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Marketing Chapter 10

Terms in this set (90)

Product
Everything, both tangible and unfavorable, that a person receives in an exchange.

1) Tangible Goods

2) Services

3) Ideas.
Tangible goods, Services, Ideas.
What are 3 forms of a product?
Starting point
The product offering, the heart of an organization marketing program, is usually the _______ _______ in creating a marketing mix.
Tangible goods, Services, Ideas.
To most people the term product means a ________ __________, however, __________ and __________ are also products.
Convenience, Shopping, Speciality, Unsought.
What are the 4 types of Consumer Products?
Convenience
(Types of Consumer Products)

1) Inexpensive items that merit little shopping effort.

Ex. Candy, Soft Drinks, Deodorant, Aspirin, Dry Cleaning.
Shopping
(Types of Consumer Products)

1) More expensive and found in fewer stores.

Ex.

1) Homogeneous Shopping Items- Washers, Dryers, Television

2) Heterogenous Shopping Items- Furniture, clothing, housing, universities.
Homogeneous
(Shopping)

________________ Shopping Items-

1) Washers
2) Dryers
3) Television
Heterogenous
(Shopping)

_______________ Shopping Items-

1)Furniture
2) clothing
3) housing
4) universities.
Speciality
(Types of Consumer Products)

___________: Particular items for which consumers search extensively and are reluctant to accept substitutes.

Ex. Fine Watches, expensive automobiles, gourmet Restaurants.
Unsought
(Types of Consumer Products)


___________: Products unknown to the potential buyer or known products that the buyer does not actively seek.

Ex. New Products, Insurance, Burial Plots, Encyclopedias.
Items
Product ___________: Specific versions of a product that can be designated as a distinct offering among an organizations products.
Lines, line depth
Product _________: Groups of closely related product items.


1) Product ________ _________: Is the number of product items in a product _________.
mixes, mix width (breadth)
Product __________: All products that an organization sells.

1) Product __________ ___________ (or ____________): refers to the number of product lines an organization offers.
single product
(Product Items, lines, and mixes)

Rarely does a company sell a ________ ________. Instead, it sells a variety of product items that may be categorized into product lines and product mixes.
Advertising economies, Package uniformity, standardized components, Efficient sales and distribution, Equivalent quality
What are the 5 benefits of product lines?
Advertising economies
(Benefits of product lines)

_________ ___________: Product lines provide economies of scale in advertising.
Package Uniformity
(Benefits of product lines)

_________ __________: Packages in the product line may have a common look but continue to maintain their individual identities.
Standardized Components
(Benefits of product lines)

______________ _____________: Product lines allow firms to __________ ______________, thus reducing manufacturing and inventory costs.
Efficient sale and distribution
(Benefits of product lines)

________ ___________ and ____________: A product line enables a full range of choices to customers, which results in better distribution and retail coverage.
Equivalent Quality
(Benefits of product lines)

__________ ____________: All products in a line are perceived as having similar quality.
Product Modification, Product Repositioning, Product Line extension, Product Contraction.
What are the 4 strategies for Adjustments?
Planned Obsolescence
____________ __________: part of Product Modification

1) Practice of modifying products so those that have already been sold become obsolete before they actually need replacement.
Product Modification
___________ ____________: Changing one or more characteristics of a product.

1) Includes Modifications in...

a) Quality
b) Function
c) Style

2) Planned Obsolescence
Quality, style, function
What 3 modifications are included in Product Modification?
Quality
(Product Modification)

___________ Modification: Change in a products dependability or durability.
Functional
(Product Modification)

___________ Modification: Change in a products...

1) Versatility
2) Effectiveness
3) Convenience
4) Safety.
Style
(Product Modification)

__________ Modification: an aesthetic product change (like color) rather than quality or functional change
Repositioning
__________________: Factors that motivate a firm to reposition an established brand.

1) changes consumers perception of a brand.
Changing demographics, declining sales, and changes in social environment
What 3 things often motivate firms to reposition established brands?
Product Line extension
Product _________ __________:Adding additional products to an existing product line.

Slide notes: A product can add too many products, or demand can change for the type of products that were introduced over time.
overextended
(Product Line extension)

Product lines can be _______________ when:

1) Products do not contribute profits
2)Manufacturing or marketing resources are disproportionately allocated.
3) Items in the line are obsolete.
Product Line Contraction
Product ________ __________: is a strategic way to deal with overextension.
concentrated, new-product
Benefits of Product line Contraction are...

1) Resources become _______________ on the most important products.

2) Managers do not waste resources trying to improve the sales and profits of poorly performing products.

3) ________-_________ items have a chance of being successful owing to availability of financial and human resources.
Brand
_____________:
1) Name
2) Term
3) Symbol
4) Design or
5) Combination.... that identifies a sellers products and differentiates them from competitors products.

Brand name & Brand Mark.
Names, term, Symbol, Design, combination
What are the 5 different forms of a Brand?
Brand Name
___________ __________: Part of a brand that can be spoken, including...

1) Letters
2) Words
3) Numbers
Brand Mark
________ __________: Elements of a brand that cannot be spoken.
Product Identification, Repeat sales, New product sales.
Branding has 3 main purposes...
Contraction
(Benefits of Branding)

Benefits when a Product line ___________ occurs.

1) Product Identification
2) New-Product sales
3) Repeat Sales.
1) Brand Equity
2) Global Brand
3) Brand Loyalty
(Benefits of Branding)

3 terms associated with Product Identification:
Brand Equity
(Benefits of Branding: Product Identification)

_________ ___________: Value of a company or brand name
Global Brand
(Benefits of Branding: Product Identification)

_________ __________:Brand that obtains at least 1/3 of tis earnings from outside its home country.
Brand Loyalty
(Benefits of Branding: Product Identification)

__________ __________: Consistent preference for one brand over all others.
Individual
(Individual Brands Versus Family Branding)

____________ Branding: Using different brand names for different products
Family
(Individual Brands Versus Family Branding)

__________ Branding: Marketing several different products under the same brand name.
Individual
(Individual Brands Versus Family Branding)

Companies us __________ Branding when their products vary greatly in use of performance
Co-Branding
_____-____________: Placing 2 or more brand names on a product.

1) Is a useful strategy when a combination of brand names enhances the prestige or perceived value of a product or when it benefits brand owners and users.
Ingredient, Cooperative, Complementary--- Branding
What are the 3 types of Co-Branding?
Ingredient
(Co-Branding)

______________ Branding: Identifies the brand of a part that makes up the product.
Cooperative
(Co-Branding)

_____________ Branding: Occurs when 2 brands receiving equal treatment borrow from each others brand equity.
Complementary
(Co-Branding)

____________ Branding: Suggests usage by advertising and marketing products that are used together.
Manufacturers
1) heavily consumer ads by manufacturers help build consumer loyalty.

These are examples of Advantages of Carrying ____________ brands.
Manufacturers
2) Well known manufacturers brands attract new customers and enhance dealers prestige.

These are examples of Advantages of Carrying ____________ brands.
Manufacturers
3) Manufacturers offer rapid delivery, enabling the dealer to carry less inventory.

These are examples of Advantages of Carrying ____________ brands.
Manufacturers
4) loyalty to the dealer

These are examples of Advantages of Carrying ____________ brands.
Private
1) Wholesaler or retailer can earn higher profits on tis own brand.

These are examples of Advantages of Carrying ____________ brands.
Private
2) Manufacturers can drop a brand or a reseller at any time or even become a direct competitor of it dealers

These are examples of Advantages of Carrying ____________ brands.
Private
3) A ___________ brand ties the customer to a wholesaler or retailer.

These are examples of Advantages of Carrying ____________ brands.
Private
4) Wholesalers and retailers have no control over the intensity of distribution of manufacturers brand.

These are examples of Advantages of Carrying ____________ brands.
Captive Brands
____________ ________________: are brands manufactured by a 3rd party for an exclusive retailer, without evidence of that retailers affiliation.
Captive
1) Sold exclusively at the chains

These are examples of Advantages of Carrying ____________ brands.
Captive
2) Retailers can ask a price similar to that of manufacturers brands

These are examples of Advantages of Carrying ____________ brands.
Trademarks
________________: Exclusive rights to use a brand or parts of a brand.

1) Others are prohibited to use the brand without permission

2) Service Mark
Service Mark
(Trademark)

____________ ___________: Trademark for a service
Intent-to-use,
(Steps to register a trademark)

1) ________- to -________ application is filed with the U.S. Patent and trademark office.

2) Company should have a genuine intention to use the mark.

3) Company should use it within ____ years of the granting of the application
Trademark
(Trademark)

Parts of a brand or other product identification may qualify for __________ protection.

1) Companies that fail to protect ___________ face the risk of their product names becoming generic.

List includes:

Aspirin, Cellophane, Thermos, Monopoly, Cola, Shredded Wheat.
Digital Millennium Copyright Act (DMCA)
(Trademark)

__________ _________ __________ Act: Explicitly applies trademark law to the digital world.

1) Includes financial penalties for those who:

a) Violate Trademarks
b) Register an otherwise trademarked term.

2) Generic Product Name
Generic Product Name
Identifies a product by class or type and cannot be trademarked
Promotes
(Functions of Packaging)

1) contains and protects products.

2) __________ Products

3) Facilitates Store, use, and convenience of products.

4) Facilitates recycling and reduces environmental damage.
Persuasive and Informational Labeling
What are the 2 forms of labeling?
Persuasive
___________ Labeling: Focuses on a promotional theme or logo

1) Consumer information is secondary.
Informational
___________ Labeling: Helps consumers make proper product selection.

1) Lowers a consumers cognitive dissonance after the purchase.
Greenwashing
(Labeling)

____________: Attempts to give the impression of environmental friendliness.
Universal Product Codes (UPCs)
________ __________ ________: Series of thick and thin vertical lines (Bar codes) readable by computerized optical scanners.

1) Represent numbers used to track products

2) First introduced in 1974

3) Helps retailers prepare records of customer purchases, control inventories, and track sales.
1) One brand name everywhere------- 2) Adaptation and modifications---------- 3) Different brand names in different markets.
(Global Issues in Branding)

When entering a foreign market with an existing product, a firm has 3 options for handling the brand name:
One brand name everywhere
(Global issues in Branding)

: Coca Cola uses this strategy in more than 195 countries around the world.

1) This strategy allows greater recognition of the product and easier promotional coordination from market to market.
Adaptations and Modifications
(Global issues in Branding)

: Used when the name cannot be pronounced or interpreted successfully in a different language.
Different Brand names in different markets
(Global issues in Branding)

: Local brand names are used when translation or pronunciation problems occur, when the marketer wants the brand to appear to be a local brand, or when regulations require localization.
Labeling------- Aesthetics-------- Climate Considerations
What are the 3 Global issues in Packaging?
Labeling
(Global Issues of Packaging)

____________: The major labels concern is the proper translation of...

1) Ingredient
2) Promotional and
3) Instructional information on label.
Aesthetics
(Global Issues of Packaging)

____________: Package ____________ are important from a cultural perspective.

1) Ex. Colors may have different connotations in different countries.

2) Package size is influenced by the

a) availability of refrigeration
b) amount of storage space
c) and purchasing power of buyers.
Climate Considerations
(Global Issues of Packaging)

__________ __________: Extreme Climates and long-distance shipping necessitate sturdier packages.

1) Packages may need a longer shelf life.
Warranty----- Express Warranty-------- Implied Warranty
What are the 3 Product Warranties?
Warranty
______________:Confirmation of the quality or performance of a good or service
Express
_____________ Warranty: Written Guarantee
Implied
__________ Warranty: Unwritten guarantee that the good or service is fit for the purpose for which it was sold.
Magnuson-Moss warranty Federal Trade Commission Improvement Act (1975)
: Helps consumers understand warranties.

1) Gets action from manufacturers and dealers
Product
______________ Warranties: Manufacturers that promise a full warranty must meet certain minimum standards.

1) Includes repair of any defects and full replacement of the merchandise or a full refund.

2) Limited Warranty
Limited
_________ Warranty: Any warranty that does not live up to this tough prescription must be "conspicuously" promoted.
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