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UA MKT 300 - Product, Branding, and Packaging Decisions
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MKT 300 1st Edition Lecture 14 Outline of Last Lecture I. Diffusion of InnovationII. Using the Diffusion of Innovation TheoryIII. Idea GenerationIV. Concept TestingV. Idea DevelopmentVI. Market TestingOutline of Current Lecture I. Product BrandingII. Complexity of ProductsIII. Types of ProductsIV. Product Mix and Product Line DecisionsCurrent LectureI. Product Branding a. Company needs a product that’s going to workb. Campbell’s “soup-er” sandwichc. Lots of reasons products don’t succeedi. Not tested enough, not better than competitionii. Supply and promotion problemsd. Brand management: consumers’ habits are changing—hard to keep up with habits/routinese. Kellogg’s sales are low, even with Special Kf. Kraft P3 Portable Protein packsi. Meat, cheese and nuts marketed to millennial menii. Only bright spot in Kraft’s salesg. Conagra lowi. Eat less dessert after a meal: we want eating to be a recreation/hobbyh. Smucker’s Jelly: owns Jiff, Crisco, Pillsburyi. Bought Big Heart pet brandsThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.ii. Milkbone, Meow Mix (sales with pets are good) i. Cheap cereal is growingi. Malt O Meal cereal sales are better than ever: “Mom’s Best” lineii. Post bought M-O-Mj. Nestle sold Power Bar, fixed Lean Cuisine, built Butterfinger cupsi. Working to make Butterfinger more naturalk. 3M post it notes, command strips, scotch tapei. 50,000 different products all have to be managedl. Proctor and Gamble considered selling some famous brands (Duracell)m. Kraft halved itself: one for cookies, other dairyn. EBay sold PayPalo. Most of these companies in mature lifestylep. Jack Links: change to green/white for womenq. Starbucks Barista promise: Letting people know who you are and what you stand for.r. McCormick store in Baltimore (communicating wherever appropriate)s. Skittles Superbowl ad: “Settle it the usual way”II. Complexity of Productsa. Care customer value: basic benefit your product offers your customersi. Then it becomes an actual productii. Augmented product: extras (personal service/warranty)III. Types of Productsa. Products we buy as consumers (how they’re viewed/shopped for)b. Specialty: special brand/equipmentc. Shopping: willing to shop around—small appliances, vacation optionsd. Convenience: grocery products/everyday itemse. Unsought: unknown, don’t want to buy—insurance, funeral service, renter’s insuranceIV. Product Mix and Product Line Decisionsa. Product mix: all the different product lines that you selli. Smuckers: Jiff, jellies, Pet Heartii. Clorox: Glad, Hidden Valley, Burts Beesiii. Lots of lines = wide breadthb. Product line: Duracell alonei. Depth: variations/choicesii. Double A, Triple A, computer, etc.iii. More you have, deeper/broaderc. Upward line stretch: Cascade Platinum, Bounty Duratoweld. Downward: less,


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