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Marketing > Ch 10 Products and Branding > Flashcards

Ch 10 Products and Branding Flashcards

1
Q

Define a Product

A

It includes the core product itself, its supplemental features, and its symbolic or experiential value

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2
Q

Define:

The Core Product

A

The product’s fundamental utility or main benefit
Addresses the basic needs of the consumer

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3
Q

Define:

Supplemental Features

A

Provide added value or attributes in addition to a product’s core utility

Help differentiate the brand

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4
Q

What are the three types of benefits

A

Functional

Social

Psychological

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5
Q

Identify and define the two classifications of products

A

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

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6
Q

Identify four types of Consumer Products

A

Convinience Products
Shopping Products
Specialty Products
Unsought Products

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7
Q

Define:

Convenience Products

A

Relatively inexpensive, frequently purchsed items

Buyers exert minimal purchasing effort

Packaging is most important here

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8
Q

Define:

Shopping Products

A

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

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9
Q

Define:

Specialty Products

A

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

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10
Q

Define:

Unsought Products

A

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

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11
Q

What are the seven classifications of Business Products

A

Instillations
Accessory Ecquipment
Raw Materials
Component Parts
Process Materials
MRO Supplies
Business Services

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12
Q

Define:

Installations

A

Facilities and non-portable major equipment

Office buildings, factories and warehouses,
production lines, very large machines

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13
Q 
# Define:
Accessory Equipment
A

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

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14
Q

Define:

Raw Materials

A

Basic natural materials that become part of a physical product

DO NOT RETAIN THEIR IDENTITY

Ores, water and lumber

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15
Q

Define:

Component Parts

A

Items that become part of the physical product

DO RETAIN THEIR IDENTITY

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16
Q

Define:

Process Materials

A

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

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17
Q

Define:

MRO (Maintenance, Repair and Operating)

A

Items that facilitate production and do not become part of the finished product

such as cleaners, rubber bands, and staples

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18
Q

Define:

Business Services

A

The intangible products that many orgnaizations use in their operations

such as cleaning, legal, consulting, and repair services

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19
Q

Product Item

A

A specific version of a product that can be designated as a distinct offering among a firm’s products

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20
Q

Product Line

A

A group of closely related product items viewed as a unit because of marekting, technical or end-use considerations

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21
Q 
# Define:
Depth of Product-Line
A

the number of items in a line

22
Q

Product Mix

A

The total group of products (all items) that an organization makes available to customers

23
Q

Define:

Width of a Product Mix

A

The number of product lines that a company offers

24
Q

What are the four Stages of the product life cycle

A
25
Q

What happens in the introduction phase

A

The initial stage of a product’s life cycle

Sales are at zero and profits are negative

26
Q

What happens during the Growth Stage

A

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

27
Q

What happens during the Maturity stage

A

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

28
Q

What happens in the Decline

A

The stage of a product’s life cycle when sales fall rapidly

Could be planning to phase out the product

29
Q

What are the categories of product adoption process

A

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

30
Q

Brand

A

A name, term, design, symbol, or any other feature that identifies one marketer’s product as distinct from those of other marketers

31
Q

Brand Name

A

The part of a brand that can be spoken

32
Q

Brand Mark

A

The part of a brand not made up of words

33
Q

Trademark

A

A legal designation of exclusive use of a brand

Registered

34
Q

Trade Name

A

Full legal name of an organization

i.e. American Telephone and Telegraph Corporation (AT&T)

35
Q

Define and Identify the four parts of Brand Equity

A

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

36
Q

Define Brand Name Awareness

A

Familiarity and Acceptability

37
Q

Define:

Brand Loyalty

A

A customers favorable attitude and behavioral predisposition toward a specific brand

38
Q

What are the three levels of Brand Loyalty

A

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

39
Q

Define Brand Associations

A

“Linkages” made to help identify product’s benefits, users or uses

40
Q

Define Percieved Brand Quality

A

Positioning efforts to portray a level-of-quality that consumers may not be able to judge
or have no basis to judge

41
Q

What are the three types of brands

A

Manufacturer Brands: brands initiated by producers

Private Distributor Brands: brands initiated and owned by resellers

Generic Brands: brands indicating only the product category

42
Q

What are the degrees of protecting of a brand

A
43
Q

What are the three types of branding policies

A

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

44
Q

What is Co-Branding

A

Using two or more brands on one product

Brands involved must represent a “complimentary” fit in the minds of consumers

45
Q

Define Brand Liscensing

A

An agreement whereby a company permits another organization to use its brand on other products for a licensing fee

46
Q

What are the Functions of Packaging

A

Protech the product and maintain its functional form

Provide customer convenience

Promote the Product’s features and uses

Communicate Quality through symbols

47
Q

Define:

Family Packaging

A

Similar packaging for all of a firms products or packaging that has one common design element

48
Q

Define:

Secondary-Use Packaging

A

Reusable packaging adds customer value

49
Q

Define:

Category Consistent Packaging

A

Packaging reflects customer expectations for the expected appearance of products in a category

50
Q

Define:

Labeling

A

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

Marketing (7 decks)

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