ch 9 Flashcards
4 Ps
Product
Promotion
Place
Price
Product
- combination of goods and services
Variety
Quantity
Design
Features
Brand name
Packaging
Promotion
- communicate merits of product (persuade)
Ads
Personal selling
Sales promotion
Public relations
Place
- activities that make a product available to target customers
Channels
Coverage
Assortments
Locations
Inventory
Transportation
Logistics
Price
List price
Discounts
Allowances
Credit terms
Types of Consumer Products (4)
Specialty
Shopping
Convenience
Unsought
Specialty products
Unique characteristics/brand identification
- strong brand loyalty
- special purchase effort
- little brand comparison
(Bentley)
Shopping products
Less frequently purchased
- customers compare to quality, suitability, price, style
- higher in price
(tv or appliances)
Convenience products
Frequently bought with minimum comparisons and effort
- low priced
- widespread
(toothpaste)
Unsought products
Customer does not know or does not think about buying
- needs lots of ads and personal selling
(life insurance)
Product Mix vs Product Lines
Product Mix: Complete set of a product offered by a firms
Product Lines: Groups of associated items
Breadth vs Depth
Breadth: # of product lines
Depth: # of products WITHIN a product line (upwards & downwards)
Value of branding (6)
- facilitate purchasing
- establish loyalty
- protect from competition
- reduce marketing coasts
- are assets
- impact market value
Brand Equity
The effect that knowing a brand name has on customer response to the product or service
- extent to which customers are willing to pay more for a brand
Brand Awareness
measures how many customers in a market are familiar with the brand and what their opinion is
3 lvls of Positioning
Products Attributes (least effective)
Benefits
Beliefs and Values (emotional lvl)
Brand Dilution
Brand name is extended to too many products
Cobranding
Marketing 2+ brands together, on the same promotion or package
- Tacobell & Doritos (doritos locos taco)
