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Week 4:Product & Branding Strategy - Coggle Diagram
Week 4:Product & Branding Strategy
PRODUCT DEFINATION & CLASSIFICATION
Defination (Product/ Company's market offering)
pure tangible good
Ex: colgate, snack,...
services-and-goods combination
pure service
Ex: Health advice,...
Levels of products and services
Level 1: Core customer value
core benefit
Level 2: Actual product (to deliver core benefit)
quality level
packaging
brand name
design
feature
Level 3: Augmented product (additional customer service and benefit)
delivery and credit
installation
warranty
after-sale service
Product classification
Consumer products
shopping products
less frequently purchased
carefully compare in suitability, price, style and quality
convenience products
products and services that buy frequently, immediately, and with a minimum of comparison and buying effort
ex: instant noodle, toilet paper,...
usually low price
unsought products
consumer either does not know about or knows about but does not normally think of buying
ex: funeral service
specialty products
products and services with unique characteristic or brand identification
Buyers normally do not compare specialty products
are products and services bought by final consumers for personal consumption
Industrial Product (are those purchased for further processing or for use in conducting a business. )
Capital items
Supplies and services
Materials and parts
PRODUCT DECISION
Individual product decisions
Product attributes
Quality
performance (the ability of a product to perform its functions)
conformance (free from defects and consistent in delivering a level of performance)
Design and style
Feature
dimensions, source ingredients, services, structures, performance, components, materials
competitor tools
Branding
Helps customers
Identifying products that might benefit them
Distinguish product quality and consistency
helps sellers
It is the basis on which a whole story can be built about a product’s special qualities
It protects and distinguish the sellers from their competitors
Brands also help seller to segment markets
Packing
promote the product on shelves.
attract customers’ attention and describe the product
Hold and protect product
Labelling
identify the product or brand, describe attributes, and provide promotion
to promote the brand, support its positioning and connect with customers.
Product support service
Product line decisions
Product line
a group of products that are closely related because they function in a similar manner
are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
Product line length (Def: the number of times in the product line)
The line is too short if the manager can increase profits by adding items
The line is too long if the manager can increase profits by dropping items.
Expand ways
Line Filling (adding more items within the present range of the line)
ex: adding new cake flavors
Line Stretching (lengthen a firm’s product beyond its current range)
upward
add prestige to current products
earn higher margin
downward
prevent competitive entry
retaliates against competitor's attack at upper end
capitalizes on faster growth at lower end
Product mix decisions
Def: consists of all the product lines and items that a particular seller offers for sale.
4 ways to increase business
lengthen its existing product lines to become a more full-line company
add more versions of each product to
deepen its product mix
add new product lines, widening its product mix
pursue more product line consistency—or less
PRODUCT LIFE CYCLE
Growth stage
Maturity stage
Introduction stage
Decline stage
Product development stage
BRANDING STRATEGY
Brand positiontong
Attributes
Benefits
Beliefs and values
Brand equity
is the differential effect that the brand name has on customer response to the product and its marketing
Brand name selection
Selection
Distinctive
Ex: Lexus, Toyota
Extendable (vary in many categories)
Amazon.com
Easy to pronounce, recognize, and remember
ex: iPod, JetStar, Nike
Translatable for the global economy
Suggest benefits and qualities
ex: LandCruiser, Vietnamworks, Hotjobs
Protection
a brand name cannot be protected if it reuses or is similar to existing brand names
Brand sponsorship
National brands
manufacturers sell their output under their own brand names. (ex: Sony bravia 4k TV, Samsung Galaxy, ...)
licensed brand
some companies license names or symbols previously created by other manufacturers, names of well-known celebrities or characters from popular movies & books
Ex: sellers of children’s products use famous character names with their items, such as Winnie the Pooh, Scooby Doo, Harry Porter, Biti’s Marvel, etc
Store brands (private brand)
retailers and wholesalers create their own (Ex; Mega Market has their own brands: Aro; Coop mart has SGC brand name.)
Co-brand
two established brand names of different companies are used on the same product (ex: Sony Ericsson, Nike+iPod,...)
Brand development strategy (coi ảnh trong slide)
Line Extension Strategy
Same brand same category
Brand Extension Strategy
Same brand different category
Multi-brands
Different brand same category
New brands
Different brand different category