Ch. 10 Product Mgt. Flashcards
Product
anything, both favorable and unfavorable received by a person in exchange for possession, commitment, attention, or short-term use.
Must i be the owner of a product
No, because a product can be tangible(shoes), a service, an idea, etc.
What is the basic goal for purchasing a product ?
it is to receive tangible(packaging, style) and intangible benefits(service) associated with the product.
Types of Products
Business and consumer products
Difference btwn. business and consumer prod.
bus. is used to manufacture other goods (coy.) while consumer prod. is bought to satisfy needs and wants.
Classification of consumer products
Convenience; inexpensive with ltd shopping effort.
Shopping; two types homogenous (distinct mainly by price and features) and heterogenous.
Specialty; unique benefits(I prefer Samsung to iPhone)
Unsought; new products that need to be sold e.g. insurance, casket.
Product item, product line, product mix
Product item; specific version of a product coke
Product line; closely related products offered by a coy. A coke can be in a bottle, can etc.
Product mix; all prod. an org. sells
PM Width; no. of prod. lines an org. offers
PL length; no. of prod. items in a prod. line.
PL depth; diff. versions of a prod. item in a prod. line.
Brand? brand name ?
A name, term, or symbol that differentiates a firm’s products.
Brand name; part of the brand that can be spoken i.e. letters, word then the brand mark is the unspoken word of a brand
Benefits of branding
Prod. Identification - MOST IMPORTANT
Repeat sales
new- product sales
Brand Equity
Set of assets linked to a brand name that adds/ subtracts value e.g. Facebook, WhatsApp- META
Dimensions of Brand equity
Brand Awareness; likelihood that a brand will be recognized - most basic element of BE
Brand Association; subjective thoughts and images of the brand suggests situations.
Brand Loyalty
