Branding & Products vs. Services Flashcards
What is a Brand?
A NAME, TERM, DESIGN, or other features that identifies one marketer’s product as distinct from those of other marketers
What is the Value of Branding to Buyers?
Helps to FACILITATE consumer purchases by identifying specific preferred products that SATISFY their needs.
Without BRANDS, product selection would be quite random and based mostly on price.
What is the Value of Branding to Sellers?
IDENTIFIES and DIFFERENTIATES a firm’s products from competing products and FOSTERS the development of brand LOYALTY.
What is Brand Equity?
The marketing and FINANCIAL VALUE associated with a brands strength in a market.
What are the Major Elements of Brand Equity?
Brand Awareness
Brand Association
Perceived Brand Quality
Brand Loyalty
What are the Branding Decisions?
- Selecting a Brand Name
- Brand Sponsorship
- Brand Development
What is a Product?
A good, service or idea received in an exchange
A good is a tangible physical entity
A service is a mostly intangible result of the application of human and mechanical efforts to people or objects
An idea is a concept, philosphy, image or issue
What are the 3 types of Consumer Products?
- Convenience products
- Shopping products
- Specialty products
What are the types of Business Products?
- Installations
- Accessory equipment
- Component Parts
- Raw materials
- Process Materials
- MRO Supplies (Maintenance, Repair and operating items)
- Business Services
The Nature of Services:
Services are highly intangible products involving deeds, performance or efforts that cannot be physically possessed.
Service Characteristics and Marketing Challenges:
INTANGIBILITY - Customer does not take physical possession
Inseparability - Service provider cannot mass produce services and difficult to distribute
Perishability - Services cannot be stored and demand could be time sensitive
Heterogeneity - Service quality can be difficult to control and standardise
Client-based Relationship - Relationships become critical
Customer Contact
