Creating Offerings
Think about why you purchase things. In this section you will read material on offerings and distinguish between the three major components of an offering: product, price, and service. Summarize the points for both sides of a product-dominant and a service-dominant approach, Review how each component composes different types of offerings. Then distinguish between technology platforms and product lines.
Branding, Labeling, and Packaging
KEY TAKEAWAY
A brand is a name, picture, design, or symbol, or combination of those items, used by a seller to identify its offerings and differentiate them from competitors' offerings. Branding is the set of activities designed to create a brand and position it relative to competing brands in the minds of consumers. An important decision companies must make is under which brand a new offering will be marketed. A brand extension involves utilizing an existing brand name or brand mark for a new product or category (line) of products. Cannibalization occurs when a company's new offering eats into the sales of one of its older offerings. It is something to be avoided in most cases, but it can also be a sign of progress because it means a company is developing new and better products. Packaging protects products from damage, contamination, leakage, and tampering, but it is also used to communicate the brand and its benefits, product warnings, and proper use.