CHAP 5 Flashcards
consist of both goods and services
product
is one of the significant elements of marketing mix (4ps)
Product
is a package of benefits both physicala nd psychological that a marketer wants to present, or pack of expectations that consumer desire to realize
product
what are the three levels of product
core customer value
actual product
augmented product
The fundamental benefit or value that a customer seeks when purchasing a product. — It answers the question: What is the customer really buying?
core customer value
tangible or pjhysical product that delivers the core benefit. this includes product features, design, brand, quality and packaging
actual product
actual services and benefits that enhance the value of the actual product and differentiate it from the competitors. these are not esential but improve customer satisfaction and loyalty
augmented product
under types of product, consumer product consist of?
convinience products
shopping products
durable products
non durable products
specialty products
unsought products
services
under the types of products, industrial products consist of?
material parts
manufactured materials and parts
capital items
supplies and business services
Items which are used by ultimate consumers or households, and they can be used without further commercial and engineering processes.
consumer products
Items that do not need much effort of planning from customers. They are used in day-to-day life and are frequently required and can be easily purchased.
convinience products
These products require special time and shopping efforts. They are purchased purposefully from special shops or markets. Quality, price, brand, style and others are essential standards to be considered.
shopping products `
Can be used for an extended time and can be repetitively made used by one or more persons. Televisions, computers, refrigerator, and vehicles are few examples.
durable products
have a short span of life. They should be used within a small time once they are manufactured.
non durable products
Unique or high-end products for which consumers are willing to make a special effort to purchase
speciality products
These are items customers are not aware of or do not often think about. — New products that have no brand recognition fall under this classification.
unsought products
Refers to intangible offerings provided by businesses to fulfill customer needs and wants. Unlike physical products, this cannot be touched, stored, or owned, but they still deliver value. Services are often part of a company’s core offering or complement its tangible goods.
services
Used as the inputs by manufacturing companies for further processes on the products or manufacturing other products.
industrial products
Natural resources or unprocessed materials that are used in manufacturing or production processes
raw materials
raw materials falls into two major parts
natural products
farm products
Wheat, livestocks, fruits, vegetables
farm products
fish, lumber, crude, petroleum, iron ore
naturale products
Products that become part of the finished product during the manufacturing process. Examples are engine parts, screws, circuit boards, and glass for windows.
components and parts
Durable goods used in the production process but not part of the final product. Examples are machinery, tools, buildings, and vehicles.
capital goods
Intangible offerings that aid in the operation or maintenance of a business. Examples are equipment repair, IT support, logistics services, and consulting.
industrial services
Products used in the daily operations of a business but not part of the final product. Examples are lubricants, cleaning supplies, office stationery and protective gear.
supplies and consumables
product mix is also known as
PRODUCT ASSORTMENT
refers to the complete range of goods and services that a company offers to its customers.
product mix
four dimensions of product mix
width
length
depth
consistency
The number of product lines the company has to offer and sell to customers
width
The total number of products in all the product lines
length
The variety of versions or options for each product in a product line
depth
describe how closely related the product lines are in terms of use, production, and distribution channels.
consistency
Distinctive product a company offers.
product line
Is a group of products that are closely related to each other by function, customer group, market or price range.
product line
Is a marketing strategy of making product inimitable, distinctive and uniquely valuable to be noticeable compared with competitors.
product differentiation
can be differentiated on the basis of product form such as physical structure, size and shape
product form
types of product differentiation
product form
product features
performance quality
product durabiltiy
product reliabiltity
roduct style
service
Specific characteristics or functionalities that a product offers beyond its basic purpose. Enhances usability and value for customers.
product features`
The product’s ability to perform its core function effectively and meet customer expectations. Differentiate products based on superior functionality or efficiency.
performance quality
The ability of a product to withstand wear and tear or last over time. Attracts customers seeking long-lasting products.
product durability
The visual appearance, design, or aesthetic appeal of the product. Differentiates products based on looks and sensory appeal
product style
The consistency of a product in delivering promised performance without failure.
product reliability
The support, convenience, and additional value offered with the product. Differentiates products based on pre-sale, during-sale, or after-sale services.
service
is prepared by a company and can be bought by a consumer in return for money
product
Is the unique and long lasting personification of a brand. It includes personality features/characteristics.
brand personality
is the identity and perception of a product or company, expressed through elements such as names, symbols, designs, or values. It creates emotional and psychological connections with customers
brand
defines the associated personality of a brand
jennifer aaker
jennifer aaker defined the associated personality of a brand as a set of
human demographic characteristics
human lifestyle characteristics
human personality traits
:Is the total value of the brand as a distinct asset. A brand may have a brand equity that could either be positive and negative.
brand equity
types of brand personalities
purist
pioneer
source
conqueror
rebel
wizard
straight shooter
seducer
protector
imagineer
emperor
brand equity consist of 6 branches
brand awareness
brand association
perceived quality
brand experience
brand loyalty
brand preference
brand awareness consist of two conditions
aided awareness
top of mind awareness/immediate brand recall
Once the product category is cited, the customers recognize the brand from the lists of brands made known
aided awareness
On citing the product category, that first brand that comes first on the mind of customers is the brand.
top of mind awareness/immediate brand recall
The extent to which consumers recognize or recall a brand under different conditions.
brand awareness
One of the chief basics of building strong brand equity it the realization of the brand promise
:Customers evaluate the brand by contrasting its offering against the offerings of the competitors based on assured qualitative and quantitative factors.
perceived quality
The holistic impression formed by a customer based on all interactions with the brand.
:Customers with excellent brand _______ will surely consider the brand superior over others and will preferred it over other brands.
brand experience
The degree to which consumers favor one brand over its competitors when making purchasing decisions.
:Customers who have brand preference would look for a definite product even if it meant paying more to get the product with the preferred brand.
brand preference
The degree of commitment customers show toward a brand, often reflected in repeat purchases
:A brand loyal person constantly selects one brand over the others offering identical products. Even if the other brands are obtainable at lesser price or premium quality.
brand loyalty
can also be essential elements of the product strategy, which are often shown on the package.
warranties and guarantees
:Consists of all the activities of designing and producing the container for a product. It plays a critical role in attractive customers, providing necessary information, and ensuring the safety of the product.
packaging
what are the benefits of packaging?
a.Protect Products
b.Attract Consumers
c.Provide Information
d.Reinforce Branding and Logo
what are the types of labeling
dry peel labels
fold out labels
reseal labels
expandable reseal booklet
speciality die cut labels
tag and board packaging
prime labels
The printed or written information on the product or its packaging. It provides essential details about the product and helps consumers make informed decisions.
labeling
Can be peeled away or removed from the product container or package
dry peel labels
Provide additional content
fold out labels
Able to reseal the packaging or container
reseal labels
Can be foldout and reseal
expandable reseal booklets
Use thicker board stock as the printing material
tag and board packaging
Have a unique shape of outline
speciality die cut labels
:Is a promise made by a manufacturer or seller regarding the quality or performance of a product.
:It assures customers that the product will meet certain standards, and if not, the company will offer compensation or a replacement.
guarantees
Primary label on a container or packaging
prime labels
is a process of producing a goods or services from idea to bringing it to the market
new product management
Is a written guarantee from the manufacturer or seller to repair or replace a product if necessary within a certain period.
typically cover defects in materials, workmanship, or functionality.
warranties
types of new product management
New-to-the-world products
New product lines
Additions to existing product lines
Improvement and revisions to existing products
Repositioned products
Lower-priced products
