BASIC CONCEPT OF MARKETING 2 - PRODUCT BRANDING- PRODUCT PACKAGING- COSTING AND PRICING (SS2 DATA PROCESSING)

 BASIC CONCEPT OF MARKETING 2 

 PRODUCT BRANDING - PRODUCT PACKAGING  PRODUCT COSTING AND PRICING

MEANING OF PRODUCT BRANDING 

Product branding refers to the process of creating and promoting a unique identity for a specific product or line of products. Effective branding helps consumers recognize and remember a product, differentiate it from similar offerings in the market. Effective product branding helps companies differentiate themselves from competitors

Key elements of product branding include:

a. Brand name

b. Logo and design

c. Brand messaging- through slogans, taglines, and other marketing messages

d. Brand consistency- Maintaining a consistent brand image across all touchpoints and marketing channels

MEANING OF PRODUCT PACKAGING

Product packaging refers to the physical materials and design elements used to enclose and present a product to consumers. Well-executed packaging can create a positive and memorable experience for consumers, contributing to the success of the product and the brand.

PRODUCT COSTING AND PRICING

Product costing and pricing are two interconnected processes that play a vital role in determining the financial aspects of a product, including its production costs and the price at which it will be sold in the market.

Factors to consider when setting a product price include:

(a) Cost-based pricing:

(b) Market-based pricing

(c) Pricing strategies:

(d) Value-based pricing