Marketing Management Part-3 : Business Studies Class 12

Marketing Management Part-3: Business Studies Class 12

PRODUCT MIX

1. Branding:

The method was used to build a product’s separate identity. It is the method of individually or in some conjunction using a name, term, symbol or design to define a product.

Brand:
Name, Term, Sign, Design or some combination of the formerly mentioned are used to identify the products of the seller and to differentiate them from those of competitors.

Qualities of a Good Brand Name

i. Short, simple to spell, easy to pronounce and remember (Rin, Vim, Ponds)

ii. Suggest the benefits and quality of the product (Genteel, Boost)

iii. Something Distinctive (Zodiac, Safari)

iv. Adaptable to the demands of packaging or labeling, various advertising media, and distinct languages.

v. Versatile to accommodate new products(Maggi)

vi. Capable of protected legally and being registered

vii. Should not get outdated easily and stay in power.

Read Concepts & Philosophies of Marketing

Advantages of Branding-

Advantages to marketers:

• Enables product differentiation:

Distinguishes companies ‘ goods from those of their rivals, thereby safeguarding and controlling their markets.

• Helps in advertising and display programs:

The advertiser can only raise the consciousness of the generic product without a brand and not be sure of the sale of its brand.

• Differential pricing:

As if clients like a brand and become used to it, they agree to pay for it a little more than the competing item.

• Ease in the introduction of a new product

Minimizes the cost of sales – loves the brand’s reflected glory.

Advantages to Customers:

• Helps in product identification:

If the client is satisfied with a brand, he will not always carry out a close inspection.

• Ensures quality:

Customers may have recourse to the manufacturer/marketer for quality deviations. Improve customer trust and satisfaction

• Status symbol:

Due to their quality, clients are proud to sue them and thus increase the amount of customer satisfaction

2. Packaging: 

Act designing and manufacturing a product’s container or wrapper. Good packaging often enables the item to be sold so that it is called a silent seller.

Levels of Packaging

i. Primary Package: Refers to the instant container of the product, for example, toffee in a wrapper, a matchbox.

ii. Secondary Package: Refers to extra protective layers that are maintained until the item is prepared for use, for example. Usually, a Pepsodent toothpaste comes in a box of cardboard.

iii. Transportation Package: Refers to additional packaging parts required for storage, identification, and transportation, e.g. toffee packaging is placed in corrugated boxes for storage and transportation in the manufacturer’s warehouse.

Functions of Packaging

1. Product Identification: Packaging helps in making the product identification easy.
2. Product Protection: The primary role of the packaging is to protect the item against dirt, insects and any breakage.
3. Convenience: It provides convenience in carrying, stocking and in consumption of the product
4. Product Promotion: Packaging helps in simplification of the work of sales promotion.

Advantages of Packaging

1. Rising Standards Of Health And Sanitation – As adulteration opportunities are minimized in such products
2. Self-Service Outlets – So some of the traditional role with respect to having been allocated to private selling.
3. Innovational Opportunities – innovation on packaging used to market products e.g. tetra packs for milk
4. Product differentiation – Colour, size, packaging material, etc. distinguishes the customer’s perception of the quality of the item.

Labeling:

Labelling means putting identification marks on the package. A label is a carrier of information & provides information like – name of the product, name of the manufacturer, contents of the product, expiry and manufacturing date, general information for use, weight, etc. Labels perform the following functions:

i. Identify the product: It helps to define the item from the different kinds accessible to clients. For instance: By the purple color of its label, we can readily recognize a Cadbury chocolate from the different chocolates.

ii. Describe the product and specify its contents:

The manufacturer prints all the information related to the product.

iii. Grading of products: Products can be classified in indifferent classifications, such as: Brook Bond Red Label, Brook Bond Yellow Label, Green Label, etc.

iv. Helps in promotion of products: Attractive and colorful labels inspire clients to purchase the products. For instance: 40 percent of detergent extra free, etc.

v. Providing the information required by law: There is legal compulsion to print batch no, content, maximum retail price, weight/volume on all products and statutory warning on the packet of cigarettes, “Smoking is injuries of health”: suitable safety warnings must be published in the event of hazard on / poisonous material.

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Functions of Packaging