Products and Brands: Building

Customer Value

Prof. Pradeep Randiwela

p_randiwela@mkt.cmb.ac.lk

Department of Marketing
Master of Business Administration Degree
Faculty of Management and Finance
University of Colombo
 At the end of this session, the participants will
be able to define following and develop
respective strategies

• What Product is all about?

• Product/Service Strategy

• Branding Strategy

• Building Strong Brands

 What Is a Product?

Product /service–
solves a problem, satisfies a need or want

To win and retain

Products include more than just solution

Expected Solution + Feeling

 Win-Win-Win: Broad Picture

In-house or Outsourcing ?
Win Win Win
Win what?
Win
loose and sustain?
 What Is a Product / Service?

• What customer WANT?

• What customer EXPECT?

• What customer EXPERIENCE?

• How customer POSITION?

• Your experience with MBA

 What product is all about?
Product consists
– core customer value

– what buyer really buying ?

– Product designers must

– 1st define the core, problem solving benefits that consumers seek

– 2nd turn the core benefits into an actual product, need to

develop product/service features, design, quality level, brand name,
packaging
 Product?
• product must have
– augmented value + core benefit
– actual product with consumer services and
benefits
Think as to HOW
Your Market Offering
MBA ??? What improvement?
What Is a Product?
Levels of Product and Services
 Product Classifications

Consumer value -
Classified by how consumers value and buy
–Convenience
–Shopping
–Specialty
–Unsought
Product - Industrial

B2B
Product and Service Decisions

FAB ID

Conv Info/Pro Augm

 Product and Service Decisions

Brand
name, term, sign, or design—or a
combination of these—that
identifies the maker or seller of a
solution
 Product and Service Decisions

Packaging
designing and producing the container or
wrapper for a product

The primary function of the package was to hold

and protect the product
 Product and Service Decisions

Labels
range from simple tags attached to products to
complex graphics that are part of the package

– identify the product or brand,

– describe attributes, and
– provide promotion
 Product Line and Mix Strategies

Product Line – Faculty of Mgt & Finance

Product Mix - University of Colombo

 Branding

• Brand
– name, term, sign, symbol, design, or
– some combination
– that identifies the products of a firm

–differentiate them from the competition’s

Branding Strategy: Building Strong Brands

17
 Brand Positioning

Brand strategy decisions include:

• Product attributes
• Product benefits
• Product beliefs and values
 Brand Name Selection

Desirable qualities
– Suggest benefits and qualities
– Easy to pronounce, recognize, and remember
– Distinctive
– Extendable
– Translatable for the global economy
– Capable of registration and legal protection
 Branding Old Products

• Brand extensions
• Line extensions
• New Brands
• Brand Equity
• Private label branding
Brand Development Strategies
Q & A

Thank you