Product Classification, Differentiation, Branding Report (Assessment)

The characteristics of products and the classification of products by marketers

Product characteristics

The term ‘product’ defines unspecified objects, which can be displayed on retail in order to appease a demand or desire, comprising physical merchandise, services, encounters, occurrences, people, areas, possessions, real estate, data, and concepts.

Product characteristics could be characterized in order to conclude the description of a product by the means of the variations and derived forms. The characteristics of products are considered to be aspects, which could be adjoined to the description of a product in order to broaden the definition of merchandise. The most frequent examples of the product characteristics are amount, shade, quality, form and substance (Adeoty 72). The characteristics listed above could be adopted for refining or searching the needed product. After the descriptions of the existing characteristics are established, they are able to be appointed to a specific product and later to devise more products.

The classification of products

The classification of products into consequential divisions enables marketers to come to a decision, which approaches and schemes should be used in promoting merchandise or utilities of a company. There are many categories of arrangements that are used by the marketers. For example, one of the approaches towards the categorization of the product is its division based on the frequency of its use. The products that are most likely to be used one time, like recess packets, demand entirely distinct marketing approaches that the products that are consumed over and over again, for example, various vehicles. The categorization of the products enables the marketers and the enterprises to develop, outline and complete an efficient marketing strategy. The consumer products are divided into three types: durable goods, non-durable goods, and services, according to the endurance and tangibility of the product.

Differentiation of products

Product differentiation depicts a marketing approach where marketers make an effort in order to create an exclusive product, which will not have equal among the competitors. Companies decide to take this path in order to stand out in a manufacturing where diversified adversaries create analogous products. On the other hand, there are various approaches that could be used for this purpose, for example, following a low-cost scheme and advertising. However, these techniques are diverse from product differentiation, despite being valid marketing methods. Product differentiation implies that there are aspects, characteristics or nominal disparities between a given product and the competitive goods. There are several techniques for a Product differentiation: product innovation; packaging; pursuing new market niches, especially in unsophisticated areas; generating more referrals; offering increased service; figuring out the guarantees; partnering with complementary products or service providers; and employing the hid assets (Rankel par. 4).

The importance of the product design and factors that affect a good design

Definition of a product design

Product design is considered to be one of the most crucial non-price aspects that regulate the benefit of a given product. The function of product design affects the entire life course of a product. In the introductory period of developing the product, the duty of design is to conceive a compatible merchandise from a novelty. The product has to establish a demand in the place where it has not existed earlier, (for example, the announcing of the Sony Walkman) or completely diverse products can be contending with others on the identical retail (for example, personal cars contend with civic transport).

Factors affecting the design

“As the product life cycle matures, more competitors enter the market, and the chief role of design is in product differentiation; through quality, appearance, performance, ease of use, reliability, reparability and so on” (Walsh 32). The design could be affected be next factors: “function, user, cost, production, company, aesthetics, fashion, culture, ergonomics, materials, and the environment” (Walsh 47).

Building and managing product mix and product lines

A product line of an organization is represented by an array of products that correlate with each other, for instance, a line of hot chocolate. Furthermore, a product mix is represented by a merger of various product lines. Establishing and administering a beneficial product mix is able to provide an organization with a considerable market share and constitute diversified sources of profits (Johnston par. 4). There are several ways of building and managing the product mix and product lines of an organization: coordinating with the production department; seeking consistency for branding purposes; doing for depth; assigning managers to different lines, and knowing the limits.

Combination of products to create strong co-brands or ingredient brands

Co-branding is a series of action, which lead to a combination of assorted products into a collective good or displayed collectively in a concerted manner. There are a lot of diverse branches of co-branding and the means of its reaching. The organization has an opportunity to operate jointly with other organizations in order to integrate their supplies and have an impact on the core competencies of one another. “Core competencies are specific business abilities used to create a competitive advantage in the business environment. A competitive advantage is the ability to complete business functions, produce customer products or provide more value to consumers better than other companies” (Hawthorne par. 4).

On the other hand, the company is able to manipulate the resources they already have currently inside one organization in order to advertise and stimulate numerous products instantly. The methods of co-branding are “ingredient co-branding, same-company co-branding, national to local co-branding, joint venture co-branding, and multiple sponsor co-branding” (McKee par. 2). Regardless of the method that an organization decides to maintain, the target of co-branding is to act in answer to the shifting marketplace, establish the core competencies of the organization, and operate in order to enhance the profits from the given product.

Ingredient co-branding consists of establishing brand impartiality for elements, equipment or details that are included in other elements of production. Same-company co-branding implies that an organization with no less than two elements of production advance their owned labels composed in a simultaneous manner. National to local co-branding takes place in the cases where a regional small-scale business combines its production with a bigger chain, for example, governmental net or trademark in order to aim to the regional congregation and demands. Joint venture co-branding represents an approach towards co-branding where no less than two organizations combine in a calculated affiliation in order to produce a new product for the marked audience. The last but not the least is multiple sponsors co-branding, which includes no less than two organizations operating collectively in order to create a strategic affiliation in electronics, exaltations, and sales and so on.

Use of packaging, labeling, warranties, and guarantees as marketing tools

Packaging

Packaging implies that any given product subsequently existing in its initial structure and design is being packed in order to be sold at the retail. Adequately composed and designed packages for the elements of production are able to establish the impartiality of the brand and increase the income. Packaging is considered to be the first confrontation of the consumer with a product, which influences the first impression, and further decisions about the purchase. Moreover, the packaging is partly responsible for the acknowledgment of the brand; “consumer affluence means consumers are willing to pay a little more for the convenience, appearance, dependability & better packages” (Walsh 67).

Labeling

The term of label stands for an uncomplicated badge that has adhered to the product; it contains a brand name and diverse relevant for the consumer information. The label is a component of the package, and it allows the consumer to recognize the element of production, to evaluate it and to learn the necessary for purchase information.

Warranties

Warranties are solemn declarations that identify the anticipated product appearance by the producer. Merchandise with a warranty could be replaced by the producer or entitled to a restoration, substitute, and compensation. Warranties are beneficial to the producing organization, as they increase trust in the brand.

Guarantees

Guarantees are able to decrease the chances taken by the customer. Moreover, guarantees imply that the given merchandise is of immense excellence. Furthermore, guarantees could be beneficial in cases when an organization is still not introduced to the wide audience; and when the value and capacity of the merchandise are preferable to the adversaries. The last but not the least, the set of guarantees is able to evaluate the efficiency of the company.

Works Cited

Adeoty, James. “Product Classification Strategy.” Elements of Marketing. Ed. Olujide Jonson. Ilorin: University of Ilorin. 2000. 69-80. Print.

Hawthorne, Madison, “List of Core Competencies to Run a Business.” 2014. Web.

Johnston, Kevin. n.d. The Best Way a Company Can Build & Manage Its Product Mix & Product Lines. Web.

McKee, Steve, “The Pros and Cons of Co-Branding.” 2009. Web.

Rankel, Steve. n.d. 8 Ways to Differentiate Your Product Offering in Price-Driven and Commodity Markets. Web.

Walsh, Vivien. 1992. Winning by Design: Technology, Product Design And International Competitiveness, New York, New York: John Wiley & Sons, 1992. Print.