Ch 10 Products and Branding Flashcards
Define a Product
It includes the core product itself, its supplemental features, and its symbolic or experiential value
Define:
The Core Product
The product’s fundamental utility or main benefit
Addresses the basic needs of the consumer
Define:
Supplemental Features
Provide added value or attributes in addition to a product’s core utility
Help differentiate the brand
What are the three types of benefits
Functional
Social
Psychological
Identify and define the two classifications of products
Consumer Products:
Products purchased to satisfy personal and family needs
Business Products:
Products bought to use in an organization’s operations, to resell, or to make other products
Identify four types of Consumer Products
Convinience Products
Shopping Products
Specialty Products
Unsought Products
Define:
Convenience Products
Relatively inexpensive, frequently purchsed items
Buyers exert minimal purchasing effort
Packaging is most important here
Define:
Shopping Products
Items for which buyers are willing to expend considerable effort in planning and making purchases
This is the opposite end of the spectrum from Convienence products
Define:
Specialty Products
Items with unique characteristics that buyers are
willing to expend considerable effort to obtain
Are preselected by the consumer
Have no close substitutes or alternatives
Define:
Unsought Products
Products purchased to solve a sudden problem, products of which the customers are unaware, products that people will pay to avoid
and products that people do not necessarily think about buying
What are the seven classifications of Business Products
Instillations
Accessory Ecquipment
Raw Materials
Component Parts
Process Materials
MRO Supplies
Business Services
Define:
Installations
Facilities and non-portable major equipment
Office buildings, factories and warehouses,
production lines, very large machines
# Define: Accessory Equipment
Equipment that does not become part of the final physical product but is used in production or offics activities
File cabinets, small motors, calculators, and tools
Define:
Raw Materials
Basic natural materials that become part of a physical product
DO NOT RETAIN THEIR IDENTITY
Ores, water and lumber
Define:
Component Parts
Items that become part of the physical product
DO RETAIN THEIR IDENTITY
Define:
Process Materials
Materials that are not readily identifiable when used directly in the production of other products
DO NOT RETAIN THEIR IDENTITY
such as screws, knobs, and handles
Define:
MRO (Maintenance, Repair and Operating)
Items that facilitate production and do not become part of the finished product
such as cleaners, rubber bands, and staples
Define:
Business Services
The intangible products that many orgnaizations use in their operations
such as cleaning, legal, consulting, and repair services
Product Item
A specific version of a product that can be designated as a distinct offering among a firm’s products
Product Line
A group of closely related product items viewed as a unit because of marekting, technical or end-use considerations
# Define: Depth of Product-Line
the number of items in a line
Product Mix
The total group of products (all items) that an organization makes available to customers
Define:
Width of a Product Mix
The number of product lines that a company offers
What are the four Stages of the product life cycle
What happens in the introduction phase
The initial stage of a product’s life cycle
Sales are at zero and profits are negative
What happens during the Growth Stage
The stage of a products life cycle when sales rise rapidly and profits reach a peak and then start to decline
Focus is on segmentation
More Competitors enter the market
What happens during the Maturity stage
The stage of a product’s life cycle when the sales curve peaks and starts to decline and profits continue to fall
Emphasis on improvements and differences in competitors’ products
What happens in the Decline
The stage of a product’s life cycle when sales fall rapidly
Could be planning to phase out the product
What are the categories of product adoption process
Innovators: first adopters of new products
Early Adopters: careful choosers of new products
Early Majority: those adopting new products just before the average person
Late Majority: Skeptics who adopt new products when they feel it is necessary
Laggards: The last adopters who distrust new products
Brand
A name, term, design, symbol, or any other feature that identifies one marketer’s product as distinct from those of other marketers
Brand Name
The part of a brand that can be spoken
Brand Mark
The part of a brand not made up of words
Trademark
A legal designation of exclusive use of a brand
Registered
Trade Name
Full legal name of an organization
i.e. American Telephone and Telegraph Corporation (AT&T)
Define and Identify the four parts of Brand Equity
Define: The marketing and financial value associated with a brand’s strength in a market
4 Parts: Brand Name Awareness
Brand Loyalty
Percieved Brand Quality
Brand Associations
Define Brand Name Awareness
Familiarity and Acceptability
Define:
Brand Loyalty
A customers favorable attitude and behavioral predisposition toward a specific brand
What are the three levels of Brand Loyalty
Brand Recognition: brand is viewed as an
alternative if preferred brand is unavailable or
other brand is unfamiliar
Brand Preference: the degree of brand loyalty
in which a customer prefers one brand
over competitive offerings
Brand Insistence: The degree of brand loyalty
in which a customer strongly prefers a
specific brand and will accept no substitute
Define Brand Associations
“Linkages” made to help identify product’s benefits, users or uses
Define Percieved Brand Quality
Positioning efforts to portray a level-of-quality that consumers may not be able to judge
or have no basis to judge
What are the three types of brands
Manufacturer Brands: brands initiated by producers
Private Distributor Brands: brands initiated and owned by resellers
Generic Brands: brands indicating only the product category
What are the degrees of protecting of a brand
What are the three types of branding policies
Individual Branding: a policy of naming each product differently
Family Branding: branding all of a firm’s products with the same name
Brand Extension: using an existing brand name on a new product in a different category
What is Co-Branding
Using two or more brands on one product
Brands involved must represent a “complimentary” fit in the minds of consumers
Define Brand Liscensing
An agreement whereby a company permits another organization to use its brand on other products for a licensing fee
What are the Functions of Packaging
Protech the product and maintain its functional form
Provide customer convenience
Promote the Product’s features and uses
Communicate Quality through symbols
Define:
Family Packaging
Similar packaging for all of a firms products or packaging that has one common design element
Define:
Secondary-Use Packaging
Reusable packaging adds customer value
Define:
Category Consistent Packaging
Packaging reflects customer expectations for the expected appearance of products in a category
Define:
Labeling
Providing identifying, promotional, legal, or other information on package labels
Helps identify the product
Support promotional efforts for the product
Provide legally required labeling information
Provide information on product origin
