Chapter 8 Flashcards
product
anything that can be offered to a market (includes services, events, persons, places) for acquisition, use, or consumption that might satisfy a want or need
services
form of a product; intangible and does not result in the ownership of a anything
experiences
customers buying much more than just products and services; buying what those offers will do for them
levels of product and services
- core customer value
- actual product
- augmented product
product and service classifications (2)
consumer products and industrial products
consumer products
products and services bought by final consumers for personal consumption
consumer products include (4)
- convenience products
- shopping products
- specialty products
- unsought products
industrial products (3)
- materials and parts
- capital items
- supplies and services
branding
identifies the maker or seller; customers attach meanings
packaging
should perform sales tasks such as attracting buyers, communicating brand positioning, closing the sale
product line
a group of products that are closely related because they function in a similar manner, sold to the same customer groups, marketed throughout he same types of outlets, or fall within given price ranges
ex. nike lines of shoes
product length line
the number of items in the product line
line filling
adding more items within the present price range
product line stretching
adding products that are higher or lower priced than the existing line; downward, upward, or two way stretch
characteristics of a service (4)
- service intangibility (uncertainty)
- inseparability
- variability
- perishability
brand equity
the differential effect that knowing the brand name has on customer response to the product or its marketing
brand strength measured by (4)
- differentiation
- relevance
- knowledge
- esteem
brand strategy decisions (4)
- brand positioning
- brand name selection
- brand sponsorship
- brand development
brand positioning
position brand on product attributes, benefits, and believes and values ex. nike performance
brand name selection
- suggest benefits and qualities
- easy to pronounce, recognise and remember
- distinctive
- extendable
- translate easily into foreign languages
- capable of registration and legal protection
brand sponsorship (4)
- national brand
- private brand
- licensing
- co-branding
national/manufacturers brand
brand marketed throughout a national market
private/store brand
a product manufactured specially for a retailer and bearing the retailers name
licensing
the leasing of brand name to a company other than the owner of the that particular brand
co-branding
the practice of using the established brand names of two different companies on the same product
brand development (4)
- line extensions
- brand extensions
- multibrands
- new brands
line extensions
(old/old) extending an existing brand name to new forms, colours, ext of an existing product category
brand extensions
extending an existing brand name to new product categories
multibrands
marketing of two or more similar and competing products by the same firm under different brands
new brands
create a new brand name wham a product enters a new product category
building strong brands (9)
- generate interest
- be different
- foster trust
- emotional connection
- listen
- empathise
- encourage more contact
- deliver on your promises
- build loyalty
