1. Product decisions
1.1. Individual product decisions
1.1.1. brand: name, term that identifies the maker or seller of a product or service
1.1.1.1. differential effect:
1.1.1.2. distinguish product and consistency
1.1.2. Product attributes
1.1.2.1. Performance quality (level)
1.1.2.2. Conformance quality (consistency)
1.1.3. Packaging
1.1.3.1. Spot product on the shelves in market (Promote)
1.1.3.2. Advantage over competitors and boost sales
1.1.4. Labelling
1.1.4.1. identify the product or brand, describe attributes, and provide promotion
1.1.4.2. who made it
1.1.4.3. where it was made
1.1.4.4. when
1.1.4.5. its contents
1.1.4.6. how it is to be used
1.1.5. Actual product services
2. Product
2.1. A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
2.2. Tangible
2.3. Goods and services combination (car showroom)
2.4. Intangible (services)
2.4.1. Do not result in any ownership
2.4.2. Intangibility
2.4.3. Inseparability
2.4.4. Variability
2.4.5. Perishability
2.5. Organization (RMIT)
2.6. Persons
2.6.1. presidents, entertainers
2.7. Country
2.7.1. the countless charm (Vietnam)
2.8. Ideas
2.8.1. ex: Marketing services
2.9. 3 levels of Products:
2.9.1. Core benefit
2.9.2. Actual product
2.9.3. Augmented product
2.10. Product Classification
2.10.1. Consumer product
2.10.1.1. Convenience product
2.10.1.1.1. Newspaper
2.10.1.1.2. Candy
2.10.1.1.3. Fast food
2.10.1.1.4. FMCG product
2.10.1.2. Shopping product
2.10.1.2.1. Less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.
2.10.1.3. Specialty product
2.10.1.3.1. Cars
2.10.1.3.2. High-end electronics
2.10.1.4. Unsought
2.10.1.4.1. life insurance
2.10.1.4.2. Funeral service
2.10.2. Industrial product
2.10.2.1. Materials and parts
2.10.2.2. Capital items
2.10.2.3. Supplies and Services
3. Building strong brands
3.1. What are strong brands
3.1.1. Definition: brands represents the consumer’s perceptions and feelings about a product and its performance. It is the company’s promise to deliver a specific set of features, benefits, services, and experiences consistently to the buyers
3.1.2. Brand equity
3.1.2.1. Def: makerters can measure brand strength along 4 customer perception dimensions (inputs)
3.1.2.1.1. differentiation: what makes the brand stand out
3.1.2.1.2. Relevance: how consumers feel it meets their needs
3.1.2.1.3. Knowledge: how much consumers know about the brand
3.1.2.1.4. Esteem: how highly consumers regard and respect the brand
3.1.2.1.5. Brands with strong brand equity rate high on all of these dimensions, according to Young & Rubicam’s Brand Asset Valuator ).
3.1.3. Benefits of branding:
3.1.3.1. Helps consumer identify products
3.1.3.2. says something about product quality
3.1.3.3. provides legal protection
3.1.3.4. helps segment the market
3.1.3.5. Commands a premium for better quality brands
3.2. How to build a strong brand
3.2.1. Brand positioning
3.2.2. Brand name selection
3.2.3. Brand and sponsorship
3.2.4. Brand development