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Chapter 9

Marketing - Chapter 9.docx

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Dave Ashberry

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Chapter Nine: Product Branding, and Packaging Decisions Product – anything that is of value to a consumer and can be offered through a voluntary marketing exchange Product Assortment (Product Mix) – the complete set of all products offered by a firm Product Lines – groups of associated items, such as those that consumers use together or think of as part of a group of similar products Product Category – an assortment of items that the customer sees as reasonable substitutes for one another Ex. Colgate-Palmolive Product Assortment Product Lines Oral Care Personal Care Household Fabric Care Pet Nutrition Care Product Toothpaste Deodorants Dishwashing Detergents Dog Food Categories - Colgate Total - Speed Stick Liquid - Fab - Science Diet Toothbrush Soap - Palmolive Fabric Softener - Colgate Plus - Irish Spring - Fleecy Whitening - Simple White Brand – the name, term, design, symbol, or any other features that identify one seller’s good or service as distinct from those of other sellers Product Line Breadth – the number of product lines, or variety, offered by the firm Product Line Depth – the number of categories within a product line Stock Keeping Units (SKUs) – individual items within each product category; the smallest unit available for inventory control Category Depth – the number of stock keeping units (SKUs) within a category Change Product Mix Breadth Increase Breadth – add new product lines to capture new or evolving markets, increase sales, and compete in new ventures Decrease Breadth - sometimes it is necessary to delete entire product lines to address changing market conditions or meet internal strategic priorities Change Market Mix Depth Increase Depth - firms may add new products within a line to address changing consumer preferences or pre-empt competitors while boosting sales - ex. Levi’s adding a new line of low-cost jeans to boost sales and reach new target markets by selling through other retailers such as Wal-Mart Decrease Depth - may be necessary to delete product categories to realign resources - unprofitable items may be removed to refocus their marketing efforts on more profitable items Change Number of SKUs - adding/deleting SKUs in existing categories can stimulate sales or react to consumer demand - fashion manufacturers and their retailers change their SKUs every season What Make a Brand? - brand name, URLs/domain names, logos/symbols, characters, slogans, jingles Value of Branding a) Brands Facilitate Purchasing - easily recognized by consumers b) Brands Establish Loyalty - consumers learn to trust certain brands c) Brands Protect from Competition - less competition if brand has loyal customer base d) Brands Reduce Marketing Costs - well-known brands can allow firms to spend less e) Brands are Assets - can be legally protected through trademarks/copyrights f) Brands impact Market Value
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