8. Product, Services and Branding Strategy Flashcards
Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything
Service
Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or a need
Product
Most basic level of products and services
Addresses the question of what is the buyer really buying?
Core customer value
The second level of products and services where product planners develop product and service features, design, a quality level, a brand name and packaging
Actual product
Additional consumer services and benefits around the core benefit and actual product
Augmented product
Product bought by final consumer for personal consumption
Consumer product
Consumer product that the customer usually buys frequently, immediately and with minimum comparison and buying effort
Convenience product
Consumer product that the customer, in the process of selection and purchase, characteristically compares in bases such as suitability, quality, price and style
Shopping product
Consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
Speciality product
Consumer product that the consumer either does not know about or knows about but does not normally think of buying
Unsought product
Product bought by individuals and organisations for further processing or for use in conducting a business
e.g. materials and parts, capital items, supplies and services
Industrial product
The use of commercial marketing concepts and tools in programs designed to influence individual’s behaviour to improve on their well-being and that of society
Social marketing
The important decisions in he development and marketing of individual products
e.g. decisions about product attributes, branding, packaging, labelling and product support services
Individual product decisions
The characteristics of a product or service that best on its ability to satisfy stated or implied customer needs
Product quality
A name, term, sign, symbol or design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors
Brand
The activities of designing and producing the container or wrapper for a product
Packaging
A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types if outlets or fall within given price ranges
Product line
The set of all product lines and items that a particular seller offers to use
Product mix (or product portfolio)
The positives differential effect that knowing the brand name has on customer response to the product and service
Brand equity
Brand positioning
Brand name selection
Brand sponsorship
Brand development
Major brand strategy decisions
A brand created and owned by a reseller of a product or service
Private brand (or store brand)
The practice of using the established brand names of two different companies on the same product
Co-branding
What are the four choices of brand development?
Line extensions
Brand extensions
Multibrands
New brands
Extending an existing brand name to new forms, colours, sizes, ingredients or flavours of an existing product category
Line extension
