Chapter 7 - Products and brand Flashcards
Types of product
- Non Durable
- durable Good
- Service/ Virtual service
Uniqueness of services (4 I’s )
- intangibility
- Inconsistency
- inseparability
- Inventory
Uniqueness of services 4 I’s (Intangibility)
Services are intangible; that is, for the most part, they cannot be held, touched, or seen before a purchase. In contrast, before purchasing a physical good, a consumer can touch a box of laundry detergent, kick a car tire, or sample a new beverage. Services tend to be more performance oriented and, as experiences, cannot generally be tried before purchase.
Uniqueness of services 4 I’s (Inconsistency)
Delivering services is challenging because the quality of a service is dependent on the people who provide it, and it can therefore differ in consistency. Quality can vary with each perfon’s capabilities, experience, motivation, and even personality. One day, a restaurant may have wonderful service, and then the next day the service may be very disappointing. Similarly, you may have a very enjoyable stay at one location of a Hilton hotel, but then have a terrible experience at another due to the varying standards of the staff at its locations.
Uniqueness of services 4 I’s (Inventory)
the inventory of services is more complex than that of goods due to the nature of services. Inventory problems exist because services cannot necessarily be stored and accessed when in demand. For example, in the instance of sporting events, unsold tickets cannot be stored and sold at a later date; therefore, they represent lost revenue.
uniqueness of services 4 I’s (inseparability)
third difference between services and goods, and related to problems of consistency, is inseparability. In most cases, the consumer cannot (and does not) separate the deliverer of the service from the service itself. For example, the quality of a spa and its facilities might be excellent, but if you are not satisfied with the massage that you received or if it took too long to be registered and brought into the facility, this immediately reflects poorly on the spa.
Total Product Concept
- core product
- actual product
- augmented product
Packaging and labelling
- Function
- Communication
- Brand image
Product lines and Product Mixes
- Width
- Length
- depth
4 Consumer product packaging
- Convenience products
- shopping products
- specialty products
- Unsought products
Consumer product packaging - Convenience product
Convenience products are inexpensive items that a consumer purchases frequently with minimal shopping effort. If the product does not meet expectations, there is little risk because the product is inexpensive and easy to purchase. Examples of convenience products are bread, gum, or potato chips.
Consumer product packaging - Shopping products
shopping products are items for which the consumer compares shops, assessing the attributes and prices of different products and brands. These types of products require a greater investment of shopping time, are more expensive than convenience products, and require a greater assurance of purchase satisfaction. Examples are jeans, airline tickets, and electronic items such as smartphones or televisions.
Consumer product packaging - Specialty products
Specialty products are items that require considerable time and effort to purchase. They tend to be more expensive branded products in a category that are needed for special occasions. They include specialty brands and require high purchase satisfaction. Examples of specialty products include a Rolex watch or taking a cruise with Norwegian Cruise Lines.
Consumer product packaging - Unsought products
Unsought products are items that the consumer either does not know about or is not interested in purchasing. An example of this is home insurance for people who do not own a home.
Branding
- Brand Equality
- Brand Elements
4 brand strategies
- Individual brand
- family brand
- brand extension
- sub-brand
Protecting brands
- Patents
- Copyrights
- Trademarks
Brand Name characteristics
- The name should benift the product
- Name should be memorable, distinctive and positive
- The name should fit the company and product image
- Name should have the ability to be legally protected
types of brand
- Manufacturer’s Brand
- private - label brand
- generic brand
