Principles of Marketing - MGT301 Power Point Slides Lecture 21
Principles of Marketing - MGT301 Power Point Slides Lecture 21
Principles of Marketing - MGT301 Power Point Slides Lecture 21
Lecture-21
Summary of Lecture-20
Packaging
Labeling Product Support Services
Quality
Features
Design
Branding
Brand Development
Brand Name
Existing
Line Extension
New
Multibrands
New Brands
Short and simple Suggestive of product benefits Legally available No negative imagery Easy to spell, read, and pronounce Adaptable for international markets Adaptable to packaging/labeling needs Adaptable to any advertising medium
Generic name: A brand name that has become a generally descriptive term for a class of products.
If this occurs, the original owner loses exclusive right to the brand name (which is very bad for marketers). Examples: nylon, aspirin, escalator, kerosene, etc.
Packaging
Activity of designing and producing the container or wrapper for a product. Packaging used to just contain and protect the product.
Goals of Packaging
Protection against damage, spoilage, tampering etc.
Labeling
Printed information appearing on or with the package. Performs several functions: Identifies product or brand
A bar code on a products package that provides information read by optical scanners. UPC codes provide several advantages: labor saving, improve inventory control, and help with marketing research.
79400 80740
Competitive Advantages
Sales Tasks Identifies Packaging Labeling Product Safety Promotes
Describes
How?
Step 1
Survey customers to assess the value of current services and to obtain ideas for new services.
Step 2
Assess costs of providing desired services.
Step 3
Develop a package of services to delight customers and yield profits to the company.
Filling
Adding sizes or styles
Upward Two-way
Product Development
Idea Screening
Test Marketing
Idea Generation
Commercializatio n
&D
Sales
force
Stage 2: Idea Screening Product development costs increase substantially in later stages. Ideas are evaluated against criteria; most are eliminated.
Stage 3: Concept Development and Testing Product concepts provide detailed versions of new product ideas. Concept tests ask target consumers to evaluate product concepts.
Stage 4:
Marketing Strategy Development Strategy statements describe: The target market, product positioning, and sales, share, and profit goals for the first few years. Product price, distribution, and marketing budget for the first year. Long-run sales and profit goals and the marketing mix strategy.
Stage 5: Business Analysis Sales, cost, and profit projections Stage 6: Product Development Prototype development and testing
Stage 7: Test Marketing Standard test markets Controlled test markets Simulated test markets
Standard Test Market Full marketing campaign in a small number of representative cities.
Controlled Test Market A few stores that have agreed to carry new products for a fee.
Stage 8 Commercialization
Key Issues
Summary
Packaging
Labeling
Product Development
Idea Screening
Test Marketing
Idea Generation
Commercializatio n
Next.
New Product Development (cont..)
Product Life Cycle (PLC)