Product Element.

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Presentation transcript:

Product Element

Product Mix Product mix is the total assortment of products that a company makes and/or sells Example : Nike has an extensive assortment of equipment in several sports such as tennis, hockey, basketball, baseball, etc).

Product Mix - Example Kraft Canada

Kraft Canada

Why do companies sell more than one product? Security of sales Prevents dependence on one product Diversity among customers

Product Mix Product mix has three key components: Product line – a group of closely related products or services sold by a company (e.g., Nike’s line of golf equipment would be a product line). Packaging – an important element that may influence sales by emphasizing ease of use, consumer attractiveness, environmental friendliness, etc. Brand – the name, symbol, word design, or combination of theses elements that identifies a product, service or company. The brand represents the company’s reputation of quality, reliability and status in the market place.

What is a Branding? When an organization uses a name, phrase, or symbol to distinguish its products from the competition. Creates value and influence.

Parts of a Brand Brand name – consists of words, numbers, or letters that can be spoken Logo – the picture, design, or graphic image that is associated with a brand Slogan – the phrase or sentence that summarizes some of the essential aspects of the product.

Most Valuable Global Brands Value Apple $154.3 Billion Google $82.5 Billion Microsoft $75.2 Billion Top 10 Most Valuable Brands

Most Valuable Brands in Canada

What is Meant By Brand Personality? Successful brands take on a “brand personality” – Attaching human traits to a brand name. Nike with professional athletes endorsing their products has a “winning” personality.

What is Meant By Brand Personality? Harley-Davidson: masculinity defiance rugged rebel

What is Brand Identity? A consistent image or feeling that consumers recognize when encountering the brand.

Fixed Brand Identity Having a consistent brand identity can lead to focused marketing - but it can also limit your market. Potential to alienate family audiences with films dealing with controversial issues. What do you do?

Establish Another Company/Brand Touchstone Pictures

Branding Activity Great a one-page Company Collage that identifies the following: Corporate/company name Product mix All product lines including: Brands Logos Slogans Selection of product images