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What is a Product? Kotler’s Five levels to a product: Generic ProductCORE BENEFITExpected Product...
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Transcript of What is a Product? Kotler’s Five levels to a product: Generic ProductCORE BENEFITExpected Product...
What is a Product?• Kotler’s
Five levels to a product:
Generic Product
CORE BENEFIT
Expected Product
Augmented Product
Potential Product
The Fundamental Need or Want that consumers satisfy by consuming the product or service
Generic ProductBasic Version of the product containing only those elements absolutely necessary to function. No distinguishing features.
Expected ProductAttributes and Characteristics that buyers normally expect and agree to when they purchase a product
Augmented ProductAdditional product attributes, benefits, or related services that distinguish the product from competitors
Potential ProductAll the augmentations and transformations that a product might ultimately undergo in the future
What is a Brand?
• Keller’s Definition:– A product, but one that adds other dimensions that
differentiate it in some way from other products designed to satisfy the same need.
• Rational and tangible
• Symbolic, emotional and intangible
• The psychological response to a brand can be as important as the physiological response.
What is a Brand?
Product = Commodity
A product is a produced item always possessing these characteristics:• Tangibility•Attributes and Features
Brand = “Mind Set”
The sum of all communications and experiences received by the consumer and customer resulting in a distinctive image in their “mind set” based on perceived emotional and functional benefits.
Timothy D. Ennis, Ennis Associates, Inc
MANUFACTURERS• ID to simplify handling or
tracing• Legal protection of unique
features• Signal of quality level to
satisfied customers• Means of endowing
products w/unique associations
• Competitive Advantage• Financial Returns
CONSUMERS
• ID Product Source
• Assignment of responsibility to maker
• Risk reducer
• Search cost reducer
• Promise, bond, or pact w/make of product
• Symbolic Device
• Signal of Quality
Why Does A Brand Matter?
Alternative Branding Models
Company dominates Brands
Company is equal to Brands
Brands dominate the Company
American Express (cards)
BMW (Motorcycles)
Colgate (Total toothpaste)
Disney (Films)
General Electric (appliances)
IBM (Technology)
L’Oreal (Cosmetics)
Sony (Electronics)
Holiday Inn (Crowne Plaza)
Anheuser Busch = Budweiser
Campbell Soup = Godiva
Chrsyler = Jeep
Estee Lauder = Clinique
Kraft = Maxwell House
PepsiCo = Mountain Dew
Time Warner = Warner Bros
3M = Scotch Tape
Marriott = Courtyard
Skol (Am Bev)
Claridge Hotel (Savoy)
Crest (P&G)
Healthy Choice (Con-Agra)
Hidden Valley Ranch (Clorox)
Kleenix (Kimberly-Clark)
Marlboro (Philip Morris)
MCA Records (Universal Studios)
Wranlger (VF Jeans)
Kevin Clancy, Copernicus
Brand Imposing One’s Will On
The Consumer
Branding
OLDSCHOOL
THINKINGDIPLOMA
“ Pretty much everything today can be seen in relation to a love-respect axis. You can plot any relationship – with a person, with a brand – by
whether it’s based on love or based on respect. It used to be that a high respect rating would win.
But these days, a high love rating wins. If I don’t love what you’re offering me, I’m not even
interested.” - Kevin Roberts, Saatchi and Saatchi
Branding
“ Pretty much everything today can be seen in relation to a love-respect axis. You can plot any relationship – with a person, with a brand – by
whether it’s based on love or based on respect. It used to be that a high respect rating would win.
But these days, a high love rating wins. If I don’t love what you’re offering me, I’m not even
interested.” - Kevin Roberts, Saatchi and Saatchi
Branding
TradeMark
BrandingLove * Mark
Trust-Mark
Those Brands which are particularly well adapted to the environment and which thus, survive and flourish.
POWER BRANDS
•Attached to Consumers•Deep respect
for the way products fit into Consumer’s lives
= “Core” of Success
What is Brand Management?
• Brand = Primitive God– If we keep it’s laws
– And pay regularly the tributes due (mainly advertising), fortune will smile on us – otherwise, disaster.
What is Brand Management?
“You have to maintain and replenish a brand over time or it will die”
Brand Vision and Essence
PRODUCT = BodyBRAND = MindsetEQUITY = Roots
ESSENCE = Brand’s SoulVISION = Brand’s DNA