In order to optimise the product requirements by the consumers, importance should be given to the following elements or components of product mix:
It is the process of using a name, sign, symbol or design to a product. A brand is an identification of a product. The part of the brand which can be spoken is called the brand name. For example, Dettol, Nike, etc.
The part of brand which cannot be spoken but can be recognised is the brand mark. For example, arrow sign of Nike, star of Mercedz, etc. A brand that is given legal protection against its use by other firms is called trade mark.
Customers demand the product by calling its brand name. Thus, it helps in product differentiation. Branding help companies to adopt differential pricing for its product. Customers are ready to accept that price because of its quality. Companies which use their brand name find it easy to market a new product.
It is the act of designing and producing appropriate container or cover for the product.
Level of Packing: There are three levels of packaging:
Primary Package: It refers to immediate packing of product. For example, tube of ointment.
Secondary Package: It refers to additional packaging which gives protection to the product. For example, cardboard box used to keep ointment tube. Such containers and boxes are dispensed units where we start using the inside material from the primary package.
Transportation Packaging or Final Packaging: It refers to further packaging components necessary for storage or transportation. For example, boxes of ointments are transported in corrugated boxes each containing 50 or 100 items.
Packaging protects the product from damage. It helps to identify a product. It enables convenient handling of the product. As package increases the sale of a product, it acts as a silent salesman.
Label is a part on the cover of the product which will devote its name, contents, ownership, expiry date, manufacturing date, etc. A label helps in identifying the product. It is full of information about the product.
It helps in grading the product. It attracts customers because of its colourful packing.