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MARK 301 > Ch. 7 - Product and Brands > Flashcards

Ch. 7 - Product and Brands Flashcards

1
Q

Product

A

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

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2
Q

What are the 3 product levels?

A
  • Core Product (Core customer value)
  • Actual Product
  • Augmented Product
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3
Q

Core Product (Core customer value)

A

The need a product satisfies (why consumers buy a product)

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4
Q

Actual Product

A

The features of the product itself (physical product)

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5
Q

True or False: Consumers always buy products for the actual product.

A

False. The actual product is not necessarily what consumers buy.

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6
Q

Augmented Product

A

The additional benefits or service supporting the main product.

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7
Q

Give an example of an augmented product

A

Examples include: warranties, customer service, packaging, installation

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8
Q

Give an example of an actual product

A

Consider a smartphone. Examples include: the phone itself, camera, screen, charger

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9
Q

Give an example of a core product

A

Examples include: hunger/thirst, entertainment, making phone calls, saving time

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10
Q

Services

A

An activity or benefit that one party offers to another that is intangible and does not result in ownership of anything. One can’t know exactly what they will receive until the service is provided (e.g. haircut, car wash).

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11
Q

What are the characteristics of services?

A
  • Intangible
  • Inseparable
  • Variable
  • Perishable
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12
Q

Intangible (Service Characteristic)

A

Cannot be seen, tasted, felt, or smelled before purchasing

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13
Q

Inseparable (Service Characteristic)

A

Consumed when it is provided and cannot be separated from the provider

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14
Q

Variable (Service Characteristic)

A

Quality depends on who provides

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15
Q

Perishable (Service Characteristic)

A

Cannot be stored or resold

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16
Q

What are the different types of products?

A
  • Convenience Products
  • Shopping Products
  • Specialty Products
  • Unsought Goods
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17
Q

Convenience Products

A

Frequent and/or immediate purchases (generally low-involvement products). Includes impulse purchases, staples, and emergency products.

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18
Q

Shopping Products

A

Products which require more involved decision-making before purchasing, more expensive, and less frequently purchased. Can be homogeneous or heterogeneous.

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19
Q

Homogeneous Products

A
20
Q

Heterogeneous Products

A
21
Q

Specialty Products

A

Products that have unique characteristics that a consumer values. The buyer makes a special effort to obtain the product.

22
Q

Unsought Goods

A

Goods and services marketed to consumers who may not yet recognize the need or do not wish to recognize the need. Consumers need lots of convincing to purchase these products.

23
Q

Give an example of a specialty product

A

Examples include: luxury cars (Bugatti), limited edition fashion products (Louis Vuitton), art

24
Q

Give an example of an unsought good

A

Examples include: fire insurance (may not recognize need), life insurance (do not wish to recognize need)

25
Q

Product-Level Decisions

A
  • Product Attributes
  • Packaging and labelling
  • Product support services
  • Branding
26
Q

Product Attributes

A
  • Quality (product’s ability to perform its functions)
  • Features (differentiates product from alternatives)
  • Design (form and function)
27
Q

Packaging

A

Protects the product against damage and spoilage, lowers distribution costs, and assists in marketing the product.

28
Q

How can packaging enhance product quality?

A
  • Makes product easier to use
  • Packaging is re-usable (more consistent quality)
  • Safety
29
Q

Labelling

A

Identifies, describes, and promotes a product

30
Q

Support Services

A

Augment products (e.g. instructions, delivery, assembly, warranties)

31
Q

Branding

A

Name, term, sign, symbol, design that identifies the product of a seller and differentiates it from competitors’ products

32
Q

True or False: We would be better off without brands as a brand’s only purpose is to charge a premium based on its reputation

A

False. Brands help us identify products and signify who we are.

33
Q

How do brands help companies?

A
  • Legal protection for unique features (trademark)
  • Endow products with associations
  • Segments market
  • Protection from competition
  • Bargaining power with retailers
34
Q

How do brands help consumers?

A
  • Help consumers identify products
  • Holds company accountable to consistently provide a high quality product
  • Helps us signify who we are (symbolic device)
35
Q

What 4 areas do decisions about branding strategy stretch across?

A
  • Brand Positioning
  • Brand Features
  • Brand Sponsorship
  • Brand Development
36
Q

Trademark

A

Legal protection which confers the exclusive right to use brand name, trade mark, and any slogan or product name abbreviation

37
Q

Licensing

A

Selling the rights to apply a brand name, logo, or image to a manufactured product

38
Q

Co-branding

A

Using the established brand names of two companies on the same product. The goal is to tap into a different target market that you had no foothold in before

39
Q

Line Extension

A

Leverage existing brand and product to create a new variation of your product

40
Q

Brand Extension

A

Application of an existing, popular brand name to a new product in an unrelated product category (name only)

41
Q

Multibrands

A

Many brands in the same product category under the same company. This can be quite expensive and brand equity/awareness is needed for each brand to ensure each brand is profitable

42
Q

New Brands

A

New brand name and new product category (for your company)

43
Q

Product Mix

A

Set of all product lines and items that a particular seller offers for sale

44
Q

Product Line

A

Group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same outlets, or fall within a given price range

45
Q

Product Width

A

Number of product lines

46
Q

Product Length

A

Number of different products in a product line

47
Q

Product Depth

A

Variations in each product that a firm markets in its mix

MARK 301 (14 decks)

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