Class Intro 8

From AlexBrownRacing

Product Decisions and Marketing Planning

Old Notes 1 Old Notes 2

Product: needs satisfying offering of a firm.

Product: Good versus Service, or blend of both.

Characteristics of service: Intangibility; Perishability; Inseparability; Variability

Product assortment: Product item; product line

example Proctor and Gamble (P&G) PepsiCo Coca Cola Company

Branding

Trademarks (History of trademarks)

Domain name issues.

Conditions favorable for branding: Easy to label and identify; maintain consistent quality; dependable and widely available; price makes branding profitable; economies of scale; display space available

Brand Familiarity: Rejection; Non recognition; Recognition; Preference; Insistence

ASICS, Tiger Stripes "The tiger stripes are well known as the best running shoes, but not everyone knows they are Asics shoes"

WSJ: A Plain Old Name For New Tablet Puzzles Experts

WSJ: Nissan May Revive Datsun

Can red be used as a trademark in fashion: Louboutin ? How is this different from UPS and brown ?

Characteristics of a good brand name: short and simple; easy to spell read and recall; easy to pronounce; suggests product benefits; works with packaging / labeling; timely; adaptable to multiple media; legally available

Lanham Act: protecting your brand

WSJ: Fight Over iPad Name Spills Into U.S. Court

Brand Equity: Wells Fargo (Wikipedia: Brand Equity) Firm level; Product level; Consumer level

Family brand, Licensed brand, Individual Brand, Generic brand

Manufacturer brands versus Dealer (private) brands

WSJ: Store Brands Step Up Their Game, and Prices

Side: Personal branding: vanity search, facebook

Packaging

Enhance the product; protect the product; ease of distribution; UPC and product information

25 Product Label Design Inspiration: A good product label should attract customers, communicate a message, and represent a brand’s identity

FDA labeling requirements

WSJ: J&J Recalls Infants' Tylenol

Social responsibility: environmental impact; Federal Fair Packaging and Labeling Act

Warranties: Magnuson-Moss Act

Product Classes

Consumer product versus Business product

Consumer:

Convenience Products: > Staples; Impulse; emergency

Shopping Products: > Homogeneous; heterogeneous

Specialty Products

Unsought Products: > New Unsought; Regularly Unsought

Business: > derived demand; inelastic industry demand; tax treatments

Classes: Installations; Accessories; Raw materials; Component parts & materials; MRO supplies; Professional services