product decisions Flashcards
decisions covering
product characteristics (formula)
when developing a new product you first have to define the benefits offered by the product; these benefits have to be made tangible
you have to decide up on tangible items such as
product quality
functions
style/design
wight/size
importance of overall quality
- product is the hero
- consistency of quality ( a consumer expects the same quality again and again
- quality control
- ingredients
- end products
- external monitoring
- good quality will lead to high consumer satisfaction
- strong positioning strategy if quality is really 200%
initial consideration set
trigger of initial consideration set
active evaluation, moment of purchase, product experience, marketeers hope that when again triggered, consumers go into the loyalty loop.
What is a brand
- packaging
- labeling
- product supporting services
- innovations and go to market
- plc
- definition of a product
- brand positioning
- managing and expanding brands
decisions about individual products
product characteristics
Importance of functions
Every product is unique as it is offering different functions. by adding or adapting functions
you can launch new products/models
important weapon to compete
dash = main focus is whiter than white
ariel = main functions stain remover
Importance of functions: how and when
research consumers= new ideas
relevance and value of this new function versus cost/investment for the company
importance of stye (look) and design
importance in differentiating your product
style = product appearance externally (no impact on functioning)
design = appearance as well as functionality (goes further than style)
a good design
- catches the attention
- improves product performance
- decreased production cost
- gives a competitive advantage to the product
- nostalgia
- addition in convenience
- alludes to the country of origin of product
importance of weight and size
also important in differentiating your product
format strategy = bigger products in cash and carry
different sizes = product appearance in different sizes
size in convenience
hidden price increase, sell the same product but with less product same price
decisions about individual products
Brand label
retail brands/ private labels such as carrefour products
product brand such as stella artois with different company name AB inbev
Heineken is a product brand with the same company name.
Co branding
inject the product with beautiful things from one product and things from the other
brand decisions
- brand or no brand
- branded house versus house of brands
- choice of brand name
- brand positioning
- brand strategy (new brands, line extensions)
- repositioning of brands
