4.5(a) - Product Flashcards
The seven Ps of the marketing mix -
Brand
refers to a name that is identifiable with a product of a particular business
Brand awareness
measures the extent to which people recognise a particular brand
Brand development
refers to the ongoing and long-term marketing process of improving and enlarging the brand name in order to boost sales revenue and market share
Brand loyalty
occurs when customers buy the same brand of a product repeatedly over time
Brand switching
occurs when consumers turn to alternative brands mainly because the original brand has lost some of its former appeal
Brand value
refers to the premium that customers are willing to pay for a brand name over and above the value of the product itself
Branding
refers to the practice of using an exclusive name,, symbol or design to identify a specific product or organisation
Consumer goods
are products bought for personal consumption, such as furniture, computers and fresh flowers
Customer loyalty schemes
are a form of sales promotion used to entice customers to stick to the brand by rewarding devoted customers
Extension strategies
are attempts by marketers to lengthen the life cycle of a particular product, typically used during the maturity or early decline stages of the product’s life cycle
Genericised brands
are so popular that they become synonymous with the name of the product itself. e.g Kleenex
Global brands
are highly popular products sold with exactly the same (or very similar) marketing strategies in overseas markets, using the same brand name in different countries
Innovators
are consumers who strive to be the first to own a certain product, usually due to prestige or loyalty to a particular brand or product
Intangible products
are non-physical services, such as haircuts, bus rides and visits to the cinema
Logos
are a form of branding that uses a visual symbol to represent a business, its brands or its products
Marketing myopia
exists when a business becomes complacent about its product strategy, thereby failing to keep up with market changes
Multi-brand strategy
involves a business developing two or more brands in the same product category e.g Nestlé with Kitkat and Nespresso
Producer goods
are products purchased for commercial (business) use, rather than for private consumption
Product
refers to any physical or non-physical item (good or service) that is purchased by commercial or private customers.
Product cannibalisation
occurs when brands from the same business directly compete with each other
Product differentiation
refers to any strategy used to make a product appear to be distinct from others, such as quality branding and packaging.
The product life cycle
refers to the typical process that products go through from their initial design and launch to their eventual decline and withdrawal at varying speeds
Product portfolio
refers to the collection of products owned by an organisation at any one point in time
Prototype
is a trial product, produced to assess the potential success of the product
Slogans
are catchphrases used to represent the essence of a business or its products in a memorable way
Tangible products
are physical goods, such as cars, computers and smartphones
Test marketing
is the trialling of a new product with a sample of customers, perhaps in a limited geographical area, to determine the reactions of customers and to gather valuable feedback before a full launch
Trademark
gives legal protection to the owner to have exclusive use of the brand name
