Chapter 10 & 11

Question 1

What makes the best product?

Answer 1

Best overall experience (value) - Not always the one with the best features.

Question 2

What is a product?

Answer 2

Tangible, Service, Idea

Question 3

Define The Product (3 Components)

Answer 3

1. Essential Benefit
2. Core Product
3. Enhanced Product

Question 4

Essential Benefit

Answer 4

Basic function of an offering without which no alue can be delivered (ex. metro transit OKC)

Question 5

Core Product

Answer 5

Manifestation of the essential benefit into a tangible offering; Starting point of product experience. (Ex. Bus drivers)

Question 6

Enhanced Product

Answer 6

Non-essential aspects that nevertheless help to exceed customer expectations (Ex. Hybrid or CNG buses)

Question 7

Consumer Goods

Answer 7

Convenience goods, shopping goods, specialty goods, unsought goods.

Question 8

Brand

Answer 8

A name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or groups of sellers and to differentiate them from those competitors.”

Question 9

Branding strategy

Answer 9

an integral part of the product development process because it plays into success

Question 10

Customer Brand Roles

Answer 10

1. Brand conveys info about the product
2. Brands educate the customer about the product
3. Brands help reassure the customer in the purchase decision

Question 11

Company Brand Roles

Answer 11

1. Brands offer legal protection for the product through a trademark
2. Brands offer an effective and efficient methodology for categorizing proucts

Question 12

Brand Equity

Answer 12

A set of assets (and liabilities) linked o a brand’s name and symbol that adds to (or subtracts from) the value provided by a product or service to a firm or that firm’s customers.”