Product and Brand Management

H & GH Mansukhani Institute Of Management

Difference:
Product Product is made in the Factory. LCD is Product. Product has a characteristics. Product can be copied Product has features. Product can be outdated

Brand
Brand is bought by the customer. LG, SAMSUNG is a Brand. Brand is Perceived.(Has preciseness) Brand is Unique. Brand has recognition and identity. Brand is timeless.

Brand
A name, term, sign, symbol, or design or combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.

Concepts:
1) Brand awareness: Customers ability to recall and recognize the brand under different conditions and link to the brand name/logo in accordance with certain associations in the memory. Example: Diwali-Moti Soap. 2) Brand Recall:

A brand is said to be recalled if it comes to the consumer mind when its product class is mentioned
Top of Mind: Glucose Buiscuits..??? Example: Product class is small car-???????? Thanda matlab COCA COLA. Dominant: Bislery: Distilled Water.

3) Brand Recognition:
It is the familiarity gained from the past Exposure. Symbol is given and we have recognized as it is pepsi. It is done through positioning. Assumption is customer/consumer is aware/past exposed to the brand

Life's Goods.?????

4) Brand Equity: It is a set of brand assets and liabilities linked to a brand , its name and symbol , that add to or subtract from the value provided by a product or service to a firm and /or to that firms customers. Sachin Tendulkar Assets: + things: Good batsman. Liabilities: - things: Not a Good Captain. 5) Brand Identity: The outward expression of the brand including its name, trademark, communication and visual appearance. Example: Airtel jingle, New Airtel advertisement, Low smoke coil: Good knight. It is uniqueness. It reflects how owner wants the consumer/customer to perceive the brand

6) Brand image: The actual impression in the consumer mind of brand total personality.(real or imaginary qualities). 7) Brand Loyalty: The degree to which a consumer consistently purchases the same brand within a product class. Purchasing from a single manufacturer than multiple suppliers. 8) Brand Switching: The degree to which a consumer restrict the purchasing the same brand within a product class. 9) Co Branding: -Marketers often combine their products with the products from the other companies in various ways

Product:
Anything offered to the market for attention, acquisition/ownership, use, consumption that might satisfy the need/want. Service: Intangible offerings which do not results in to the ownership of anything.

Types of Consumer Products

1) Convenience Products: -Frequently Purchased -Minimum Buying efforts -Low Price -Mass Promotion -Large Distributors. Example: FMCG Products.

2) Shopping Products: -Less purchases -Selective distribution -More buying efforts Example Furniture

3) Specialty Products: -Strong Brand Preference and loyalty -High Price -Exclusive distribution -carefully targeted Promotions Example: Jwellery

4) Unsought Goods: -little awareness and knowledge -Pricing varies -Distribution varies -People may/ma not pay attention Example; Insurance

Industrial goods Classification

1) Materials and Parts -Raw materials: Farm products and Natural products. -Manufactured materials and parts. 2) Capital Items: 3)Supplies and business services.

Product MIX
1) Width: No of product Lines. -Consumer Durable Goods/FMCG 2) Length: Total No of Items in mix. -TV, Refrigerators, ovens in consumer durables -Soap, Tooth pastein FMCG 3) Depth: No of Product variations. -Moisturizing soap, Lemon Soap, Freshness, Delux soap 4) Consistency: Degree to which the product lines are related.

Industrial Product Development Strategy

Induced Strategy
Defines a market need that converges on the organizations concept of strategy Formal screening of technical and market merit using administrative procedures Existing organizational resources Roles and responsibilities are defined.

Autonomous Strategy Defines a market need that diverges from organizations concept of strategy Informal Network Combination of resources. Roles and responsibilities are not defined properly.

What is Product development? Product development aims to provide the goods wanted by the market, at the time and in the quantities desired by it, at the prices it is willing to pay, yet leaving a sufficient margin (or a net profit) for the manufacturer Product development is the process of commercializing a product in the market starting from the concept stage.

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Types of Product development
1. Addition of a product

2. Modification/improvement of an existing
product

1. Addition of new product Fill the gap in product range mens wear, ladies wear + kids wear To maintain some products always at maturity level to boost the revenue for the company - PLC To utilize the resources and skills available in the company MMS + BMS + MBA To explore new market or create new markets tooth paste + tooth powder

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To meet customers specific demand

packaging boxes for a new product, special

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cans for Ponds Magic

2. Improvement/modification of existing products

Short term objectives and long term objectives Short term objectives To stimulate the sales Colgate herbal, active, sensitive! Cell phones with cameras To satisfy urgent needs of the customers - pencils with erasers, CFL lamps, need to meet customers urgent need to save electric

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power
To utilize installed capacity fan manufacturers making radiator blowers

Brand Building Strategies

1) Brand Name Strategies: A) Family Brand Names: Godrej Godrej interiors, Godrej Safety Divisions, Godrej Fork lifts, Godrej infrastructures, Godrej consumer durables. B) Individual brand Names:

2) Brand Relationship Spectrum

2) Brand Extension
It is use of an established brand name on a new brand within the same broad market/Product category Unilever used Dove brand name for deodorants, shower gel, liquid soap etc. Cadbury dairy Milk- Silkcelebrations..

3) Brand Stretching It is use of established brand name in unrelated markets/product categories. Yamaha used on Pianos, HI-FI, Summerhouses. Cadbury Oreo, Halls

Disadvantages of Brand Extentions:

Brand Dilution: Consumer no longer associate the brand with specific product. Example: Audi 5000 suffered from tidal wave of negative publicity Mouth in mind: 1980- Problem od Sudden Acceleration Audi had to spilled 4000 models. Quattro: isolated by negative margines with brand revitalization.

4) Brand Portfolio
It is a set of all brands and brand lines a particular firm offers for sale in a particular category/market segment. Flankers Cash cows Low end entry level: Traffic Builders. Initially introduce low price products to attract the customer to the franchise Example: BMW introduces 3 series automobiles. Apple decreasing a price on Diwali occasions. Selling a old stock at less price before launching a new technology. High End Prestige.

5) Brand Revitalization
When the sales of a particular brand decreases bcoz of change in consumer taste and preferences, new competitors..etc. this strategy is used. It gives new identity to the Brand

Voltas: Tata Enterprise

Market Share: 30-40 % in 1992-1993 In 2000-2001- 7% market share For high volume sale-Decrease the Price-ultimately cost Joint venture with leading US based AC company-Fedders International. Revamping of distribution system- removing a non performing distributors, adding a new network of distributions. New technology

Pepsi: Dew
Mountain DEW in 1969- Yahoo Mountain DEW-It will tickle your innards 1990- young males-Dew Dudes-outdoor action scenes

1995-DO the Dew 200-Dar ke aage jit hain.

6) Global Branding: Cipla. 7) Managing a product Portfolio. 8) Developing a new product. 9) Brand Positioning 10) Brand Elements.