Marketing Mix: Product
The marketing mix involves creating a market offering to satisfy the needs and wants of the existing and potential customers. You can read a brief about the marketing mix. There are 4 elements of the marketing mix and in this post, our focus will be on ‘Product’.
The product element of a marketing mix is used to refer to any intangible or tangible product offered to the customer which satisfies the customer’s need. We will be covering the following topics:
- Terms related to Branding
- Features of a good brand name
- Advantages of branding to marketers
- Advantages of branding to customers
One of the most important decisions that a marketer has to take in the area of a product is to decide about branding.
The marketer has to decide whether the firm’s product will be marketed under a brand name or a generic name.
The brand name includes Lux, MRF tire, Titan, etc. On the other hand, the generic name includes soap, tire, wristwatch, etc.
If products were sold by generic names, it would be very difficult for the marketer to distinguish their product from that of their competitors. That’s why a brand is given to a product.
So, the brand is the identification of a product. It can be in the form of a name, symbol, design, etc. Branding is done to make the producer’s product superior to others.
Terms related to Branding
- Brand- Brand is the identification of a product. It can be a name or symbol. For example, Surf, Tide, etc.
- Brand Name- It is that part of the brand which can be spoken, that is, a verbal component of a brand. For example, Maggi, Lifebuoy, etc.
- Brand Mark- It is recognizable and is a non-verbal component of a brand, that is, any symbol. For example, tick sign of Nike, red and blue ball of Pepsi, etc.
- Trademark- A brand or part of a brand, which is given legal protection is called a trademark. Under this, no other firm can use the name or sign of it. For example, Netflix, Google, the logo of Mcdonalds, etc.
Features of a Good Brand Name
- It should be short and easy. For example, Lux, Surf, etc.
- Brand names should be unique and distinctive. For example, Tide, Ariel, etc.
- Brand name should be suggestive, that is, it should suggest the utility of the product. For example, Hajmola, Ujala, etc.
- The chosen name should have staying power, that is, it should not get outdated. For example, I-phone, etc.
Advantages of Branding to Marketers
1. Product Differentiation
It helps a firm in distinguishing its product from that of its competitors.
2. Helps in Advertising
Brand advertising become more effective as people become aware of the features of the product.
3. Charging different Prices
With an established Brand name, the firm can easily charge a high price for its product compared to its competitors
4. Easy in Introduction of new product
If a new product is introduced under a known brand, it becomes very easy for such companies to popularize the new product, it is planning to introduce. For example, Food specialties ltd had a successful brand Maggi, it extended this name and introduced Tomato Ketchup, soups, etc.
Advantages of Branding to Customers
1. Product Identification
It helps the customer in identifying the product.
2. Ensure Quality
Branding ensure a particular level of quality of the product.
3. Status Quality
Some brands become status symbols, because of their quality. The customers of those brands feel proud of using them as it adds to the level of satisfaction of the consumer.
For example, Apple, Gucci. Roadster, etc.
I hope, it was helpful.
You can read more related post:
The 5 marketing management philosophies
What are the functions of marketing management?
Failing to plan is planning to fail
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