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Product Strategies - Coggle Diagram
Product Strategies
SERVQUAL Framework
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Tangibility
Appearance of physical facilities, equipment and personnel
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Empathy
Caring, individualised attention provided to customers
Types of product
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Shopping
A product that requires comparison shopping, because it is usually more expensive than a convenience product and is found in fewer stores
Apple smartphone, Dyson Airwrap
Speciality
A particular item, usually purchased by a specific market, that consumers search extensively, and for which they are very reluctant to accept substitutes
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Unsought
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Diamond rings, life insurance
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Product repositioning,
line extension and contraction
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Line extension
Adding additional products to an existing product line in order to compete more broadly in the industry
line contraction
The elimination of unpopular sizes, flavours and variations to concentrate on successful product lines
Branding
Brand
A name, term, symbol, design or combination thereof that identifies a seller’s products and differentiates them from competitors’ products
Brand Name
That part of a brand that can be spoken, including letters, words and numbers,
e.g. Nike
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Labelling (two types)
Persuasive labelling
A type of packaging that focuses on a promotional theme or logo with consumer information being secondary (e.g. claims such as ‘new’, ‘improved’, etc.)
Informational labelling
A type of package labelling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase (for example, nutritional information on food packages)
What is a product?
Everything, both favourable and unfavourable,
that a person receives in an exchange