Chapter 8. Products, Services, and Brands Flashcards
What are the 3 Levels of Product?
- Core Customer Value
- Actual Product
- Augmented Product
What are Consumer Products?
Products and services bought by final customers for personal use.
What are the 4 types of Consumer Products?
- Convenience products
- Shopping products
- Specialty products
- Unsought products
Convenience product
bought frequently, immediately, and with minimal comparison and buying effort. (Ex. laundry detergent)
Shopping product
a product that the customer compares attributes such as suitability, quality, price, and style. (Ex. furniture and appliances)
Specialty product
unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. (Ex. specific brands of cars)
Unsought product
a product the consumer does not know about or doesn’t consider buying. (Ex. pre-planned funeral service)
What is an Industrial Product?
products purchased for further processing or for use in conducting business.
What are the steps involved in Individual Product Desicions?
- Product attributes
- Branding
- Packaging
- Labeling and Logos
- Product support services
What is a Product Line?
a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, marketed through the same outlets, or fall within given price ranges.
What does Product Line Length mean?
the number of items in the product line.
Product line filling vs. Product Line Stretching
Product line filling refers to adding more items within the range of a product line whereas Product line stretching refers to stretching the product line upward, downward, or both ways beyond its current range.
What is a Product Mix?
the set of all product lines and items a company offers.
What are the 4 Dimension of a Product Mix?
- Width
- Length
- Depth
- Consistency
What does Width mean in a Product Mix?
width refers to the number of different product lines a company carries.
What does Length mean in a Product Mix?
length refers to the total number of items within a company’s product line.
What does Depth mean in a Product Mix?
depth refers to number of versions offered of each product in a line.
What does Consistency mean in a Product Mix?
consistency refers to how closely related the various product lines are in end use, production requirements, distribution channels, or some other way.
What are the Four Service characteristics?
- Intangibility
- Inseparability
- Variability
- Perishability
What is the Service Profit Chain?
the chain that links service firm profits with employee and customer satisfaction.
What are the Major Brand Strategy Decisions?
- Brand positioning
- Brand name selection
- Brand sponsorship
- Brand development
What are desirable qualities for a brand name?
- Suggests qualities and benefits of the product
- Easy to pronounce, recognize, and remember
- Distinctive name
- Allows expansion
- Translatable
- Capable of registration and legal protection
What may be limitations with Co-Branding?
Co-Branding involves complex legal contracts and licenses. In addition, each partner must trust the other will maintain its brand image.
