DR.

SHIKHA KUMRAWAT
What is Product?

► Technically, a product can be defined as anything that is produced, whether

as the result of
► generation, growth, labor, or thought, or by the operation of involuntary
causes; as, the products of the season, or of the farm; the products of
manufactures; the products of the brain.
► In manufacturing, products are purchased as raw materials and sold as
finished goods.
► In project management, products are the formal definition of the project
deliverables that make up or contribute to delivering the objectives of the
project.
► In marketing, a product is anything that can be offered to a market that
might satisfy a want or need.
What is a product?

► Products have 3 components:

► Core product – this is the end benefit for the buyer and answers the question:
What is the
► buyer really buying? For example, the buyer of a car is buying a means of
transport, the
► buyer of an aspirin is buying pain relief and the buyer of financial advice is
hoping to buy
► financial security and peace of mind.
► Formal product – this is the actual physical or perceived characteristics of your
product
► including its level of quality, special features, styling, branding and packaging.
► Augmented product – the support items that complete your total product
offering such as
► after-sales service, warranty, delivery and installation
PRODUCT MANAGEMENT

Product management is an organizational life cycle function within

a company dealing with the
► planning or marketing of a product or products at all stages of the
product life cycle.
Product management and product marketing are different yet
complementary efforts with the objective of maximizing sales
revenues, market share, and profit margins.
PRODUCT MANAGER

► Product Manager’s primary role is to serve as the “voice of the

customer”. Thus product management includes indirect
management and cooperation with other members of various
groups other members of various groups. The day to day work
revolves around executing four main tasks:
► 1. Developing the market requirements document
► 2. Managing the product feature list
► 3. Coordinating activities of different functional groups
► 4. Participating in and/or running the launch and post-launch
marketing activities for a product.
Goal of product management

► 1. Ensure a market-driven “whole” product offering

► 2. Establish competitive and profitable pricing models
► 3. Ensure the existence and support of product distribution
► 4. Create effective marketing promotions that generate revenue
Aspects of Product Management

► Product Planning

► Product Marketing
Product Management: Scope
RESPONSIBILITITES OF PRODUCT MANAGER’S

► 1. Defining and planning product lines and product enhancements

► 2. Managing product contracts and sales. Setting strategic direction
based on customer needs
► and business goals
► 3. Interpreting strategic goals into operational tasks
► 4. Making proposals to senior management regarding implications of
proposed plan
► 5. Serving as a representative to internal and external clients. Taking the
leading establishing
► tactical plans and objectives
► 6. Developing and implementing administrative and operational matters
ensuring
► achievement of objectives
Product Management: Scope
RESPONSIBILITITES OF PRODUCT MANAGER’S

► 7. Evaluating risks and trade-offs

► 8. Proposing contingency plans
► 9. Analyzing business processes and creating applications to
improve or support those
► processes
► 10. Branding
► 11. Working with graphic designers to create look and feel
► 12. Defining navigational flow and user experience
► 13. Defining feature sets and scooping releases.
 Concepts related to Product
❖ Product Development-
Product development is performed by a multi-disciplinary team whose goal is
building, operating, and maintaining the product. Team members may include
product managers,
product developers,
project managers,
product operations
engineers,
customer support managers,
quality assurance managers,
user interface design engineers,
marketers,
financial personnel,
graphic artists, etc.
New Product

► There are five categories of new products

► New-to-the-world products or services are new
inventions.

►
► New category entries are products or services that are
new to a firm
► Additions to product lines add products or
services to a firm’s current markets
► Product improvements are another type of new product
and are common to every product category.
► Ex-
► Repositioning target products to new markets or for new
uses.
Product Focused Organization

► Product-focused management is a
management style that aims to analyze
an organization's or team's offerings or
products and develops strategies for
improving them. Usually, it's the
responsibility of a specific product team to
develop a product and ensure its
long-term success in the marketplace
Product Focused Organization

► Ex-
Product management V/S
Marketing
► Product management is primarily about
problem-solving and delivering value.
► As a Product Manager, your goal is to
comprehend customer pain points and develop
a product that addresses them.

► On the other hand, product marketing is all

about bringing the value of the product to the
market
Factors affecting product design

❖ Customer requirements
❖ Facilities for the operators
❖ Functionality
❖ Cost Ratio
❖ Quality of product
❖ Capability of process
❖ Material requirements
❖ Work methods
❖ Effect on existing designs
❖ Packaging
Example of Product design
Product life cycle

► Four stages of Product life cycle-

Product planning during PLC
NEW PRODUCT DEVELOPMENT
PROCESS
 Coca-Cola India:
More than Just Sugar and Fizz
When the chief executive officer of The Coca-Cola
Company made his maiden visit to India , it was clear that
he wanted the Indian branch of the company, Coca-Cola
India Private Limited, to achieve many ambitious goals.
These included reducing the sugar content in the
company's products, introducing more juice-based drinks
and water, and making small entries into the dairy
segment. For a company that had long stressed its
carbonated and fruit-based drink segments, Coca-Cola
India Private Limited was now indicating its strong intent to
steer away from its core competency
 Coca-Cola India:
More than Just Sugar and Fizz
► The aim was to recast the company as a "total beverage
company," with possible ventures across all relevant
beverage categories.
► 1. Should the company take a chance and move away
from its core competency?
► 2. Should it tweak existing products, seek to extend its
brands, or try to create entirely new offerings?
► 3. How could Coca-Cola India Private Limited succeed in
its shift towards "total beverage" solutions, and
► 4. what challenges should it prepare for as part of this
shift?
Coca-Cola India:
More than Just Sugar and Fizz
► https://www.youtube.com/watch?v=FjGM-oSk-RA
 UNIT -3
BRAND & BRAND MGMT
 BRAND

BEST SOAP
BEST ERASER
BEST COLD DRINK
BRAND

► THE FIRST POINT OF COMMUNICATION TO THE CUSTOMER

► THE NAME NEEDS TO SPEAK FOR THE BRAND, ITS
PHYSICAL
PSYCHOLOGICAL BENEFIT
TYPE OF NAMING

► CONVENTIONAL-
► TRADE NAME OF BUSINESS ENTITY –
FORD MOTORS
► TRADEMARK OF CO’S PRODUCT- LUX
► SERVICE MARK - MATRIMONIAL.COM
LINGUISTIC PROBLEM IN NAMING
► Coca Cola‘s brand name, when first marketed in China, was sometimes
translated as “Bite The Wax Tadpole.”

► KFC made international consumers a bit apprehensive when “finger

licking good” was translated as “eat your fingers off.”

► Mercedes-Benz entered the Chinese market under the brand name

“Bensi,” which means “rush to die.”

► Nike had to recall thousands of products when a decoration intended to

resemble fire on the back of the shoes resembled the Arabic word for
god.
► Pepsi‘s slogan “Pepsi Brings You Back to Life” was debuted in China as
“Pepsi Brings You Back from the Grave.
BRAND NAMING STRATEGIES

► INDIVIDUAL NAMES-
► HLL- LUX AND LIRIL

► BLANKET FAMILY NAME/UMBRELLA BRANDING

► AMUL

► SEPARATE FAMILY NAME FOR ALL PRODUCTS-

► NESTLE- MAGGI, NESCAFE,

► CORPORATE NAME WITH INDIVIDUAL PRODUCT-

► TATA GROUP-
CONCEPTS IN BRAND MGMT

► BRAND IDENTITY
► BRAND IMAGE
► BRAND PERSONALITY
► BRAND POSITIONING & REPOSITIONING
► BRAND LOYALTY
► BRAND EQUITY
► BRAND EXTENTION
► BRAND HARVESTING
BRAND EQUITY

► Brand equity refers to the value that a specific

brand adds to a product or service. It is the
positive perception or emotional attachment
that consumers have towards a brand, which
can influence their purchasing decisions and
overall loyalty to the brand.
BRAND EQUITY

► Brand equity is the value of a brand based on the strength of

its customer loyalty and recognition. It is determined by the amount
of positive sentiment a brand has among its customers, the
perception of its quality, and its ability to command a premium
price.

► Brand equity can also refer to the value of a company's brand

name, symbols, and trademarks. Brand equity is important
because it provides a company with a source
of competitive advantage in the marketplace.
Elements of Brand Equity
► Brand awareness: This refers to the extent to which consumers are
familiar with and recognize a brand.
► Brand loyalty: This refers to the degree to which consumers
consistently choose a specific brand over others.
► Brand image: This refers to the perception that consumers have of a
brand and its associated attributes, such as quality, reliability, and
uniqueness.
► Brand associations: This refers to the emotional or psychological
associations that consumers have with a brand, such as feelings of
trust, reliability, or nostalgia.
► Brand value: This refers to the perceived benefits and overall value
that consumers attribute to a brand, which can influence their
purchasing decisions.
Dimensions

► Brand equity has four dimensions—

► brand loyalty,
► brand awareness,
► brand associations, and
► perceived quality, each providing value to a firm in numerous ways.

Once a brand identifies the value of brand equity, it can follow this
roadmap to build and manage that potential value
 Brand Equity Models
► 1. Aaker Model-
He defines brand equity as a group of assets and liabilities that can be directly
associated with the brand and that which adds value to the product.
Brand Equity Models
► 2. Brandz Model
Brandz model was developed by the marketing research
consultants Millward Brown and WPP

BRANDZ is a tool that is used to diagnose

and predict brand equity
► This model is developed based on five steps that are in sequential
order. Each step in this model is a continuity of the previous steps
and should be conducted in the same order.
HOW BRAND EQUITY IS MADE

► Engage Customers and Prospects. ...

► Foster Relationships and Grow Trust. ...
► Build Brand Awareness. ...
► Tell Your Brand Story. ...
► Invest in the Customer Experience. ...
► Monitor Where Your Equity Is Coming From. ...
► Institute a Brand Equity Management System. ...
► Design Future Marketing Programs.
 UNIT -4
BRAND ASSOCIATION
BRAND IDENTITY

► Brand identity is responsible for creating a distinguished product

with unique characteristics.
► It is how an organization seeks to identify itself.
► It represents how an organization wants to be perceived in the
market.
► Brand identity is a bundle of mental and functional associations with
the brand.
► These associations can include signature tune(for example -
Britannia “ting-ting-ta-ding”), trademark colours (for example - Blue
colour with Pepsi), logo (for example - Nike), tagline (for example
- Apple’s tagline is “Think different”),etc.
BRAND IMAGE

► Brand image is the current view of the customers about a brand.

► It can be defined as a unique bundle of associations within the
minds of target customers.
► It signifies what the brand presently stands for.
► It is a set of beliefs held about a specific brand.
► There are three types of benefits:
► Functional benefits - what do you do better (than others ),
► Emotional benefits - how do you make me feel better (than others),
and
► Rational benefits/support - why do I believe you(more than others).

► To sum up, “Brand image” is the customer’s net extract from the
brand.
► A brand identity is what you decide your company stands for.

► A brand image is what people believe your company stands for.

.
Brand Identity vs Brand Image
Brand Identity Brand Image
1 Brand identity develops from the source or the company.
Brand image is perceived by the receiver or the consumer.

2 Brand message is tied together in terms of brand identity.

Brand message is untied by the consumer in the form of brand image.

3 The general meaning of brand identity is “who you really are?”

The general meaning of brand image is “How market perceives you?”
Brand Identity vs Brand Image
4. It’s nature is that it is substance oriented or strategic.
It’s nature is that it is appearance oriented or tactical.

5 Brand identity symbolizes firms’ reality.

Brand image symbolizes perception of consumers

6 Brand identity represents “your desire”.

Brand image represents “others view”

7 It is enduring.
It is superficial
Brand Identity vs Brand Image
8. Identity is looking ahead.
Image is looking back.

9 Identity is active.
Image is passive.

10 It signifies “where you want to be”.

It signifies “what you have got”.

11 It is total promise that a company makes to consumers.

It is total consumers’ perception about the brand.
BRAND PORTFOLIO

► The Brand Portfolio refers to an umbrella under which all the brands
or brand lines of a particular firm functions to serve the needs of
different market segments.

► In simple words, brand portfolio encompasses all the brands offered

by a single firm for sale to cater the needs of different groups of
people.
Brand portfolio types-
BRAND PORTFOLIO

► Flanker Brand:
A flanker brand (also known as fighter brand) is a new brand
introduced into the market by a company that already has established
brands in the same product category. The new brand is designed to
compete in the category without damaging the existing brand's
market share.

An example is Diet Coke that extended the Coca-Cola brand for the
growing weight-watcher part of the market.
BRAND PORTFOLIO

► Cash Cow Brand-

When a brand reaches a level of maturity and respect, is
an established brand within the market, and brings in a
sustainable profit, we call the brand a cash cow brand.
BRAND PORTFOLIO

► Low-End Entry Level Brand

► The low-end, entry-level brands are brands within the brand portfolio
that offer low-priced products. These are the brands offering the
cheapest products under the parent company’s brand umbrella.
► EXAMPLE-
► High-End Prestige Brand-
High-end prestige brands intend to convey a sense of luxury and
superior quality.
Creating an independent luxury brand, disassociates from this
reputation and allow the brand to establish it’s own reputation for
presitige.
BRAND POSITIONING
► There are various positioning errors, such as-
► Under positioning- This is a scenario in which the customer’s have a
blurred and unclear idea of the brand.
► Over positioning- This is a scenario in which the customers have too
limited a awareness of the brand.
► Confused positioning- This is a scenario in which the customers have
a confused opinion of the brand.
► Double Positioning- This is a scenario in which customers do not
accept the claims of a brand
EXAMPLES

► Colgate is positioned as Protective

► Patanjali can be trusted as fully
organic
► Coco cola brings happiness
► Woodland is tough and fit for
outdoors
What is Brand Repositioning?

When a company changes the

status of a brand in the
marketplace but maintains its
identity at the same time, it is
called “brand repositioning”.
The Difference Between Brand
Repositioning and Rebranding
► A brand repositioning strategy is a calculated
boost rather than a complete overhaul of your
company’s identity.

► In contrast, rebranding involves a broader effort.

It could include changes to your logo, brand
name, core product, and more.
What Is Brand Extension?

► A brand extension is when a company uses one of its established

brand names on a new product or new product category.

► It's sometimes known as brand stretching.

► The strategy behind a brand extension is to use the company's

already established brand equity to help it launch its newest
product.
Example-
► Brand extension also may be applied to a
different product category.

► Google's core business is a search engine,

but it has an assortment of other
non-advertising related products and
services including the Play Store,
Chrome-books, Google Apps, and the
Google Cloud Platform.
Criticism of Brand Extension

Brand extensions fail when the

product lines are a distinct
mismatch
 UNIT -5
MANAGING & MEASURING BRAND EQUITY
BRAND EVALUTION
Brand evaluation refers to the measurement
of the value of a brand using relevant
indicators that assess the impact of the
brand on customers/users.
Brand evaluation includes both monetary
considerations (i.e. brand value) and
non-monetary considerations (i.e. brand
strength and brand equity).
Brand evaluation and brand valuation
are related concepts and synergistic
with each other. Brand valuation is
narrower and includes only monetary
considerations.
BRAND REINFORCEMNET

Brand Reinforcement is all about

maintaining brand equity

It is about making sure that the consumers

do have the desired knowledge structures
so that the brands continues having its
necessary sources of brand equity.
Important considerations of Brand
Reinforcement
► Maintaining brand consistency
► Protecting sources of brand equity
► Fortifying vs. Leveraging
► Fine-tuning Supporting Marketing
Program
Brand Revitalization strategies for a
company
► new uses – to develop new user occasion of the product
► distribution change – to develop newer ways of reaching target
audience
► innovations – to technologically advance the product
► segmentation – to segment brands and if necessary, create
sub-brands
► opinion leaders – to target the trend-setters
► 360 degree communication – to make use of all marketing
communication tools together
► change in business model – to let the brand be handled by new set
of people, which usually happens in case of acquisitions or mergers.
Main strategies of Brand
Revitalisation
1. Expanding Brand Awareness through
► Identifying additional or new usage opportunities –
► Identifying new and different ways to use the brand

1. Improving Brand Image through

► Repositioning the brand –
► Changing brand elements –
► Entering new markets