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1 Branding ABC’s 2 PRODUCT DEVELOPMENT Evolving your product to stay ahead of the competition Gatorade -

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Presentation on theme: "1 Branding ABC’s 2 PRODUCT DEVELOPMENT Evolving your product to stay ahead of the competition Gatorade -"— Presentation transcript:

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2 1 Branding ABC’s

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4 PRODUCT DEVELOPMENT Evolving your product to stay ahead of the competition Gatorade - Google Google Plus -http://www.youtube.com/watch?v=GRmDGvdkg8Ehttp://www.youtube.com/watch?v=GRmDGvdkg8E Health-  Three keys to a successful product launch  The right product  The right timing  The right people

5 THE RIGHT PRODUCT Make sure you have the best product before launching it INC: Dumb productshttp://www.youtube.com/watch?v=bvB5ZIbLirc Dads - productshttp://www.youtube.com/watch?v=_UppL6_sVNs  Product must satisfy a need  Must meet consumer expectations  Must be produced at a profit

6 THE RIGHT TIMING If your product is seasonal, you will want to wait until the start of the selling season Replacing an old product, wait until merchandise is out before launching Food Saver- Food Saver - ofilepage

7 NEW PRODUCTS - Which of the 5 suggestions do you think will work the best?

8 THE RIGHT PEOPLE People who buy new products, “early adopters” (Ipad 3)(Ipad 3)  Pioneers of new products Late Adopters, cautious consumer  Won’t try your product, simply because it’s new. Middle Adopters (80%)  Must be convinced that your product is worthwhile, before buying.  Need to tell them why “new” is better  Must run lot’s of ads to tell people about your product.  You have 6 months, to claim “new”  After, show how well your product performs.

9 KEY TERMS –PG 5 Choose one of the following sections to read about: 1.Types of consumer products pg Product Items, Lines and Mixes pg Adjustments to Product Items pg Branding pg Branding Strategies pg Packaging pg

10 COMPLETE THE FOLLOWING QUESTIONS AS A GROUP (EACH MEMBER NEEDS TO WRITE DOWN ANSWERS) 1.What is the name of your Section 2.What is the most important part of your section for a business leader to know? (Imagine that you only have 30 seconds in an elevator to convince someone this is important) 3.What is the Learning objective from this section? (After reading this section, what should everyone know?) 4.What are the key terms everyone should know from this section 5.Provide an example of a company that understands this Learning Objective Effectively 6.Provide an example of a company that failed to understand this Learning objective.

11 RE-SHUFFLE GROUPS! Each Member of your group will count off from 1-4. You will then form new groups of six- Each member will of the group will teach the other member about their section in a 3 minute presentation *Members should be completing their terms sheets during presentations.*

12 GROUP MIND MAPS. Using a piece of Presentation Paper, groups will create a Mind Map that represents the process of product development. The mind map should connect all of the terms and section notes.

13 NEW PRODUCTS Pick a Product from the Edison Awards Finalists and Answer the following questions. Send and to Mr. Fassl with your answer! 1.Do the product fill a need? 2. Is it the right time? 3. Can they make a profit? Explain. 4. Do you think they will be successful? Why or Why not?

14 FUTURE PRODUCTS…DIGITAL $$$ Jetsons The future of business What are three things that businesses need to do to be successful with customers in Complete your ticket!

15 14 Branding ABC’s

16 15 Branding ABC’s

17 Entrepreneurship- Imagine that you are going to open a retail clothing business..  Write down all of the decisions you will need to make

18 PRODUCT PLANNING Making decisions about features that are needed to sell a product  Packaging, Branding, Labeling Product Mix  All the different products that a company makes or sells.  

19 PRODUCT LINE Group of closely related products manufactured and/or sold by a business  All of the Chevy’s produced by GM  All of the Cereal’s produced by Kellogg’s Product Item  A specific model, brand or size of a product within a product line.  Ex. Chevy Cruz, or Fruit loops

20 PRODUCT WIDTH/DEPTH Product Width  Number of different product lines a business manufactures or sells Product Depth  Number of product items within each product line.

21 Blades and Razors ToiletriesWriting Instruments Lighters MACH 3 Fusion Sensor Trac II Atra Swivel Double Edge Lady Gillette Super speed Twin Injector Techmatic Series Adorn Toni Right guard Clinical Strength Silkience Soft and Dri Foamy Dry Look Dry Idea Brush Plus Paper Mate Flair Cricket S.T. Dupont Depth of Product Lines 2001-WIDTH OF THE GILLETTE PRODUCT MIX

22 RazorsGel and skin car Body Wash Deodorant Fusion Proglide MVP Gamer Fusion Power Mach 3 turbo M3 power Venus Pro Series Aftershave Proglide shave gel Hydragel Foam FOAMY Body Wash Fresh + Clean Clinical Odor Shield Clear Gel Power beads Depth of Product Lines WIDTH OF THE GILLETTE PRODUCT MIX

23 PRODUCT MIX STRATEGIES Plan on which products to make or stock Different strategies depend upon resources and company objectives.  Add new products  Modify current products  Delete existing products To make these decisions, you look at sales and current trends in the marketplace

24 NEW PRODUCT DEVELOPMENT Generate New Ideas Screen ideas Develop the product Test the product Introduce the product Evaluate customer acceptance

25 LINE EXTENSIONS Product Modification  Altering an existing product  New color, style, features, sizes, formula, variety.  Usually the old product is phased out  Often the packaging is modified to attract attention…. RITZ Pita Chips

26 DELETING A PRODUCT LINE Obsolete Lost it’s appeal Doesn’t match Co. objectives Make room for new product No longer profitable Conflicts with other products Pepsi Clear Cabbage Patch

27 LINE EXTENSIONS You are the manufacture of Stride. Visit stride’s website at stridegum.com You are to determine the next new “hot” flavor of gum to introduce.  Name of Gum- “make sure it flows with the other flavors”  Write an “introduction”

28 Depth of Product Lines WIDTH – DELL VS APPLE

29 28 Branding ABC’s

30 29 Branding ABC’s

31 PRODUCT CLASSIFICATIONS Convenience goods Shopping goods Specialty goods Unsought goods

32 CONVENIENCE GOODS  Goods that we just buy without thinking about price.  Staple good – regular, routine purchases (bread, milk, etc.)  Impulse Good – purchased on spur of the moment (magazine, candy, inexpensive products  Emergency Goods –purchased as result of urgent need (gasoline, plumbing, ambulance)

33 SHOPPING GOODS  Products that we spend time considering before making a purchase decision  Usually more expensive than convenience goods  Examples are: Clothing, houses, major appliances, stereo goods

34 SPECIALTY GOODS Will not consider buying anything else as a substitute. Favorite brand of jeans? Two factors – importance to customer - willingness to delay until specific product is located.

35 THE PRODUCT MIX All the different products that a company makes or sells. Could be over 100 Could be as few as 1

36 REVIEW: PRODUCT LINE A. All of the Products a company makes B. Groups of closely related Products C. Specific Items sold by a company D. I have no idea.

37 REVIEW: PRODUCTS Product Width – A. # of Different Lines B. # of Different Products C. # of Different Distributors D. # of different mixes company has E. I have no idea! Product Depth – A. # of Different Lines B. # of Different Products C. # of Different Distributors D. # of different mixes company has E. I have no idea!

38 THE PRODUCT LIFE CYCLE Growth Introduction Maturity Decline Deletion/ Rejuvenation Focus on Promotion and Production. Goal: Attract attention to product Special sales to get customers to try. Increasing sales. Advertising now focuses on customer satisfaction rather than new product benefits. Competition is now aware, and copying products. Introduce new models to stay ahead of competition. Maturity. Sales level off Spend Ad money fighting off competition. Advertising expenses climb. Must develop improvements to product to keep sales going Must tell how your product is better than competition. Decline: Sales Fall off. Profits are now lower… Cut advertising. Make Decisions regarding continuation of product. Rejuvenation: Must incorporate new strategies to keep product from failing. -Selling business -Licensing product -regionalizing, Modernizing -Altering(repackaging)

39 QUESTIONS TO ANSWER TO DETERMINE PRODUCT MIX What is the target market? What kinds of products do customer’s want? What products are competitors offering? How many product lines and product items are needed?

40 39 Branding ABC’s

41 40 Branding ABC’s

42 PACKAGING

43 FUNCTIONS OF PACKAGING SellProduct ID InfoMeet custome r Needs Protect Cust. Protect the product Theft Red. Visual Appeal, Color Directions, Nutritional info, guarantee, warnings, instructions Better way to use product (Heinz, chips a hoy, medicine bottles) Glass  plastic, Tamper- resistant Prot. From breakage Clamshell, better seals Bulk Size of packaging

44 LABELING Label - information tag, wrapper, seal, imprinted message that is attached to a product or package Two main functions  Inform customers  Directions for use

45 Contents of a label  Brand Name  ingredients  directions  promotional messages Most Food labels contain  weight -dates  illustrations -storage information  manufacturers name & address  universal product code (upc)  guarantee

46 LABEL LAWS Federal Nutrition Act (1994)  light, lite, free, low, reduced, good source  provides consistent labeling for each  requires nutritional information Care Labeling Rule 1972  care labels on textile clothing  criteria for using “recycled content,” recyclable, degradable.

47 46 Branding ABC’s

48 47 Branding ABC’s

49 BRANDING – Brand name- group of words that can be spoken about a brand (Special K) Brand Mark – the symbol or design that identify a brand (K) Trade name – identifies the company (Kellogg’s) Trade character – brand mark that has been given human form, (dough boy)

50 TRADEMARK A brand name, brand mark, trade character or a combination that get legal protection. Kellogg’s Special K ® These elements combined are used to form a firm’s corporate symbol

51 BRANDING Why?  Helps to assure customers of quality  Identifies who manufactures product  Helps introduce new products  Customers are familiar with company  Helps to establish a corporate image

52 TYPES OF BRANDS National – manufacture brands  Generate majority of sales  Customers - consistent quality, performance Generic – “No Frills”  Don’t carry a brand name  30-50% less expensive Private – “store label”  Quality and performance at lower price  Large profits for retailers, customer loyalty

53 52 Branding ABC’s

54 53 Branding ABC’s

55 PRODUCT POSITIONING The efforts a business makes to identify, place, and sell its product in the marketplace  Price and quality  Features and benefits  Unique Characteristics  Relation to Competition  Other products in product mix

56 POSITIONING BY PRICE AND QUALITY Ford Focus  Economical,  Fuel Efficient Ford Taurus  Family car  Safe, High Quality Porche  High Priced, Sports Car Gives each car a unique position in the market place

57 BY FEATURES AND BENEFITS Ford Focus Ford Focus –What are their Unique Features? Oil of Olay  Facial moisturizer and cleanser to keep skin soft and young Honda Odessy  Features- Benefits? Mitsubishi EclipseEclipse

58 UNIQUE CHARACTERISTICS Goal is to set products apart from competition. Mighty PuttyPutty What’s unique about DELL computers?

59 RELATING TO COMPETITION Mac vs Pc Progresso – Vs – Campbell's Progresso Campbells chunky The companies are trying get customers to believe that their product works better than competition. Which Product is Campbell's better than?Campbell's

60 RELATING TO OTHER PRODUCTS IN MIX Coke vs coke New Ritz Chips  How is it different than other products? Maxell HeadphonesHeadphones  Classic  Fashion  Premium

61 POSITIONING CHECK  FB ure=related  Quality 60B15B53B29EB6D2&index=7  Against other Products in Mix  Against Competition

62 POSITIONING “YOUR” PRODUCT GMC EN-V Mentos Gum

63 CAN YOU “SEE” IT… If you look at the center of this logo, you can see two people enjoying a Tostito chip with a bowl of salsa. This logo conveys an idea of people connecting with each other 62

64 CAN YOU “SEE” IT First of all, the yellow swoosh looks like a smile: Amazon wants to have the best customer satisfaction. The swoosh also connects the letters a and z,meaning that this store has everything from a to z. 63

65 BRANDING/PRODUCT ARTICLES Read your Article as a Group  Summarize it for the class  Is it a good idea? Why or why not?  How can this information make you more successful in business?

66 BEVERAGE PRODUCT LABEL Must Include the Following:  Brand Name  Nutrition Facts  Ingredients  Directions for use  Weight (usually in FL oz)  Dates (expiration or manufactured)  storage information  manufacturers name & address  Universal product code (upc) Optional Items  Guarantee  Promotional messages  Illustrations  Website  Consumer Contact Phone number  Recycling Fees and discounts

67 STEPS TO CREATE YOUR LABEL 1.Measure the Circumference of the bottle  You can cut off the existing label and trace it. 2.Layout a Box in Word  You can use other programs such as publisher, Photoshop, and Fireworks  NOT PAINT 3.Insert Graphics and additional Text Boxes as Needed


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