PRINCIPLE OF MARKETING PRODUCT, SERVICE AND EXPERIENCE.pptx
- 2. Lesson Objectives: 1. identify the characteristics and distinction of product, service and experiences; 2. differentiate the features of product packaging and labeling; and 3. discuss the basis of introducing new product development.
- 3. PRODUCT A product or a good is anything that has a physical attribute to satisfy a need. The tangibility or physicality of as product permits the client to objectively measure customer satisfaction.
- 4. SERVICE Service is an organized activity rendered to satisfy clients’ need for a fee. Services are intangible and are subjectively measured.
- 5. EXPERIENCE Experience is the effect that influences the client to undergo a certain pleasing feeling or process.
- 6. How can a company maintain its marketable status, and achieve positive feedback?
- 8. PACKAGING PACKAGING (So and Torres, 2016) is the packaging that serves to contain and protect, and sometimes, identify and promote the product.
- 9. PACKAGING The packaging of a product has four functions: 1. It contains all the product information, like its brief description and its weight. 2. It protects the product upon transit from the point of manufacturing to its display shelf. 3. It stores the product to prolong its shelf life. 4. It presents the aesthetic appeal to the customer.
- 10. The basic features to consider in deciding of a good packaging are as follows: 1. Communicative Packaging should provide the basic information of the product from its product and/or brand name, content quantity, and quality of the product. It communicates all the essential framework of the product.
- 11. The basic features to consider in deciding of a good packaging are as follows: 2. Protective Product packaging serves as the protection of the product from damage upon transfer from one place to another. It also serves as its storage which preserves from sun, rain, insect or even dust contamination.
- 12. The basic features to consider in deciding of a good packaging are as follows: 3. Attractive Customers are more drawn towards purchasing a product with the products’ aesthetic appeal. Its color, design, size and advanced package lure and influence the customer to create a demand out of it.
- 13. The basic features to consider in deciding of a good packaging are as follows: 4. Economical Part of the product cost is its packaging, Thus, selecting the most cost-efficient packaging for a product will determine the products marketability in terms of the price of the product aligned with all its similar products in the marketplace.
- 14. The basic features to consider in deciding of a good packaging are as follows: 5. Convenient The physical attributes of the product package like its size and shape should be appropriate for the sellers to display the product and for the consumers to keep it in their storage area. The package design dictates all the products’ comfort of maximizing its ease in handling and usage.
- 15. LABELING LABELING (So and Torres, 2016) is a display of information about a product on its container, packaging, or on the product itself.
- 16. There are factors to be considered in determining a product label. 1. Legal Requirements The law mandates several product label requirements, like for instance of the food product labels, it must necessarily contain the name of the manufacturer, place of origin, net content, date of manufacturing, expiration date and the nutritional value table. Like the Philippines Argentina Hot & Spicy Meat Loaf Ham 170g.
- 17. There are factors to be considered in determining a product label. 2. Attract the Customer’s Attention Thorough study is done in deciding on the label’s material, shape, size, color, layout and textual content. Similar substitute products among competitors are being considered prior to finalizing label design, since it inaudibly represents the entire business establishment in its present market share.
- 18. There are factors to be considered in determining a product label. 3. Marketability Marketability is the capacity of a product to be sold in the market. To earn customer trust, manufacturers often include other certification requirements to cater with various target market, like the Halal seal printed on the Swift Chicken Franks package to conform with the Islamic Dietary Law.
- 20. New product development is announcing a new product either to replace the existing obsolete products or to introduce a new additional feature fused in to alleviate customers’ expectations and satisfaction. Creating a new product may require several steps to achieve desired results.
- 21. Presented here are caselets and the reasons behind why do business establishments introduce new products in the marketplace (So and Torres, 2016). 1. To defend its market share 2. To position ahead of competition in a market segment 3. To establish a foothold in a future market in the future 4. To take advantage of strengths in product distribution
- 22. The New Product Development Process This initial stage is a creative process of coming up with concepts wherein techniques in identifying and understanding the problem/need, researching established solutions, brainstorming and ideation, attribute listing, forced relationships, morphological analysis / idea structure and mind mapping are applied to produce new product ideas. Step 1: Concept / Idea Generation
- 23. The New Product Development Process In this stage, the generated ideas in the initial stage are then filtered using predetermined criteria to select good ones and drop unsound ones. Step 2: Concept / Idea Screening
- 24. The New Product Development Process All the selected product ideas are then made available in public to target market in order to derive data of consumers acceptability, believability and purchase intent. Step 3: Concept Testing and Verification
- 25. The New Product Development Process This stage lays out probable sales forecast of the new developed product. Relative costs and potential profitability are then calculated. Step 4: Business Analysis
- 26. The New Product Development Process All product details and other relevant documentation are forwarded to manufacture for production. Marketing plans are then finalized and prepared for the product launch. Step 5: Product Development
- 27. The New Product Development Process The new developed product is then marketed in a particular geographical location to determine whether there are necessary attribute modifications, positioning, pricing, advertising and promotions. All customer drawn feedback are dealt with accordingly in order to facilitate final alterations. Step 6: Market Testing
- 28. The New Product Development Process In this final stage of the process, the new product is launched. This stage involves identifying all reliable suppliers stated in the supply chain management in order to facilitate the shipping, delivery and payment of launched product. Step 7: Product Commercialization