Illinois, Urbana-Champaign)
Learning Objective: categorize products by type –
types of products
DEFINITIONS:
Products: are sets of features, functions, and
benefits that consumers purchase.
Features: are the ways that benefits are delivered
i.e. provide the solution to customer problems.
Brands: the name, representative symbol or
design, or any other feature that identifies one
firm’s product as distinct from another firm’s
Consumer products:
Mills, etc.
Branding strategies
Familybrand name
strategy like Pringles chips
Branding strategies
Hybrids:blanket family name, separate family
names for types of products, family/individual
brand combinations
Packaging provides:
Protection
Identification
Information
Usage enhancement
Disposal enhancement
Channel acceptance enhancement
Labeling helps customers by:
Identifying the manufacturer, country of origin,
ingredients
Reporting expiration dates, content grading
Explaining product use
Warning about potential misuse
Providing care instructions
Serving as a communications link between the user,
eventual buyers, and the company
Product mode new
Price policy use skimming or
penetration strategies
Place rapidly building distribution
network
Promotion build general demand
Profits expected loses
2.5%
Early Early Late
Innovators Adopters Majority Majority Laggards
Early Adopters:
■ Are the next customers to buy new product
■ Enjoy leadership, prestige, and respect that
early purchases bring
■ Tend to be opinion leaders
■ Adapt new ideas but use discretion
13.5%
34.0%
34.0%
■ Last to purchase
■ Price conscious, suspicious of change, low
income and status, tradition bound, and
conservative
■ Often difficult to market to this small group
16.0%
Early Early Late
Innovators Adopters Majority Majority Laggards