Chapter 9 Flashcards
Core Customer Value (T)
The basic problem-solving benefits that customers are seeking
Associated Services (T)
Give some examples.
Also called ______?
Include the nonphysical aspects of a product
Ex. warranties, financing, support, after-sale service
AKA Augmented Product
Shopping Goods/Services (T)
Give examples.
Consumers will spend a fair amount of time comparing alternatives.
Ex. furniture, fragrances, appliances, sneakers, etc.
Convenience Goods/Services (T)
Give examples.
Consumer is not willing to spend any effort to evaluate prior to purchase
Ex. common beverages, bread, soap, etc.
Product Mix Breadth vs. Product Line Depth vs. Category Depth vs. SKU
Product Mix breadth: Number of product lines offered by the firm
Product Line Depth: Number of product categories within a product line
Category Depth: Number of SKUs within a category
SKU = Stock Keeping Units
What are ways brands add value for both customers and the firm? (6)
- Facilitate Purchasing
- Establish Loyalty
- Protect from Competition
- Reduce Marketing Costs
- Are Assets
- Impact Market Value
Brand Equity (T)
Set of assets and liabilities linked to a brand that add or subtract from the value provide
What are the four aspects of a brand experts look at to determine its equity?
Brand Awareness
Brand Associations
Brand Loyalty
Perceived Value
Brand Personality (T)
Set of human characteristics associated with a brand that has symbolic or self-expressive meanings for customers
What are the 3 basic brand ownership strategies?
Give examples of each.
Manufacturer (ex. Nike, KitchenAid, etc.)
Generic (ex. some produce, peanuts, sugar, etc.)
Private-Label/Store Brand (ex. Lays, Kraft, Kirkland, etc.)
Brand Dilution (T)
Brand extension adversely affects consumers perceptions about the attributes the core brand is believed to hold
