Ch. 11 Product, Branding, and Packaging Decisions Flashcards
Core Customer Value
Basic problem solving benefits that consumers are seeking
Product
Anything of value to consumer and offered through voluntary marketing exchange
Actual Product
Marketers convert core customer value >
Brand name, quality lvl, packaging, features/design
Associated services or augmented product
Nonphysical aspects of product like,
Financing, prod warranties, prod support
Consumer Products
Prods. & serv. used by people for their personal use
Specialty Products/Services
Customers express a strong preference that they’ll expend considerable effort to search for best suppliers
Shopping Products/Services
Products/Services consumers spend time comparing alternatives, like furniture, apparel, fragrances, appliances, travel
Convenience Products/Services
Products/Services consumers don’t spend any effort to evaluate prior to purchase
Unsought Products/Services
Products consumers don’t normally think of buying or don’t know about at all
Product Mix
Complete set of all prods and serv offered by a firm
Product Lines
Groups of associated items that consumers use together or think of as part of a group of similar products/services
Breadth
of product lines offered by the firm
Depth
Equals # of products within product line
Increase Depth
Firms might add items to address changing consumer preferences or to preempt competitions while boosting sales
Decrease Depth
Delete products within product line to realign firms resources
Increase Breadth
Firms add new product lines to capture new or evolving markets and increase sales
Decrease Breadth
Delete entire product lines to address changing market conditions or meet internal strategic priorities
Brand Equity
Set of assets and liabilities linked to a brand that add or subtract from the value provided by product/service
Brand Awareness
Measures how many consumers in a market are familiar w/ the brand, what it stands for and have an opinion about it
Perceived Value
Relationship between a products/services benefits and its cost
Brand Associations
Mental links consumers make between a brand and key product attributes, like a logo, slogan, or famous personality
Brand Loyalty
Consumer buys same brands products/service repeatedly over time instead of other suppliers within same category
Manufacturer Brands (or National Brands)
Owned and managed by manufacturer
Retailer/Store Brands (or Private-Label Brands)
Products developed by retailers
Family Brands
A firm can use its own corporate name to brand all its product lines and products - benefit from overall brand awareness associated w/ family name
EX: Kellogg’s incorporates company name into brand name Kellogg’s Rice Krispies
Individual Brand
Names for each of its products
EX: Kellogg’s w/ Morningstar Farms, Famous Amos cookies, Cheez-Its
Brand Extension
Use of same brand name in different product line
Line Extension
Use of same brand name within same product line, and represents increase in product lines depth
Brand Dilution
Brand extension affects consume perceptions about the attributes the core brand is believed to hold
Co-branding
Marketing two or more brands together, on the same package, promotion, or store
Brand Licensing
Contractual arrangement between firms, where one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for negotiated fee
Brand Repositioning or Rebranding
A strategy in which marketers change brands focus to target new markets or realign brands core emphasis w/ changing market preferences
Primary Package
One the consumers uses, like toothpaste tube
Secondary Package
Wrapper or exterior carton that contains primary package and provides UPC label used by retail scanners
