1. Product

2. Product Planning
Involves making decisions about those features that are needed to sell a business’s products, services, or ideas.

3. Elements of developing a new product

4. Things to consider Size Shape Naming Labeling Packaging Colors
Quantities

5. Brand Extension
Brand Extension is the use of an established brand name in new product categories.

6. Brand Extension Advantages Disadvantages
Acceptance of new product is easy
Feedback benefits
Loss of reliability
Damage the image
Less awareness

7. Product Mix
Includes all the different products that a company makes or sells.

8. Product Line
A group of closely related products manufactured and/or sold by a business.

9. Product Item
A specific model, brand, or size of a product within a product line.

10. Product Width
The number of different product lines a business manufactures or sells.
Width of the Gillette Product Mix
Oral Care
Blades & Razors
Personal Care
Batteries
Appliances

11. Product Depth
The number of product items offered within each product line.
Oral Care
Blades & Razors
Personal Care
Batteries
Appliances

12. Product Mix Strategies
The plan for how the business determines which products it will make or stock
May develop completely new products
May expand or modify their current product lines
May drop existing products

13. Developing New Products
The new idea takes physical shape
Marketers develop a marketing strategy
Testing the product with consumers

14. Developing New Products
Introducing the Product
The product has been researched successfully
This stage also is called commercialization
Evaluating Customer Acceptance
Marketers track new product performance

15. Developing Existing Products
Companies constantly review their product mix to see if they can further expand their product lines or modify existing products.
Two ways to do this:
Line extensions
Product modifications

16. Developing Existing Products
Line Extensions – new product lines, items, or services
Original Product
Newer Products

17. Developing Existing Products
Product Modifications – an alteration in a company’s existing product

18. Features and Benefits
Features are what your product enables your customers to do.
Benefits are the outcomes your customers get that help them achieve business objectives.

19. WIIFM? What’s in it for Me?
The most relevant marketing content is focused on benefits.
Features are a dime a dozen from a prospect's perspective.

20. Product – Television Features Benefits 42” diagonal screen
LED technology
Full HD 1080 (resolution)
3.9 cm thick
It will be like a cinema, except in my own home
Will save some energy and give relief to my eyes
You won’t miss even the smallest detail
It won’t occupy much space, and it can hang on the wall

21. Customer Service and Warranties
A warranty is an assurance by one party to the other party that specific facts or conditions are true or will happen; the other party is permitted to rely on that assurance and seek some type of remedy if it is not true or followed.
How do customer service and warranties help a product’s success?

22. Packaging Functions Protect a product from damage or contamination
Keep the product together
Identify the product
Ease of Transport
Stacking and Storage
Printed Information

23. Packaging Strategies
Price bundling is a strategy whereby a seller bundles together many different goods/items being sold and offers the entire bundle at a single price.
Mixed bundling occurs when consumers are offered a choice between purchasing the entire bundle or one of the separate parts of the bundle.

24. Labels Descriptions of the product
Branding – a name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers
Grades – quality of a product