Presentation on theme: "Marketing Product. Overview l Definition of product vs. service l The importance of branding and packaging l Consumer and industrial products l Product."— Presentation transcript:
Overview l Definition of product vs. service l The importance of branding and packaging l Consumer and industrial products l Product mix and product line l Product differentiation l The stages of the product life cycle
Marketing Mix: The Four (5) Ps (Distribution) roductroduct ricingricing romotionromotion lacelace ackaging
Whats a Product? anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. tangible or intangible Good Service Event Idea (social marketing; recycling; public service ads) Place (tourism) Person (politicians, entertainers, athletes, lawyers) Organization (profit & non-profit)
Whats a Service? any activity/benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Renting a hotel room depositing $ in a bank traveling on an airplane getting a haircut having car repaired watching a professional sport seeing a movie having clothes cleaned at a dry cleaner getting advice from a lawyer
Classifying Goods & Services Convenience Goods Shopping Goods Specialty Goods Expense Items Capital Items Consumer MarketsIndustrial Markets based on WHO will use them; HOW will be used
Consumer Products Based on HOW/WHERE consumers buy them
Industrial Products l Consumed by businesses l Expense Items –Consumed within 1 year –Include raw materials, parts, supplies –At SMC? Capital Items: –Permanent (expensive) –Buildings, fixed equipment –At SMC? Classified according to COST and USE
Strategic Decisions What features are part of a product and differentiate it from another?
Packaging l Functional benefits –Convenience –Protection –Storage l Promotional/Communication benefits –Directions –Legal requirements or product disclosure l Perceptual Benefits –Color –Connote status, economy, quality
Product Line & Product Mix Product Mix The total group of products or product lines offered by a company Product Line A group of closely related product items
Types of Brands l National brands/Manufacturers Brand –Producers are identified with their products l Licensed brands –The manufacturer sells the license for the brand name or symbol to be put on accessories. l Private brands –Retailers or wholesalers selling products under their own private (= non-manufacturer) label
Product Differentiation l Definition: the creation of a product or product image that differs enough from existing products to attract customers l Standardized/homogeneous products Examplefast food: juicier hamburgers, crispier fries
iPhone Hydrogen car iPod Analog cameras Music CDs Product Life Cycle
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