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Terms in this set (23)
Components of a Product (3)
1. Core Customer Value
2. Actual Product- Brand name, quality level, packaging, features/designs
3. Associated Services- Financing, product warranty, product support
What are the 4 types of consumer products?
Specialty- Customers express such a strong preference that they will expend considerable effort to search for the best suppliers
Shopping- Products or services for which consumers will spend a fair amount of time comparing alternatives.
Convenience- Products for which the consumer is not willing to expend any effort to evaluate prior to purchase
Unsought- Products that consumers either do not normally think of buying or do not know about.
The complete set of all products and services offered by a firm
groups of associated items, such as items that consumers use together or think of as part of a group of similar products.
What is the difference between product line breadth versus depth?
Breadth- Number of product lines
Depth- Number of categories within a product line
Why change product line breadth?
Increase: to capture new or evolving markets and increase sales
Decrease: Address changing market conditions or meet internal strategic priorities.
Why change product line depth?
Increase: Address changing consumer preferences or preempt competitors while boosting sales
Decrease: Realign the firm's resources.
What makes a brand? (6)
-Logos and symbols
What is the value of branding for the customer?
1. Facilitate Purchasing
2. Establish Loyalty
3. Protect from Competition
4. Are Assets
5. Impact Market Value
The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.
What are the components of brand equity?
Brand awareness- how many consumers in a market are familiar with the brand and what it stands for.
Perceived value- The relationship between a product's benefits and its cost.
Brand Associations- Reflect the mental and emotional links that consumers make between a brand sand its key product attributes.
Brand Loyalty- Consumer buys the same brand's product or service repeatedly over time.
Owned and managed by the manufacturer.
Products developed by retailers.
The practice of marketing two or more brands together, on the same package or promotion.
What is the difference between brand extension and line extension?
Brand extension refers to the use of the same brand name in a different product line.
Line extension is the use of the same brand name within the same product line and represents an increase in a product line's depth.
Brand repositioning (rebranding)
A strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences.
reflects the mental links that consumers make between a brand and its key product attributes, such as a logo, slogan, or famous personality.
the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.
the use of the same brand name for new products being introduced to the same or new markets.
contractual agreement between firms, whereby one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee.
occurs when a consumer buys the same brand's product or service repeatedly over time rather than buy from multiple suppliers within the same category.
the relationship between a product or service's benefits and its cost.
Product assortment (product mix)
the complete set of all products offered by a firm
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