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Presentation on theme: "Product."— Presentation transcript:

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

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

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