4Things to consider Size Shape Naming Labeling Packaging Colors Quantities
5Brand ExtensionBrand Extension is the use of an established brand name in new product categories.
6Brand Extension Advantages Disadvantages Acceptance of new product is easyFeedback benefitsLoss of reliabilityDamage the imageLess awareness
7Product MixIncludes all the different products that a company makes or sells.
8Product LineA group of closely related products manufactured and/or sold by a business.
9Product ItemA specific model, brand, or size of a product within a product line.
10Product WidthThe number of different product lines a business manufactures or sells.Width of the Gillette Product MixOral CareBlades & RazorsPersonal CareBatteriesAppliances
11Product DepthThe number of product items offered within each product line.Oral CareBlades & RazorsPersonal CareBatteriesAppliances
12Product Mix Strategies The plan for how the business determines which products it will make or stockMay develop completely new productsMay expand or modify their current product linesMay drop existing products
13Developing New Products The new idea takes physical shapeMarketers develop a marketing strategyTesting the product with consumers
14Developing New Products Introducing the ProductThe product has been researched successfullyThis stage also is called commercializationEvaluating Customer AcceptanceMarketers track new product performance
15Developing 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 extensionsProduct modifications
16Developing Existing Products Line Extensions – new product lines, items, or servicesOriginal ProductNewer Products
17Developing Existing Products Product Modifications – an alteration in a company’s existing product
18Features and BenefitsFeatures are what your product enables your customers to do.Benefits are the outcomes your customers get that help them achieve business objectives.
19WIIFM? 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.
20Product – Television Features Benefits 42” diagonal screen LED technologyFull HD 1080 (resolution)3.9 cm thickIt will be like a cinema, except in my own homeWill save some energy and give relief to my eyesYou won’t miss even the smallest detailIt won’t occupy much space, and it can hang on the wall
21Customer 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?
22Packaging Functions Protect a product from damage or contamination Keep the product togetherIdentify the productEase of TransportStacking and StoragePrinted Information
23Packaging StrategiesPrice 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.
24Labels 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 sellersGrades – quality of a product