product, branding, and packaging decisions

• product : creating value
• The right product to satisfy the needs of your target customer
• what is a product?
• anything that is of value to a consumer and can be offered through a vouluntary marketing exchange
• 3 key components
• core customer value ( basic problem- solving benefits sought by the customer )
• Actual product ( physical attributes)
• Associated Services ( Augmented product)
• types of consumer products
• convenience product - every day purchase i.e. groceries
• shopping product - a product that requires comparison  include shoes, appliances and apparel
• specialty product - spend the most time on the decisions - medical services, wedding gowns, antiques   
• unsought product - fire extinguishers, cemetery plots, new innovations
•  product mix - includes all of the products a company produces
• Product portfolio
• product line - A group of related items in a company product portfolio
• new flavors is an increase in depth
• benefits of offering multiple product lines
• protection against competition - reduced effect of competitors actions in any one particular area
• increased market growth and profits - market diversification
• offset sales fluctuations - seasonal variation
• Achieve greater impact- greater importance among consumers an channel members
• enable economical resource usage - spreading operational costs
• avoid obsolesce - security in the event that one of its product line reaches the end of its life cycle
• categories of packaging
• primary packaging - the layer of packaging in immediate contact with the product
• secondary packaging- the wrapper or exterior carton containing the primary packaging
• primary packaging - tube of toothpaste
• secondary packaging - box holding the tube
• key roles of packaging include
• attracting consumer attention ( design) - identifies/ differentiates product from competitors
• promoting updates - "improved formula" use of "sustainable materials)
• enhancing usage ( user friendly design)
• Adjustable to appeal to different markets - size offering - travel, convenience and bulk
• packaging functions
• enhancing functionality
• packaging - a subtly way of repositioning a product
• to appear more up to date
• to attract new target market
• product labeling
• more than just a sticker on the package, it's a communication too
• design with end user in mind
• information must comply with industry- specific laws and regulation
• product labeling regulation
• products must meet specific tests before placing terms such as "organic" or "made in the usa"
• 5 digit code starting with 9 - organic