Chapter 11 Flashcards
Associated services(augmented product)
Non physical aspects of the product such as warranties financing support etc.
Product
Anything of value to consumer and can be offered through voluntary marketing exchange
Specialty product
Takes considerable effort example mountain bike
Shopping product
Products you shop around for furniture appliances etc.
Convenience products
Not willing to spend effort aka bread gum etc
Unsought products
Not in consumers mind because not thinking of buying or not knowing of i
Product mix
Complete set of all products
Product line
Associated items consumers tend to use together or think of as part of a group of similar products
Breadth
Refers to count of number of product lines offered
Depth
Refers to number of products within a product line example Kellogg’s would have a product line of breakfast cereals and the count would be from apple jax kid corn flakes etc
Increase depth
Firms add time to a product line to address changing consumer preferences or to preempt competitors
Decrease depth
To combat low profit margins
Decrease breadth
Necessary to delete entire product lines to focus on other e.g. Deleting bread to focus on milk
Increasing breadth
New product lines to capture new or evolving markets adding a jam product line to compliment their bread
How do brands impact market value
Direct impact on the company’s bottom line
Brand equity
Set of assets and liabilities linked to a brand
Brand awareness
How many consumers are familiar with it and what it stands for
Perceived value
Relationship between a product or services benefit and it’s cost
Brand associations
Mental links consumers make between a brand and it’s key product attributes such as logo slogan
Brand loyalty
A consumer buys the same brands product or service repeatedly over time rather than the competitor
Brand ownership
Manufacturer brands and store brands
Examples of manufacturer brands
Nike kitchenaid Sony Panasonic
Store brands private label
Cost os Kirkland signature
Walmart great value
Family brands
Using corporate name to brand all product lines Kellogg’s Rice Krispies
Individual brand name
Using own name for product line example proctor and gambles pepto bismol
Brand extension
Colgate making toothbrushes even though they specializE in toothpaste
Line extension
Same brand within product line
Cons of brand extensions
Brand dilution
Cobranding
Marketing two or more brands together on same package Fridays chicken wing froZen dinner
Brand licensing
Allowing another firm use brand name fruit of the loom using ninja turtles shirts
Rebranding
Changing brands focus to realign with core emphasis
Primary packGe
One consumer uses such as the tube of paste
Secondary package wrapper or exterior
Contains UPC product info
