1. THE BRAND
1.1. One of the main instruments in building a relationship between consumers and products.
1.1.1. CHARACTERISTICS
1.1.1.1. articulating the functional and emotional benefits of the product
1.1.1.2. is the mechanism by which closer bonds can be built with customers, thereby increasing customer loyalty
1.2. BRAND IDENTITY
1.2.1. -addresses customers' needs -provides the most important functional and emotional benefits.
1.2.1.1. EXTENDED IDENTITY
1.2.1.1.1. elements and associations organised and arranged into significant groups around the central identity
1.2.1.2. CORE IDENTITY
1.2.1.2.1. They are what establish the value proposal and credibility of the brand.
1.2.1.3. BRAND ESSENCE
1.2.1.3.1. creative concept which combines all the attributes of the brand and captures its essence
1.3. TYPOLOGY OF BRAND STRATEGIES
1.3.1. SINGLE BRAND
1.3.1.1. advantages: are clearly the savings in brand promotion costs, particularly when introducing new products on the market.
1.3.1.1.1. used when a company competes with similar products on similar markets
1.3.2. MULTIBRAND STRATEGY
1.3.2.1. advantage: the flexibility this approach allows when serving individual market segments with different brands
1.3.2.1.1. Distributor own brands cover a wide range of typologies, and like manufacturer's brands, they may follow different strategies depending on where they lie in the value chain.
2. MANAGING A PORTFOLIO OF PRODUCTS
2.1. MAIN
2.1.1. The set of products offered by a company is known as its portfolio, range, assortment or mix of products.
2.1.1.1. IDEAL NUMBER
2.1.1.1.1. There is no ideal number for a range of products. It will always depend on the company’s strategy and the market in which it is operating.
2.1.1.1.2. However, it is worth mentioning that a single-product company might face larege risk in the event of changes in the market.
2.2. PRODUCT/MARKET LIFE CYCLE
2.2.1. The product life cycle model tries to describe not only the life of the product, but also that of its target market.
2.2.1.1. LIFE CYCLE OF THE MARKET
2.2.1.1.1. is shaped by overall demand and its determinants
2.2.2. INTRODUCTION STAGE
2.2.2.1. refers to the launch period and is usually accompanied by slow sales growth.
2.2.3. GROWTH STAGE
2.2.3.1. is characterised by rapid growth in sales and profits
2.2.3.1.1. is Known as competitive turbulence, and is a stage at which many competitors fall by the wayside
2.2.4. MATURITY STAGE
2.2.4.1. This is the period in which sales grow at an ever slower pace due to the fact that the product has now reached the majority of potential purchasers.
2.2.5. DECLINE STAGE
2.2.5.1. This is the final phase, in which sales fall and profitability shrinks.
2.2.5.1.1. The duration of the life cycle and its phases will vary widely from one product or market to another.
2.3. NEW PRODUCT DEVELOPMENT
2.3.1. life cycles are shorter because technological and social change is much faster than it was in the past
2.3.1.1. R&D and marketing departments.
2.3.1.1.1. - The ideas with the greatest potential are important for consumers to be able to assimilate them and say if they are interested or not.
2.4. GENERIC MARKET STRATEGIES
2.4.1. The aim is to gain share by means of a good marketing strategy allowing us to wrest market share from our competitors.
3. TOOLS FOR ANALYSING AND MANAGING THE PRODUCT PORTFOLIO
3.1. We will look at two of the most commonly used ones, both of which were developed by consultancy firms.
3.2. BCG GROWTH/RELATIVE MARKET SHARE
3.2.1. instrument for the analysis of a portfolio of products.
3.2.1.1. If you define the market too narrowly the model can suggest false positions of leadership, and vice versa.
3.3. MCKINSEY-GENERAL ELECTRIC: COMPETITIVE POSITION / ATTRACTIVENESS OF THE MARKET
3.3.1. The attractiveness of a market
3.3.1.1. rate of growth technology distribution channels size or accessibility of the market..
3.3.2. competitiveness in a market
3.3.2.1. can be measured by brand image, access to a particular technology or commercial organisation.
4. ELEMENTS THAT MAKE UP THE PRODUCT
4.1. view it as a sum of physical attributes or characteristics
4.1.1. TYPES
4.1.1.1. Internal: are a fundamental part of the product's performance, they are only one part of the quality perceived by consumers.
4.1.1.2. External: can be perceived at first glance by consumers.
4.1.1.2.1. FEATURES
4.2. consider the perceived or psychological attributes that constitute the symbolic content of the product and which are as important as the technical components.
4.3. PSYCHOLOGICAL/EMOTIONAL ATTRIBUTES OR CHARACTERISTICS
4.3.1. these attributes do not bind the consumer, especially in developed societies where the formula, the packaging and other attributes are easy to imitate.
5. PRODUCT
5.1. MEAN
5.1.1. a bundle of attributes capable of exchange or use
5.1.1.1. LEVELS OF A PRODUCT
5.1.1.1.1. Core Benefit
5.1.1.1.2. Generic product
5.1.1.1.3. Expected Product
5.1.1.1.4. Augmented Product
5.1.1.1.5. Potential product
5.2. PRODUCT POLICY
5.2.1. Consumers must feel that the product is right for their needs.
5.3. CLASIFICATION PRODUCTS
5.3.1. -some depending on how tangible the product is. -its durability -consumer behavior in the market it is aimed at , or the type of buyer
5.4. CONSUMER GOODS
5.4.1. Light bulbs, Christmas cards and certain foods are examples of products of this kind.
5.4.1.1. CHARACTERISTICS
5.4.1.1.1. The distribution policy is essential in the case of products of this type.
5.4.1.1.2. Distribution and communication are essential in the case of this type of product.
5.5. INDUSTRIAL GOODS
5.5.1. These are goods traded on B2B markets used by businesses and other organizations for final use or as part of the production process.
5.5.1.1. CATEGORIES
5.5.1.1.1. raw materials, materials and component parts, installations, accessory equipment and supplies. Materials and component parts
5.6. SERVICES
5.6.1. may be based mainly on physical media or persons
5.6.1.1. CHARACTERISTICS
5.6.1.1.1. Intangibility: cannot be measured in advance. They are sold based on the utility derived from the service itself.
5.6.1.1.2. Perishability: Services are highly perishable and cannot be stored
5.6.1.1.3. Inseparability: Services are normally inseparable from the person providing them and the moment in time they are provided.
5.6.1.1.4. Variability: Services are usually difficult to standardize
5.6.2. MARKETING STRATEGIES
5.6.2.1. This may be a presentation folder or dossier, a customer card for a hotel, etc.
5.6.2.1.1. in the sale of services it is necessary to add physical evidence and images.