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Lecture 5

Lecture 5 February 4th 2014.docx

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Department
Business
Course
BUSI 2204
Professor
Les Melamed
Semester
Winter

Description
01/28/2014 Lecture 5                                                                                                                    February 4   2014 Chapter 9 Product, Branding, and Packaging Focus: Product, Branding, and Packaging Products What is a product? Its attributes Consumer product type Product Mix: breadth and depth Branding Definition Brand equity; the value of a brand Elements of Brand equity Branding strategies Packaging and Labeling  What is a Product? Product: Can be offered in a market for attention, acquisition, use or consumption that might  satisfy a need or a want Services: Activity or benefit that one party can offer to another that is essentially intangible and  does not result in the ownership of anything. Product: What are the Core Customer Values? Actual Product:  Product features Functionality/Quality Packaging Brand Name Associated Services Financing  Warranty Customer/Product Support Products and Services Product Features A competitive took for differentiating your product from your competitors products Product features are assessed based on the value to the customer versus the cost to the company Product attributes are the benefits of the product/service Quality Features Style and Design Style describes the appearance of a product Design contributes to a products usefulness as well as to its looks Consumer Products Convenience products: products and services that the customer usually buys frequently,  immediately, and with minimum comparing and buying effort e.g. coffee, candy, milk, toothpaste Shopping products: Products and services that the customer compares carefully on suitability,  quality, price, and style. E.g. clothing Specialty products: Products and services with unique characteristics or brand identification for  which a significant group of buyers is willing to make a special purchase effort. E.g. house,  wedding, cars, appliances Unsought products: Products and services that the consumer does not know about or knows  about but does not normally think of buying. E.g. life insurance, funeral services, blood  donations. Industrial/ Business Products Industrial/business products are products purchased for further processing or for use in  conducting a business Classified by the purpose of purchase Capital Items: Industrial products that aid in the buyers production or operations Materials and Parts include raw materials and manufactured materials and parts usually sold  directly to industrial users Supplies and services include operating supplies, repair and maintenance items, and business  services. Product Mix and Product Line Decisions Breadth: Number of product lines E.g. number of ice cream flavors offered, number of car brands from a manufacturer Depth: Number of categories within a product line E.g. The number of Band­Aid products to heal cuts What is a Brand?  To a marketer: a brand refers to:  Awareness and reputation in a market To a customer a brand represents: A promise of specific product performance Company must deliver on “moments of truth” Each interaction a customer has with the 
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