E-Marketing 6 E Chapter 9 Product The Online Offer

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E-Marketing/6 E Chapter 9 Product: The Online Offer E-Marketing/6 E Chapter 9 Product: The Online Offer

Chapter 9 Objectives After reading Chapter 9, you will be able to: Define product Chapter 9 Objectives After reading Chapter 9, you will be able to: Define product and describe how it contributes to customer value. Discuss how attributes, branding, support services, and labeling apply to online products. Outline some of the key factors in emarketing enhanced product development. © 2014 Pearson Education, Inc. 2

The Google Story In 1998, co-founders Brin and Page delivered an innovative new search The Google Story In 1998, co-founders Brin and Page delivered an innovative new search strategy that ranked results on popularity as well as keywords. Today, Google performs a bilion searches a day in 181 countries, speaks 146 languages and is the most-visited U. S. Web site. Had revenues of $37. 9 B and 25. 7% in net income in 2011 and continues to grow in sales, new markets, and new products offered. © 2014 Pearson Education, Inc. 3

The Google Story, Cont. Uses a media e-business model to generate revenue from several The Google Story, Cont. Uses a media e-business model to generate revenue from several B 2 B markets: Licensing of its search services. Sales of advertising to Web advertisers, 96% of its revenues from advertising. Google’s product mix includes 24 search products, 3 advertising products, 20 applications, and many enterprise products. Pays close attention to user value, keeps costs low, and delivers eyeballs to advertisers. What types of products do you think Google will launch next? http: //www. youtube. com/watch? v=Ej. N 5 av. Rv. Apk © 2014 Pearson Education, Inc. 4

MANY PRODUCTS CAPITALIZE ON INTERNET PROPERTIES A product is a bundle of benefits that MANY PRODUCTS CAPITALIZE ON INTERNET PROPERTIES A product is a bundle of benefits that satisfies needs of organizations or consumers. Includes goods, services, ideas, people, and places. Products such as search engines are unique to the Internet while others simply use the Internet as a new distribution channel. Organizations use research to determine what is important to customers when creating new products. The marketing mix 4 Ps and CRM work together to produce relational and transactional outcomes with consumers. © 2014 Pearson Education, Inc. 5

Marketing Mix & CRM Strategies & Tactics © 2014 Pearson Education, Inc. 6 Marketing Mix & CRM Strategies & Tactics © 2014 Pearson Education, Inc. 6

Creating Customer Value Online Customer value = benefits – costs Value is the entire Creating Customer Value Online Customer value = benefits – costs Value is the entire product experience Value is defined wholly by the mental beliefs and attitudes held by customers Value involves customer expectations Value is applied at all price levels Internet can increase benefits and lower costs but it can also work in reverse © 2014 Pearson Education, Inc. 7

PRODUCT BENEFITS The Internet created a new set of consumer desired benefits. Users expect: PRODUCT BENEFITS The Internet created a new set of consumer desired benefits. Users expect: effective web navigation, quick download speeds, clear site organization, attractive and useful site design, secure transactions, privacy, free information or services, and user-friendly Web browsing and e-mail reading. © 2014 Pearson Education, Inc. 8

PRODUCT BENEFITS, Cont. Product decisions must be made that deliver benefits to customers. Attributes PRODUCT BENEFITS, Cont. Product decisions must be made that deliver benefits to customers. Attributes Branding Support Services Labeling Packaging © 2014 Pearson Education, Inc. 9

PRODUCT BENEFITS: Attributes include overall quality and specific features. Product features can include color, PRODUCT BENEFITS: Attributes include overall quality and specific features. Product features can include color, taste, style, size, and speed of service. Benefits also are the same features from a user perspective (that is what will the attribute do to solve problems or meet needs and wants? e. g. Facebook) © 2014 Pearson Education, Inc. 10

PRODUCT BENEFITS: Attributes, Cont. The Internet increases customer benefits in ways that have revolutionized PRODUCT BENEFITS: Attributes, Cont. The Internet increases customer benefits in ways that have revolutionized marketing. Move from atoms to bits; media, music, software, and other digital products can be presented on the Web. Mass customization is possible for: Tangible products (laptops can be sold at rockbottom prices) Intangible products goods (tremendous flexibility) User personalization of the shopping experience can be achieved. © 2014 Pearson Education, Inc. 11

PRODUCT BENEFITS: Branding A brand includes a name, symbol, or other identifying information. When PRODUCT BENEFITS: Branding A brand includes a name, symbol, or other identifying information. When a firm registers the information with the U. S. Patent Office, it becomes a trademark and is legally protected from imitation. A trademark is a brand name. A trademark or service mark includes any word, phrase, symbol or design, or any combination of used or intended to be used to identify and distinguish the goods / services of one party from those of others and to indicate the source of the goods / services © 2014 Pearson Education, Inc. 12

PRODUCT BENEFITS: Branding, Cont. A brand represents a promise or value proposition to its PRODUCT BENEFITS: Branding, Cont. A brand represents a promise or value proposition to its customers. Delivering on this promise builds trust, lowers risk, and helps customers by reducing stress of making product switching decisions. A brand is a way for companies to differentiate themselves from competitors. Customers and prospects become aware of brands and develop beliefs and attitudes based on every brand contacts, also called touch points through: One–way media; e. g. advertising & packaging Two–way communication; e. g. conversations with customer service on phone, email… © 2014 Pearson Education, Inc. 13

PRODUCT BENEFITS: Branding, Cont. A Great Brand Intersects with Popular Culture Brand equity is PRODUCT BENEFITS: Branding, Cont. A Great Brand Intersects with Popular Culture Brand equity is the intangible value of a brand, measured in dollars. A great brand taps into popular culture and touches consumers “Sweet Spot” Popular culture trends in entertainment, sports… Thus, many firms use celebrities as spokes-people and sponsor sporting events. © 2014 Pearson Education, Inc. Skype sweet spot brought internet telephony to the global masses. Linked. In hit the spot for business networking. 14

PRODUCT BENEFITS: Branding, Cont. Brand Relationships and Social Media Five possible levels of brand PRODUCT BENEFITS: Branding, Cont. Brand Relationships and Social Media Five possible levels of brand relationship intensity Advocacy Community Connection Identity Awareness © 2014 Pearson Education, Inc. 15

PRODUCT BENEFITS: Branding, Cont. Brand Relationships and Social Media The explosion of social media PRODUCT BENEFITS: Branding, Cont. Brand Relationships and Social Media The explosion of social media sites escalates the brand relationship process with peer-to-peer communication about brands. Ernst & Young found that 63% of entertainment and media CEOs used social media for brand buildings. Forrester Research identified 3 roles for social media in branding: Build trust. Differentiate the brand. Nurture consumers to build brand loyalty. © 2014 Pearson Education, Inc. 16

PRODUCT BENEFITS: Branding, Cont. Branding Decisions for Web Products Online companies must answer the PRODUCT BENEFITS: Branding, Cont. Branding Decisions for Web Products Online companies must answer the question: What brand names, to online products, should be applied? 1. Firms can use existing brand names (Amazon) or create new brands on the Internet. Some firms may use different names offline and online for several reasons To avoid risk if the new product or channel should fail. Sports Illustrated created thriveonline. com. To reposition the offline brand if the new product or channel succeeds (e. g. NBC & MSNBC) Differentiation the online version brand from the offline Wired magazine changed its online version name to Hotwired. © 2014 Pearson Education, Inc. 17

PRODUCT BENEFITS: Branding, Cont. Branding Decisions for Web Products, Cont. 2. Creating New Brands PRODUCT BENEFITS: Branding, Cont. Branding Decisions for Web Products, Cont. 2. Creating New Brands for Internet Marketing Good brand names should: Suggest something about the product (My. Space. com) Differentiate the product from competitors. Be suitable for legal protection. On the Internet, a good brand name should be short, memorable, easy to spell, and translate well into other languages Dell Computer at dell. com vs Hammacher Schlemmer hammacher. com the gift retailer. © 2014 Pearson Education, Inc. 18

PRODUCT BENEFITS: Branding, Cont. Branding Decisions for Web Products, Cont. 3. Co-Branding: Occurs when PRODUCT BENEFITS: Branding, Cont. Branding Decisions for Web Products, Cont. 3. Co-Branding: Occurs when two different companies form an alliance to work together and put their brand names on a product: • • Sports Illustrated co-brands with CNN as CNNSI. Yahoo! Has joined with TV Guide and Gist to provide TV listings. Microsoft and NBC formed msnbc. com Earth. Link (the 6 th largest ISP) joined with Sprint (the telephone company) in 1998 to provide ISP services, with a new name Earthlink-Sprint name and logo. © 2014 Pearson Education, Inc. 19

PRODUCT BENEFITS: Branding, Cont. Branding Decisions for Web Products, Cont. 4. Internet Domain Names PRODUCT BENEFITS: Branding, Cont. Branding Decisions for Web Products, Cont. 4. Internet Domain Names Much time and money is spent developing powerful, unique brand names A URL (Uniform Resource Locator) is a website address. Also called IP (internet protocol) address and domain name. Domain names contain several levels hostnames, subdomains, top-level domains http: // indicates that the browser should expect data using the hypertext protocol. “www” is no longer necessary and most sites register their name with and without it. The top-level may be. com or a country name, such as . sa for Saudi Arabia or. uk for the United Kingdom. © 2014 Pearson Education, Inc. 20

PRODUCT BENEFITS: Branding, Cont. Branding Decisions for Web Products, Cont. Internet Domain Names, Cont. PRODUCT BENEFITS: Branding, Cont. Branding Decisions for Web Products, Cont. Internet Domain Names, Cont. The Internet Corporation for Assigned Names and Numbers (ICANN) is a non-profit corporation that makes decisions about protocol and names. . xxx and. post are two recently-approved extensions. Go. Daddy and other sites provide domain registration services at low cost (12. 99 $ a year). Largest Top-Level Domain Names © 2014 Pearson Education, Inc. 21

PRODUCT BENEFITS: Branding, Cont. Branding Decisions for Web Products, Cont. 4. Internet Domain Names, PRODUCT BENEFITS: Branding, Cont. Branding Decisions for Web Products, Cont. 4. Internet Domain Names, Cont. More than 97% of words in the dictionary have already been registered as domain names. Organizations should purchase alternative or related names and spellings. Coca-Cola owns cocacola. com, coca-cola. com and coke. com, among others. Picking the right domain name can make a huge difference in: Directing people correctly to a site. Building consistency in marketing communications. E. g. Time Warner’s Pathfinder, www. pathfinder. com © 2014 Pearson Education, Inc. 22

PRODUCT BENEFITS: Support Services Customer support, during and after purchases, is a critical component PRODUCT BENEFITS: Support Services Customer support, during and after purchases, is a critical component in the value proposition. Customer service reps help customers with installation, maintenance, product guarantees, service warranties, etc. to increase customer satisfaction. Click-and-brick organization’s combine online and offline service to maximize the customer experience and minimize downtime and frustrations. Comp. USA, Inc. combines online and offline channels to increase customer support. Customer service as a product benefit is an important part of customer relationship management (CRM) © 2014 Pearson Education, Inc. 23

PRODUCT BENEFITS: Labeling Labels identify Brand names Sponsoring firms Product ingredients Provide instructions Create PRODUCT BENEFITS: Labeling Labels identify Brand names Sponsoring firms Product ingredients Provide instructions Create product recognition Labeling has digital equivalents in the online world. Online labels provide information about product usage and features. Online labels also provide extensive legal information about copyright use on their webpage (Microsoft). Online firms may add the Better Business Bureau logo or TRUSTe privacy shield. © 2014 Pearson Education, Inc. 24

E-MARKETING ENHANCED PRODUCT DEVELOPMENT Developers are forced to combine digital text, graphics, video, and E-MARKETING ENHANCED PRODUCT DEVELOPMENT Developers are forced to combine digital text, graphics, video, and audio, and use new Internet delivery systems. They must also integrate front-end customer service operations with back-end data collection. Factors that affect product development and product mix strategies with new technologies are: 1. Customer Co-design via Crowdsourcing 2. Internet Properties Spawn Other Opportunities 3. New-Product Strategies for E-Marketing © 2014 Pearson Education, Inc. 25

E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. 1. Customer Co-design via Crowdsourcing The Internet has produced E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. 1. Customer Co-design via Crowdsourcing The Internet has produced several successful & unusual business partnerships for both business & consumer collaboration. Partners form synergistic clusters to help design customer products that deliver value The Internet allows collaboration electronically among consumers and across international borders. © 2014 Pearson Education, Inc. 26

E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. 1. Customer Co-design via Crowdsourcing (Cont. ) Software developers E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. 1. Customer Co-design via Crowdsourcing (Cont. ) Software developers often seek customer input as they develop new products Good marketers look for customer feedback to improve products. Such as allowing users to download beta version products, test them, and provide feedback (LEGO software for creating virtual Designs) Some set up sites to gather customer ideas and input: Dell’s ideastorm. com. Sometimes this feedback comes undesirable because of video posting sites and “word of mouse”. © 2014 Pearson Education, Inc. 27

E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. 1. Customer Co-design via Crowdsourcing (Cont. ) Research suggests E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. 1. Customer Co-design via Crowdsourcing (Cont. ) Research suggests that customer interaction in the early and late stages of development increase product success Today, some organizations allow customers to create Web site content on their sites (Amazon: reviews) Many firms allow customers to assist in website creation Blogs set up to gather customer ideas and input. Community bulletin boards RSS (really simple syndication) XML © 2014 Pearson Education, Inc. 28

E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. 2. Internet Properties Spawn Other Opportunities The Internet spawns E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. 2. Internet Properties Spawn Other Opportunities The Internet spawns new and unusual product opportunities (GPS) The Internet is the great information equalizer which means Fierce competition Lots of product imitation Short product life cycles Firms are forced to create, develop, and release innovations in a matter of days or hours, rather than months. © 2014 Pearson Education, Inc. 29

E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. 3. New-Product Strategies for E-Marketing Many new products, such E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. 3. New-Product Strategies for E-Marketing Many new products, such as You. Tube, Yahoo!, and Twitter, were introduced by “one-pony” firms (that introduce one successful online product and build the firm around that product) Other firms have added internet products to an already successful product mix (Microsoft). Product mix strategies can help marketers integrate offline and online strategies. Companies can choose among six categories of newproduct strategies, based on marketing objectives, risk tolerance, resource availability, etc. © 2014 Pearson Education, Inc. 30

E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. 3. New-Product Strategies (Cont. ): Product Mix Strategies 1. E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. 3. New-Product Strategies (Cont. ): Product Mix Strategies 1. Discontinuous innovations are new-to-the-world products. The highest-risk strategy. Shopping agents, Search engines, Social networking A Disruptive innovation changes the existing market in a strong way Digital music downloads disrupted the CD Market. 2. New-product lines when firms take an existing brand name and create new products in a completely different category Microsoft Internet Explorer (Netscape was already available) © 2014 Pearson Education, Inc. 31

E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. New-Product Strategies (Cont. ): Product Mix Strategies 3. Additions E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. New-Product Strategies (Cont. ): Product Mix Strategies 3. Additions to existing product lines when organizations add a new flavor, size or other variation to a current product line. The USA Today (slightly different version than hard copy) Google (many different product lines) 4. Improvements or revisions of existing products line – “new and improved” Web 2 Mail. com Hotmail Yahoo web mail © 2014 Pearson Education, Inc. 32

E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. New-Product Strategies (Cont. ): Product Mix Strategies 5. Repositioned E-MARKETING ENHANCED PRODUCT DEVELOPMENT, Cont. New-Product Strategies (Cont. ): Product Mix Strategies 5. Repositioned products current products that are targeted to different markets or promoted for new users Yahoo (from search engine to portal to Life Engine) MSNBC (younger viewers) 6. Me-too lower-cost products (price advantage) introduced to compete with existing brands by offering a price advantage, the least-risky strategy Earth. Net (dropped prices against AOL) © 2014 Pearson Education, Inc. 33

A Word About Return On Investment (ROI) Marketers need a way to measure the A Word About Return On Investment (ROI) Marketers need a way to measure the success of a company; ROI has been the generally accepted method. This type of assessment is especially important when introducing new products, online or offline. Many experts are requiring a break-even point within 3 months of inception to okay an online project. © 2014 Pearson Education, Inc. 34

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