Chapter 4 product
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This document discusses products, services, and branding strategies. It defines key terms like products, consumer products, business/industrial products, and services. It classifies consumer products as convenience goods, shopping goods, specialty goods, and unsought goods. Business products are classified as raw materials, manufactured parts, installations, accessory equipment, and operating supplies. The document also discusses the core product, actual product, and augmented product. It outlines characteristics of services like intangibility, inseparability, variability, and perishability. Finally, it discusses elements of the marketing mix for services, including people, process, physical evidence, and branding strategies.
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Chapter 4 product
- 1. Chapter 3 Product Planning and Development
- 2. Chapter Four Products, Services, and Branding Strategies By Rafique Ahmed
- 3. Definitions Product Anything offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want. Products; includes goods, services, places, persons, and ideas Some products are sold only to consumers, while others are sold to organizations Whether a product is a consumer product or a business 8 - 2
- 4. Sellers services Product quality Physical characteristics of goods Price Brand Design Packaging Product warranty Sellers reputation Colour The Total Product
- 5. Classification of product Consumer product Product that are bought by the consumers for personal use. Consumer products include Convenience, Shopping, Specialty and Unsought Products Business or Industrial Product Product bought by individuals and organizations for further processing or for use in conducting a business.
- 8. Classification of Consumer Goods Consumer goods are further classified as Convenience Goods Shopping Goods Specialty Goods Unsought Goods
- 9. Convenience Goods Convenience goods are close goods the customer usually purchased frequently, immediately and with minimum effort For Example. Soap, candy, newspaper and fast food, cosmetics jeans etc 8 - 8
- 10. Types of consumer products Convenience products
- 11. Shopping Goods Consumer product that the consumer, in the process of selection and purchases, characteristically compares on such basis as suitability, quality, price and style. Less frequent purchases More shopping effort for comparisons. Higher than convenience good pricing Selective distribution in fewer outlets Advertising and personal selling For example. Furniture, clothing, cars, major appliances, hotel 8 - 10
- 12. Types of consumer products Shopping products
- 13. Specialty Goods Consumer product with unique characteristics or brand identification for which a significant group of buyers are willing to make a special purchasing effort. High price Exclusive distribution Carefully targeted promotions For example, specific brand types of cars, BMW, Armani. Designer clothes 8 - 12
- 14. Types of consumer products
- 15. Unsought Goods Unsought Products are products you haven't actively been looking for. Unsought goods are those now unknown to the consumer or, if known, undesired. For example: life insurance. Gravestone etc Smoke detectors 8 - 14
- 16. Classifying Business Products 1.Raw materials: unprocessed, become part of other manufactured products 2.Manufactured parts and materials: processed products that become part of other products 3.Installations: plant & machinery, major buildings and equipment etc 4.Accessory equipment: used in operations, include computers, desks, tools 5.Operating supplies: low value goods, like pencils, stationery, convenience products for businesses 9 - 15
- 18. 1) The Core Products The basic product which you wants to purchase for satisfaction of your needs and wants. Actual Product The actual product may have as many as five characteristics that combine to deliver the core product benefits. The characteristics are: Quality Feature , Design Brand name , Packaging
- 19. 3) Augmented product Any additional consumer services and benefits built around the core and actual products. For example: Warranty/ guarantee After sales services Installation delivery
- 20. Service A service is defined as any activity or benefit that one party can offer to another which is basically intangible and does not result in the ownership of anything.
- 21. Examples of Service Industries Health Care hospital, medical practice, dentistry, eye care Professional Services Accounting, legal, architectural Financial Services Banking , insurance Hospitality restaurant, hotel Travel airline, travel agency, theme park Others hair styling, plumbing, lawn maintenance, counseling services, health club, interior design
- 22. Service characteristics Intangibility Inseperarability Variability Perishability Lack of ownership
- 23. Intangibility Cannot be seen, Tasted, Felt, Heard Services cannot be readily displayed or Smell before they are bought.
- 24. Inseparability Services produced and consumed at the same time. Cannot be separated from providers, whether people or machines. Customers are always involved
- 25. Variability Quality may vary greatly depending on who provides the service, when and how. Staff need to know how to do something well. Staff must be well motivated to maintain high standards of service.
- 26. Perishability Services cannot be stored for later sale or use.
- 27. Lack of ownership No physical product is exchanged and therefore nothing owned.
- 28. 7 PS of Service Marketing Mix Product Price Promotion Place People Physical evidence Process
- 29. PEOPLE All human actors who play a part in service delivery and thus influence the buyers perceptions: namely, the firms personnel, the customer, and other customers in the service environment.
- 30. PEOPLE People are important because: Providing a service, rather than selling a product. Quality of personal relationships between company and clients becomes vital. Technicians Dealers Other Employees
- 31. Process The actual procedures, mechanisms, and flow of activities by which the service is deliveredthe service delivery and operating systems.
- 32. Process of Taking a Mobile connection Go to Etisalat Shop Choose a product (Say Pre-paid connection) Pay the appropriate fees Take the Respective product (Like SIM Card in this case) Avail the facilities Give the feedback
- 33. Physical Evidence The environment in which the service is delivered and where the firm and customer interact, and any tangible components that facilitate performance or communication of the service.
- 34. Physical Evidence. Sim cards Bills Before and After sale documents PHYSICAL EVIDENCE
- 35. Brand represents the consumers perceptions and feelings about a product and its performance. It is the companys promise to deliver a specific set of features, benefits, services, and experiences consistently to the buyers OR Brand is the name, term, sign, or designor a combination of thesethat identifies the maker or seller of a product or service Branding Strategy: Building Strong Brands
- 36. Brand Name Selection Desirable qualities 1. Suggest benefits and qualities 2. Easy to pronounce, recognize, and remember 3. Distinctive 4. Extendable 5. Translatable for the global economy 6. Capable of registration and legal protection 8 - 35