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C8: Products & Services & Brands (Branding Strategy: Building…
C8: Products & Services & Brands
Product and Service Decisions
Individual Product and Service Decisions
Product and Service Attributes
Product Quality
Total quality management
an approach in which all of the company’s people are involved in constantly improving the quality of products, services, and business processes
AKA performance quality
Return-on-quality
viewing quality as an
investment and holding quality efforts accountable for bottom-line results
Product Features
Features are a competitive tool for differentiating
the company’s product from competitors’ products
Product Style and Design
design is more than skin deep—it goes to
the very heart of a product
Style simply describes the
appearance of a product
Branding
a name, term, sign, symbol, or design or a combination of
these that identifies the maker or seller of a product or service
Packaging
Labeling and Logos
Product Support Services
To design an effective strategy,
assess the value of current services and obtain ideas for new ones
Product Line Decisions
Product line stretching (expansion)
can stretch its line downward, upward, or both ways
occurs when a company lengthens its product line beyond
its current range
product line length
the number of items in
the product line
Product line filling (expansion)
involves adding more items within the present range of the line
Product Mix Decisions
length
total number
of items a company carries within its product lines
depth
number of versions offered of each product in the line
width
number of different
product lines the company carries
consistency
product mix refers to how closely related the various product lines are in end use, production requirements, distribution channels, or some other way
What Is a Product?
Products, Services, and Experiences
Levels of Product and Services
Product and Service Classifications
Consumer Products
Convenience products
Shopping products
Consumer products
Specialty products
Unsought products
Industrial Products
Industrial products
Organizations, Persons, Places, and Ideas
Branding Strategy: Building Strong Brands
Brand Equity and Brand Value
Brand Equity
differential effect that
knowing the brand name has on customer response to the product and its marketing
a measure of the brand’s ability to capture consumer preference and loyalty
Brand Equity Reaction
Positive
when consumers react more favorably to it than to a generic or unbranded
version of the same product
Negative
if consumers react less
favorably than to an unbranded version
Brand Value
Building Strong Brands
Brand Positioning
desirable benefit
beliefs and values
Attributes
Lovemarks
Brand Name Selection
Selection
Protection
Brand Sponsorship
National Brands versus Store Brands
Co-branding
Licensing
Brand Development
Brand Extensions
Multibrands
Line Extensions
New Brands
Managing Brands
Brand Evaluation
Relevance
how consumers feel it meets their needs
Knowledge
how much consumers know about the brand
Differentiation
what makes the brand stand out
Esteem
how highly consumers regard
and respect the brand
Services Marketing
The Nature and Characteristics of a Service
Service intangibility
services cannot be seen, tasted, felt, heard, or
smelled before they are bought
Service
inseparability
services cannot be separated from their
providers
Service perishability
services cannot be stored
for later sale or use
Service variability
quality of services depends on who provides them as well as when, where, and how they are provided.
Marketing Strategies for Service Firms
The Service Profit Chain
service profit chain
Internal service quality
Superior employee selection and training, a quality work environment, and strong support for those dealing with customers, which results in
Satisfied and productive service employees
More satisfied, loyal, and hardworking
employees
Greater service value
More effective and efficient customer value creation, engagement, and service delivery
Satisfied and loyal customers
Satisfied customers who remain loyal, make repeat purchases,
and refer other customers
Healthy service profits and growth
Superior service firm performance
Managing Service Differentiation
Ways
Offer
Delivery
Images
Managing Service Quality
differentiate itself by delivering consistently higher quality than its competitors provide
Managing Service Productivity
Ways
increase the quantity of their service by giving up some quality
train current
employees better or hire new ones who will work harder or more skillfully