­ Brand leveraging risks  ­ Brand dilution​ (i.e. McDonald’s Pizza= fail,  Lifesaver fruit sodas = fail, Bounty napkins=  success)  ­ How to use this effectively  ­ Evaluate the fit between the  product class of the core brand  and the extension  ­ Evaluate consumer perceptions  of the attributes of the core  brand and seek out extensions  with similar attributes  ­ Refrain from extending the  brand to too many products  ­ Consider if the brand extension  is distanced enough from the  core brand  ­ Co­branding  ­ I.e. Edy’s Nestle Butterfinger ice cream; Dunkin’  Donuts & Baskin Robbins; Crocs decorated with  Disney Princesses  ­ Brand licensing­  a contractual agreement between firms,  whereby one firm allows another to use its brand name, logo,  symbols, and/or characters in exchange for a negotiated fee  (i.e. Sunkist)  Packaging  ­ Multiple roles as part of the product  ­ Protection, distribution (transportation & display)  ­ Big roles in communicating to the consumer (can promote an image and  position; delivers important information)  ­ Can add value...some packages are so distinct that it helps make the brand  successful (i.e. Godiva; Tabasco; Tiffany & Co.; Pringles; Altoids)  ­ Types  ­ Primary package­ ​ the packaging the consumer uses (i.e. Log Cabin;  Monster)  ­ Secondary package­ ​ the packaging that contains the primary  package or product (i.e. wrappers, boxes, etc.) (i.e. Apple, Adidas,  Leggs pantyhose eggshell containers)  ­ What other packaging do consumers find useful (i.e. Chips Ahoy!; Preen’s  battery­powered lid; toilet bowl cleaners)  ­ Additional packaging decisions  ­ Content is determined by regulations as well as marketing  ­ I.e. ingredient list and nutrition facts are required for food  products  ­ I.e. health risks (i.e. Monster)     


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