New Products and Services Chapter 10

Product “A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value.” “A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value.”

Consumer Goods Consumer v. industrial goods Consumer v. industrial goods Consumer goods Consumer goods Convenience goods Convenience goods Shopping goods Shopping goods Specialty goods Specialty goods Unsought goods Unsought goods

Products Product item Product item Nike Air Jordan Nike Air Jordan Product line Product line Nike shoes Nike shoes Product mix Product mix Nike shoes and clothes Nike shoes and clothes Product width Product width Product depth Product depth Source:

Brands Branding Branding Brand name Brand name Trade name Trade name Trademarks Trademarks Brand personality Brand personality Examples: Examples: Brand equity Brand equity

Benefits of Branding Product identification Product identification Brand equity Brand equity Brand loyalty Brand loyalty

More on Brand Equity The Value of Brand Equity The Value of Brand Equity Intangible assets Intangible assets Licensing Licensing Naming the Brand Naming the Brand What characteristics should it have? What characteristics should it have?

Branding Strategies Manufacturer Branding Manufacturer Branding Multiproduct branding Multiproduct branding Multibranding Multibranding Private Branding Strategy Private Branding Strategy Mixed Branding Strategy Mixed Branding Strategy Generic Branding Strategy Generic Branding Strategy

Manufacturer Branding Multiproduct Branding Multiproduct Branding Advantages Disadvantages Subbranding Brand Extension Co-branding

Manufacturer Branding Multibranding Strategy Multibranding Strategy Each product gets its own name Each product gets its own name P&G P&G Advantages Advantages Disadvantages Disadvantages Source:

Private Branding Manufactures product but sells under the brand name of the retailer or wholesaler Manufactures product but sells under the brand name of the retailer or wholesaler Source:

Mixed Branding Strategy Mix of manufacturer and private branding Mix of manufacturer and private branding Examples: Examples:

Generic Branding No identification other than contents No identification other than contents Less than 1% of grocery purchases are generic Less than 1% of grocery purchases are generic Source: the-generic.html

Packaging and Labeling Packaging v. Label Packaging v. Label Benefits of Packaging Benefits of Packaging Greenwashing Greenwashing

Warranties Express warranty Express warranty Limited-coverage warranty Limited-coverage warranty Full warranty Full warranty Implied warranty Implied warranty