Product


The product is the good or service that the business sells to their customers. A business must decide what the good or service looks like, what it does and how it is packaged. The aim is to make it stand out from competitors and meet the needs of its target market.


Elements of the Product: The USP (Unique Selling Point)


The Unique Selling Point (USP) is the one thing that makes a product different from its competitors.


KEYWORDS


It is the reason a customer chooses one good or service over another. A USP can be based on:


» Quality - Stanley’s USP is a stainless steel cup that keeps drinks cold for 11 hours.


» Convenience - Revolut’s USP is easy, instant money transfers through their App.


» Design - Apple’s USP is sleek design and an easy-to-use operating system.


» Ethics - Tony’s Chocolonely’s USP is 100% slave-free chocolate. » Price - Lidl’s USP is low prices on quality goods.


Branding


A brand is the name, logo and image that identify a good or service. A strong brand allows a business to charge a higher price than rivals. It also makes it easier to launch new products to loyal customers who already trust their brand.


Apple’s premium branding allows it to charge more for an iPhone than other smartphone brands with similar features, and there is usually high demand for any new Apple product the company releases.


Own Brands are products sold by a retailer using their own brand name and logo, such as Tesco Finest or Dunnes Stores ‘Simply Better’ range.


Logo and Slogan


A logo is the image the business uses to identify itself. A slogan is a short phrase that customers remember that links to a brand. The ghost logo for Snapchat is instantly recognisable for users. Nike uses the swoosh logo and slogan ‘just do it’ to identify its brand.


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STRAND 2 CHAPTER 21: The marketing mix


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