Product

Product The goods or services your business will provide Brand – name, symbol, design used to identify a product Package – physical container or wrapper that holds the product Label – part of the package used to present information All 3, especially branding serve as strategies for maintaining consumer loyalty

Branding Your promise to your customers Tells them what they can expect from your products or services

Branding The foundation of your brand is your logo

Expensive logos 1.28 Billion

211 Million

Nike $35.00

$0

Package

Label

Packaging/Labeling How does the package protect the product? Withstand humidity, puncture, damage How does the package protect the consumer? Childproof, sealed tops, tamper proof Contains the product (easy to carry)

Packaging/Labeling Identifies the product Lists contents, distinguishes the product Visibly promotes the product Stands out, catchy slogan, product uses, refunds McDonald’s market the packaging of its Happy Meal Toy, book, imprint of puzzle or game

Packaging/Labeling Give examples of how packaging make the product easy to use? Cartons with spouts for easy pouring Butter wrappers with marked measurements Resealable bags

Packaging/Labeling Why use Paper and cardboard? Inexpensive, lightweight, fairly strong, and easy to print on, recyclable, biodegradable Why use cellophane (transparent paper) and plastic wrap? See through package (meat) Why use Glass to hold liquids? Doesn’t leak or change its smell or taste

Packaging/Labeling Why use plastic? Why use aluminum? Can be shaped into jars and bottles Can be processed into sheets (used for toys, clothes, food products) Won’t break Why use aluminum? Unbreakable, disposable, recyclable

Packaging and Labeling Trends Clearly warn user of harmful effects Recyclable Must list all nutritional elements – not just the benefits

Packaging and Labeling Trends 79 year old Stella Liebeck 1992 $20,000 $800 $3 Million

Packaging and Labeling Trends Warnings A label on an electric razor for men warns: "Never use while sleeping.“ An electric skillet warns: "Caution: griddle surface may be hot during and after cooking.“ A label on a baby stroller warns: “Remove child before folding A cardboard car sunshield that keeps sun off the dashboard warns, “Do not drive with sunshield in place”

Packaging and Labeling Trends A 12-inch rack for storing compact disks warns: “Do not use as a ladder.” A snow blower warns: “Do not use snow thrower on roof.” A dishwasher carries this warning: “Do not allow children to play in the dishwasher.” A brass fishing lure with a three-pronged hook on the end warns: “Harmful if swallowed

Selecting a product Generate ideas and sort out good from bad Study potential costs and revenues Develop the product and test market it Introduce the product

Product Positioning How consumers see your product compared to the competition’s product Prestigious Good bargain Equal in quality to other products Positioning can be achieved through quality, availability, pricing, and uses Branding, packaging, and labeling also have an effect on positioning

Product Mix All of the products a company makes or sells If offer multiple products, think about how they relate to one another If reaching a single market, includes products that compliment each other If reaching multiple markets, more diversified mix

Product Decisions What products should I manufacture or sell? How will my products meet the needs of my target market? What level of quality should my goods have? How much inventory should I maintain? How will my products be different from competitors? What will my customer service policy be?