Summary
The book dwells upon products, their types, branding strategies used to market them, packaging, labeling and issues associated with packaging and labeling. First of all, it is noted that the product is a complex concept which is based on core customer value. Thus, consumers buy a product if they understand its value and associated services can attract more customers and prove superiority of a product among other similar products. There are four major types of consumer products: specialty products, shopping products, convenience products, unsought (Grewal & Levy, 2012). Companies often have a product mix, a number of lines of different products. Increasing or decreasing product breadth or depth, companies can address consumers’ needs and preferences which are constantly changing.
Brandings plays an important role in products’ marketing. Brand elements are brand name, domain names, logos, symbols, characters, slogans and sounds. Brands are recognized and memorized easily. They help to develop customers’ loyalty and reduce marketing costs. Brand is now seen as one of the company’s assets. The following are aspects which can help to evaluate value of this or that brand: brand awareness, perceived value, brand associations, and brand loyalty.
There are two major types of brands, manufacturer and private-label brands. At that, private-label brands include premium, exclusive co-brands, generic and copycat brands. Most common branding strategies are brand and line extensions, brand dilution, brand licensing, and brand repositioning. Packaging is also very important as it provide benefits for consumers as well as retailers and manufacturers. There are two types of packaging, primary (convenience of storage and consumption are crucial) and secondary (convenience of carrying, storing). Product labeling is related to packaging as the package contains all the information the customer may need.
Response
The information provided helps to understand the nature of products and marketing strategies. Thus, information on the product and characteristics of brands helps to understand factors which affect branding strategies. For instance, to efficiently market a product, it is necessary to make sure that it has certain value. At present, it is not enough to produce a high-quality product as lots of companies offer associated services and create certain value.
Personally, I find information of branding the most important. Modern consumers pay a lot of attention to brands and effective branding strategy is of paramount importance for product marketing. Thus, customers are often loyal to particular brands and are eager to buy new products which go under the same brand. It is important to understand significance of all elements of the brand. I have always thought that success of this or that product or brand can often be affected by forces which are hard to predict (something like bad luck). Nonetheless, I understand that effective branding strategy can make sales boost.
I also find information on packaging and labeling very important. Of course, information on labeling needs more attention as it is one of the most disputable issues in the society. Thus, officials, manufacturers, retailers as well as consumers are not sure about information that should be highlighted. This issue needs thorough research and further discussion. Companies will have to participate in the discussion and implement the necessary changes to meet the requirements and needs of consumers.
To sum up, it is necessary to note that understanding the nature of the product, brand, branding, packaging and labeling can help to market products efficiently.
Reference List
Grewal, D., & Levy, M. (2012). Marketing. Boston, MA: McGraw-Hill/Irwin. Web.