Marketing Products and Brands PDF

CHAPTER 07 PRODUCTS AND BRANDS Prepared by: Maria Vincenten, Red © 2021 McGraw-Hill Education Limit ed...

CHAPTER 07 PRODUCTS AND BRANDS Prepared by: Maria Vincenten, Red © 2021 McGraw-Hill Education Limit ed River College  Learning Objectives 1. Distinguish between goods and services 2. Describe and apply the total product concept 3. Differentiate between products, product lines, and product mixes 4. Identify the ways consumer and business goods and services are classified © 2021 McGraw-Hill Education Lim 2  Learning Objectives (continued) 5. Explain the elements of branding and how these can be protected 6. Distinguish between different types of brands © 2021 McGraw-Hill Education Lim 3  Hillberg & Berk – building a brand © 2021 McGraw-Hill Education Lim 4  Types of Products Product – a good, a service, or an idea, consisting of a bundle of tangible and intangible attributes 1)Non-durable good – item that does not last and that is consumed only once 2)Durable good – product that lasts for an extended period of time 3)Service – intangible activity, benefit, or satisfaction © 2021 McGraw-Hill Education Lim 5  The Service Continuum Many products cannot be defined as ‘pure goods’ or ‘pure services’ but are in fact hybrids © 2021 McGraw-Hill Education Lim 6  The Uniqueness of Services Intangibilit y Inconsisten cy Inseparabil ity Inventory © 2021 McGraw-Hill Education Lim 7  The Uniqueness of Services (continued) Inventory – cannot necessarily be stored and accessed when in demand – Issues arise due to fluctuating demand – Difficulty in assessing the requirements needed to services customers at peak times – Idle production capacity – supply of service exceeds demand; expensive © 2021 McGraw-Hill Education Lim 8  The Total Product Concept “Markete rs view products as having three different layers” © 2021 McGraw-Hill Education Lim 9  Packaging and Labelling For many products, the packaging and labels are an integral part of the product – Function – Communication – Brand Image © 2021 McGraw-Hill Education Lim 10  Product Lines and Product Mixes Product Line - group of similar product; satisfy a similar need; and are directed at the same general target market Product Mix - consists of all the product lines marketed by a company. © 2021 McGraw-Hill Education Lim 11 Consumer and Business Products Consumer Products – purchased for personal use by the ultimate consumer Business Products – purchased either to run a business or to be used as a component in another product or service – industrial goods or organizational products Some products are both depending on their usage © 2021 McGraw-Hill Education Lim 12  Consumer Products Convenie The manner in nce which a consumer Shopping product is classified depends on the Specialty individual – people in varying stages Unsought of life will classify products differently © 2021 McGraw-Hill Education Lim 13  Business Products Often the result of derived demand 1)Production - Raw materials and component parts 2)Support - used to assist in production – Installations – Accessory equipment – Supplies © 2021 McGraw-Hill Education Lim 14  Branding Brand – name, phrase, symbol, or design uniquely given by a company to a product to distinguish it from the competition – Over the long term, the support that goes into marketing a brand results in strong brand associations and a certain degree of consumer loyalty. – This creates brand equity © 2021 McGraw-Hill Education Lim 15  Branding (continued) Ipsos Reid’s “key dimensions that define and determine the most influential brands in Canada” – Trustworthy – Engagement – Leading edge – Corporate citizenship – Presence © 2021 McGraw-Hill Education Lim 16  Branding (continued) Top 10 Most Influential Top 10 Global Brands: Brands in Canada: 1. Google 1. Apple 2. Amazon 2. Google 3. Facebook 3. Amazon 4. Microsoft 4. Microsoft 5. Apple 5. Coca-Cola 6. YouTube 6. Samsung 7. Netflix 7. Toyota 8. Samsung 8. Mercedes-Benz 9. Walmart 9. McDonald’s 10.Visa 10.Disney © 2021 McGraw-Hill Education Lim 17  Brand Strategies Individ ual Fami ly Brand Extens ion Sub- Brand © 2021 McGraw-Hill Education Lim 18  Protecting Brands Patents Copyrights Trademarks © 2021 McGraw-Hill Education Lim 19  Brand Loyalty Brand Loyalty – favourable attitudes that a consumer has over time toward a brand “Marketers work to associate brands with specific personality traits and to help consumers make emotional connections with their brands.” © 2021 McGraw-Hill Education Lim 20  Brand Personality Brand Personality – set of human characteristics associated with the brand – often associate particular human personality traits with certain brands and prefer those whose personalities are most appealing – most successful brands in Canada described as “creative” and “in control” © 2021 McGraw-Hill Education Lim 21  Brand Names A good brand name should: suggest the product benefits be memorable, distinctive, and positive fit the company or product image have the ability to be legally protected be simple spell, pronounce, read, and remember © 2021 McGraw-Hill Education Lim 22  Types of Brands Manufactur er Private- label Generic © 2021 McGraw-Hill Education Lim 23