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PRODUCT AND BRANDING STRATEGIES - Coggle Diagram
PRODUCT AND BRANDING STRATEGIES
WHAT IS PRODUCT?
anything can be
delivered to the market to satisfy the needs and wants
tangible
: goods such as toothpaste, snacks, beverages, etc.
intangible
: services, events, organizations, destinations, etc.
Services are special form of products that
offer intangible consumption, use, acquisition
. Do not result in ownership.
5 types
do not result in ownership
example: if you book a hotel room, the hotel is not yours
intangibility
cannot see taste hear or smell services
example: how to you smell the schooling facilities and qualities to actually opt for a school to study?
inseparatability
mutually
cooperates
to
make the service happens
example: if the school opens but none of students study there, the schooling service doesn't happen.
variability
a service can
vary from quality, satisfaction
, etc. depeding on different vendors.
example: the idea of listening to DVD, you'll get the same experience (tangible product). However, if you go to a concert, the quality and experience are not identical (intangible service).
perishability
the
aspect of cannot be stored services.
a service cannot be massively sold and stored in inventory. if it's over, the service is perished.
example: if you finish your trip to Disneyland, the service is over, you cannot retrieve that experience again. what is more, Disneyland sells tickets for services when only there are customers want to buy it, they don print out tickets massively and store in the office for none of any purposes.
experience: a company wants to differentiate itself by offering experience associated with the products or services they provide. example: Dyson Supersonic is not basically a hair dryer product, the company also offers customers the experience when using their product.
organizations: school, clinic, hospitals, etc.
persons: singers, KOLs. they use person marketing to build attractions or impacts
ideas: marketing agencies sell marketing ideas
places: resorts, hotels, travel destinations
3 LEVELS OF PRODUCT
Core value
:
values
of a product,
what it is used for, how it serves the needs of consumers
example: the core customer value of a leather bag is the function of carrying stuffs
Actual product
:
how it is designed, packaged, featured, qualified
, etc.
example: a leather bag is designed with animal's leather, it comes with luxurious packaging and sophisticated colour of turquoise
Augmented product
: the after service associated with the product:
warranty, customer service, delivery, product insurance
, etc.
example: a bag company guarantees to offer 3-month warranty, consumers can come to exchange throughout the period if any bag mistakes occur
Types of product: consumer and industrial
consumer: products bought by final customers. example: toothpaste, soft drinks, snacks, etc.
convenience
: products that are
consumed on a daily basis,
buyers spend
minimum of time to actually compare
. example:
shampoo, instant noodles, toilet paper,
etc.
shopping
:
less frequently purchased products,
and consumers actually
put a great concern regarding quality, function, price,
etc. to a product. example:
domestic appliances, clothes,
etc.
speciality
: products with
special characteristics or brand identification
. buyers are
well-perceived about the needs, functions and specialities of the product that they actively seek for it
. example: high-ent equipments, cars, medical services, branded clothing, etc.
unsought: products that are
usually unthought of.
example:
collin, insurance
, etc.
industrial: raw material sold to company for further manufacturing
PRODUCT DECISIONS:
Individual Product and Service
Product attributes
divided into section
:
quality
- the status of a product, its ability to function and
consistency
- the aspect of long-term use
features
: dimensions, structures, performance, components, ingredients, etc. all that make the differentiation in a product
style and design
: how the
appearance
of a product appeals to and
catches attention of customers
.
Branding
is a
name, logo, symbol, signs
, etc. that
identifies a product or service.
help
buyers
recognize a product or a service provided
distinguish quality and consistency from other competitors
help
sellers
make their
own company cultures or stories
differentiate
themselves from other competitors
differentitate product lines
. example:
Toyota Lexus, Land Cruiser, etc.
Labelling
is to identify product or a brand, attritbutes. ranging from
simple to complex ones.
can inform customers about who
made the product
,
where it was made, what contains in that product
. also helps promote the brand, support its positioning to connect with consumers
Packaging
traditionally a way to
hold and protect a product
helps
promote a product on the shelves
. gives
advantages over competitors
catches consumers' attention
Support Services
the
services offered after buying a product.
Product lines
the stage of
adding related product groups
to a brand product category. they are related because they function similarly, target same segmentation, market through same types of outlets, offer in nearly same prices.
expand in two ways
line filling
: add
new items (colors, designs)
to existing product. example: milo has been known for processed cacao milk. the nestle company has extended the product into various lines, such as milo energy bars, milo ice cream, milo chocolate bars, etc.
line stretching: provides
more of beyond a current range
. example: nike adds air force, jordan shoe lines with a totally new features. or
lengthen downward, upward or both ways in the lines.
example:
saumsung, note and edge are the premium level, whereas galaxy offers more suitable price with low level.
Product mix strategies
a company can
sell multiple lines of products
. the products can vary the same functions, or different as well.
widen
product lines in to a wide range. therefore, the company can build its reputation via different lines. example: coca cola varies in alternative product categories such as soft drink, minute maid.
lengthen the existing products in order to fill the line. example: there are total 3500 products handled by Coca-Cola brand
deepen the lines with variations. example: in order to deepen the lines, Coca -Cola has varied soft drinkinto many alternatives such as Coke, Fanta, Spirte.
Consistency