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![Product: An Introduction What is a product? Levels of product](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-1.jpg)
Product: An Introduction
What is a product?
Levels of product
Product classification
Individual product decisions
Product
line decisions
Product-mix decisions
International product decisions
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![What Is a Product? Product is anything that can be](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-2.jpg)
What Is a Product?
Product is anything that can be offered to
a market to satisfy a need or want;
Products include goods, services, experiences, persons, places, organizations, information, ideas;
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![Levels of Product: General Concept Core benefit Packaging Features Styling](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-3.jpg)
Levels of Product: General Concept
Core benefit
Packaging
Features
Styling
Brand name
Quality
Installation
After-sale service
Warranty
Delivery and credit
Core product
Actual
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![Product Classification: Consumer Products Convenience products – those the customer](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-4.jpg)
Product Classification: Consumer Products
Convenience products – those the customer usually buys
frequently, immediately, and with a minimum comparison and buying effort/eggs, milk;
Shopping products – those the customer characteristically compares with others on the basis of suitability, quality, price, style/white goods, clothing;
Specialty products – those with unique characteristics or brand identification for which a significant group of buyers is willing to make special purchase effort;
Unsought products – those the customer either does not know about or know but do not normally think of buying;
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![Product Classification: Industrial Products Materials and parts: raw materials -farm](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-5.jpg)
Product Classification: Industrial Products
Materials and parts:
raw materials -farm products, natural
products;
manufactured materials and parts – component materials and component parts;
Capital items:
installations – building, heavy equipment
equipment – factory equipment and tools
Services and supplies
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![Product Classification: Other Products Organisations – maintain, create or alter](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-6.jpg)
Product Classification:
Other Products
Organisations – maintain, create or alter the attitudes towards
an organisation
Persons - maintain, create or alter the attitudes towards specific people
Place (destination marketing) to seize the opportunities and sustain its vitality
Ideas – public health, reduce smoking, child abuse, clean air…
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![Individual Product Decisions: Product Attributes and Features Product quality: quality](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-7.jpg)
Individual Product Decisions:
Product Attributes and Features
Product quality: quality of design, quality
conformance, reliability, safety, proper storage;
Product features – appearance, components, capabilities;
Product style and design;
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![Individual Product Decisions: Branding A brand is a name, term,](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-8.jpg)
Individual Product Decisions:
Branding
A brand is a name, term, sign symbol or
design, or a combination of these intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors
Levels of meaning of brands: attributes, benefits, values, personality
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![Individual Product Decisions Branding: Advantages of Branding For the buyers:](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-9.jpg)
Individual Product Decisions
Branding: Advantages of Branding
For the buyers:
They tell something about
the product quality;
Increase shopper’s efficiency;
Attract customers’ attention to new products;
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![Individual Product Decisions Branding: Advantages of Branding For the sellers:](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-10.jpg)
Individual Product Decisions
Branding: Advantages of Branding
For the sellers:
Provides legal protection of
unique features;
Helps sellers attract loyal customers;
Helps market segmentation;
Facilitates order processing;
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![Individual Product Decisions Branding: Advantages of Branding For the society:](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-11.jpg)
Individual Product Decisions
Branding: Advantages of Branding
For the society:
Higher and more consistent
product quality;
Increased innovation and customer choice;
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![Brand Equity Brand equity is the value premium that a](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-12.jpg)
Brand Equity
Brand equity is the value premium that a company realizes
from a product with a recognizable name as compared to its generic equivalent. Companies can create brand equity for their products by making them memorable, easily recognizable and superior in quality and reliability.
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![Brand equity relates to: Brand loyalty. Encourages customers to buy](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-13.jpg)
Brand equity relates to:
Brand loyalty. Encourages customers to buy a particular
brand time after time;
Brand awareness. Brand names attract attention and convey images of familiarity;
Perceived quality. ‘Perceived’ means that the customers decide upon the level of quality, not the company;
Brand associations. The values and the personality linked to the brand;
Other proprietary brand assets. Include trademarks, patents;
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![Individual Product Decisions Branding: Brand Name Selection It should suggest](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-14.jpg)
Individual Product Decisions
Branding: Brand Name Selection
It should suggest something about product’s
benefits and qualities;
Easy to pronounce, recognise and remember;
Distinctive;
Easy and meaningfully to translate into other languages;
Capable of registration and legal protection;
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![Individual Product Decisions Branding: Brand Sponsorship Private brands – own](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-15.jpg)
Individual Product Decisions
Branding: Brand Sponsorship
Private brands – own label of the
retailer;
Manufacturers’ brands;
Licensing;
Co-branding;
Ingredient branding;
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![Perspectives on private labels Retailer perspective Better profit margins; Strengthens](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-16.jpg)
Perspectives on private labels
Retailer perspective
Better profit margins;
Strengthens retailer image;
Manufacturer perspective
No promotional
expenses;
Provides access to shelf space;
Requires competing on price;
Loss of control and identity;
May cannibalise other manufacturer brands;
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![Co-branding Co-branding is a form of cooperation between two or](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-17.jpg)
Co-branding
Co-branding is a form of cooperation between two or more brands
with significant customer recognition, in which all the participants’ brand names are retained.
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![Individual Product Decisions Branding: Brand Strategy Line extension Brand extension Multibrands New brands Brand repositioning](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-18.jpg)
Individual Product Decisions
Branding: Brand Strategy
Line extension
Brand extension
Multibrands
New brands
Brand repositioning
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![](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-19.jpg)
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![Individual Product Decisions Other Decisions Packaging; Labelling; Product-support services; Social responsibility of the company;](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-20.jpg)
Individual Product Decisions
Other Decisions
Packaging;
Labelling;
Product-support services;
Social responsibility of the company;
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![Product support services decisions Intangibility; Perishability; Heterogeneity; Inseparability;](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-21.jpg)
Product support services decisions
Intangibility;
Perishability;
Heterogeneity;
Inseparability;
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![Categories of supplementary service Information Consultation and advice Order taking Hospitality Safekeeping Exceptions Billing and Payment](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-22.jpg)
Categories of supplementary service
Information
Consultation and advice
Order taking
Hospitality
Safekeeping
Exceptions
Billing and Payment
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![Product Line Decisions Product Line: A Definition Product line is](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-23.jpg)
Product Line Decisions
Product Line: A Definition
Product line is a group of
products that are closely related because they function in a similar manner, are sold to the same customer group, are marketed through the same types of outlets, or fill within given price range.
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![Product Line Decisions: Product Line-length Decisions Downward stretch Quality Price](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-24.jpg)
Product Line Decisions:
Product Line-length Decisions
Downward stretch
Quality
Price
High
High
Low
Low
Present products
New products
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![Product Line Decisions: Product Line-length Decisions Upward stretch Quality Price](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-25.jpg)
Product Line Decisions:
Product Line-length Decisions
Upward stretch
Quality
Price
High
High
Low
Low
Present products
New products
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![Product Line Decisions: Product Line-length Decisions Two-way stretch Quality Price](/_ipx/f_webp&q_80&fit_contain&s_1440x1080/imagesDir/jpg/142698/slide-26.jpg)
Product Line Decisions:
Product Line-length Decisions
Two-way stretch
Quality
Price
High
High
Low
Low
Present products
New products
New products