Ch. 7 | Products and Brands Flashcards

1
Q

what is a product?

A

product
it is a good, service, or an idea, consisting of tangible and intangible attributes

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2
Q

the consumer market consists of 4 different categories of products, what are they?

A
  • convenience
  • shopping
  • specialty
  • unsought
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3
Q

what are convenience products?
- list some examples

A

convenience products
they are inexpensive items that a consumer purchases frequently with minimal effort
- pop, gum, candy, bread

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4
Q

what are shopping products?
- list some examples

A

shopping products
are items for which the consumer compares and assessing different attributes about a product and brand
- jeans, airline tickets, electronic devices

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5
Q

what are specialty products?
- list some examples

A

specialty product
are items that require considerable time and effort to purchase, and tend to be more expensive
- rolex, LV, cruise, rolls royce

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6
Q

what are unsought products?
- list some examples

A

unsought products
are items that the consumers does not know about (yet) or is not interested in purchasing
- hobby items

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7
Q

there are 4 unique elements to services, what are they?

A
  • intangibility
  • inconsistency
  • inseparability
  • inventory
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8
Q

what is meant by intangibilty in regard to the uniqueness of services?
- list some examples

A

intangibility
cannot be held, touched, or seen before a purchase - usually tends to be a service
- spa, game subscription

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9
Q

what is meant by inconsistency in regard to the uniqueness of services?
- list some examples

A

inconsistency
delivery services is challenging because the quality of a service is dependent on the people who provide it, when, where, and how they provide it
- restaurant service, hotel service

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10
Q

what is meant by inseparability in regard to the uniqueness of services?
- list some examples

A

inseparability
the consumer cannot (and does not) separate the deliverer of the service from the service itself
- the quality of a spa and its facilities may be excellent, but you’re not satisfied with the massage or it took too long to book

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11
Q

what is meant by inventory in regard to the uniqueness of services?
- list some examples

A

inventory
inventory problems exist because services cannot necessarily be stored and accessed when in demand - they cannot be stored for a later sale or use
- sporting event: unsold tickets cannot be stored and sold at a later date

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12
Q

The Total Product Concept

marketers view products as having 3 different layers, what are they and what do they entail?

A

1) core product layer
- the fundamental purpose or benefit

2) actual product layer
- the physical good or service

3) augmented product layer
- the additional features and attributes that accompany the product

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13
Q

what is a product line?

A

product line
a group of similar products; that satisfy a similar need and are directed at the same general target market

  • eg: Apple has a product line of iPhones, iPads, iWatches, etc.
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14
Q

what is a product mix?

A

product mix
this consists of all the product lines marketed by a company

  • eg: Coca-Cola offers several brands such as, minute maid, sprite, Fanta, etc.
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15
Q

what does product mix width refer to?

A

to the number of different product lines offered by the company

eg: Proctor & Gamble’s width is 4. (beauty) (baby, feminine, and family care) (fabric and home care) (health and grooming)

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16
Q

what does product line length refer to?

A

to the number of products or brands within the product line

eg: Proctor & Gamble’s “beauty” product line, there are 8 different products. (hair food, head & shoulders, herbal essence, ivory, olay, old spice, pantene, secret)

17
Q

what does product line depth refer to?

A

to the number of different versions of each product sold within its product lines
- the varieties of the product: sizes, flavours, colours, etc.

eg: Dawn dish soap: has 18 different versions offered

18
Q

what are the 5 “key dimensions” that define and determine the most influential brands in Canada, according to Ipsos Reid?

**Footnote
CLEPT

A
  • trustworthiness
  • engagement
  • leading edge
  • corporate citizenship
  • presence
19
Q

According to Ipsos Reid’s 5 “key dimensions,” explain trustworthiness

A

trustworthiness
this encompasses the consistantly dependable image that consumers have for a brand and fosters their ongoing confidence in recommending it to others.
- considered the most important element for a brand

20
Q

According to Ipsos Reid’s 5 “key dimensions,” explain engagement

A

engagement
brands that engage consumers encourage brand loyalty by creating interactions, so consumers can learn more about a brand and share it with others

21
Q

According to Ipsos Reid’s 5 “key dimensions,” explain leading edge

A

leading edge
brands that stand out are often unique, innovated, and forward-thinking. Their approach tends to be edgy and somewhat different, and stands as a benchmark for other brands

22
Q

According to Ipsos Reid’s 5 “key dimensions,” explain corporate citizenship

A

corporate citizenship
brands that are caring have the ability to connect with consumers by instilling pride

23
Q

According to Ipsos Reid’s 5 “key dimensions,” explain presence

A

presence
brands need to have a high profile with consumers and stand out from the crowd
- often have many advocates that support them

24
Q

what is an individual brand?

A

individual brand
is when a company uses a brand name soley for a specific category

eg: “Tide” brand name, used by P&G only for laundry detergent

25
Q

what is a family brand?

A

family brand
is when a company uses a brand name to cover a number of different product categories

eg: “Crest” brand name, used by P&G for toothpaste, floss, teeth-witening, etc.

26
Q

what is a brand extension?

A

brand extension
where the company’s name is also the brand name
- the same as a family brand, where the family brand is the actual brand name, and brand extension is the umbrella name for that

eg: “Crest” by P&G is an effort of brand extension.
“3M” also have brand extensions.

27
Q

what is a sub-brand?

A

sub-brand
uses both the family brand name and its own brand name
- when a business creates a secondary brand within its own brand

eg: automobile industry. “Chevrolet Silverado” and the “Chevrolet Impala”

28
Q

what is a copyright used for?

A

copyright
used to legally protect original written works, sound recordings, etc

29
Q

what is a trademark used for?

A

trademark
used by people or organizations to protect brands, images, names, slogans, and designs

30
Q

what are patents used for?

A

patents
used to legally protect new technologies, or improvements on products / processes

31
Q

what 5 things should a “good” brand name have in it’s name?

A
  • suggest the product benefits
  • be memorable, distinctive, positive
  • fit the company or product’s image
  • have the ability to be legally protected
  • be simple
32
Q
  • what are the 3 different types of brands?
  • what are they?
  • examples of each
A

manufacturer
owned and produced by the manufacturer
- Coca-cola, LG, Gravol

private label brand
owned by a retailer that contracts its manufacturing out to major suppliers and then sells the product at its own retail stores
- “Life” brand at Shoppers
- “Mastercraft” brand at CDN Tire

generic brand
no branding at all
- commonly found in the pharmaceutical industry.
- once a patent has expired for a prescription, many generic versions are made and sold to pharmacies
- Crocs at Dollarama