Chapter 9 Flashcards
Core Customer Value
The basic problem-solving benefits that consumers are seeking
Associated Services (for augmented product)
The nonphysical attributes of the product, including product warranties, financing , product support and after-sale service
Consumer Products
products and services used by people for their personal use
Specialty goods/services
Products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers
Shopping goods/services
products/services for which consumers will spend time comparing alternatives
Convenience goods/services
products/services for which the consumer is not willing to spend any effort to evaluate prior to purchase
Product Mix
The complete set of all products offered by a firm
Product Lines
Groups of associated items, such as those that consumers use together or think of as part of a group of similar products
Product category
An assortment of items that the customer sees as reasonable substitutes for one another
Brands
The names, terms, designs, symbols, or any other features that identify one seller’s good/service as distinct from those of other sellers
Product Mix Breadth
The number of product lines, or variety, offered by the firm
Product Line Depth
The number of products within a product line
Stock Keeping Units (SKUs)
Individual items within each product category; the smallest unit available for inventory control
Brand Equity
The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service
Brand Awareness
Measures how many consumers in a market are familiar with the brand and what it stands for: created though repeated exposures of the various brand elements in the firm’s communications to consumers
Perceived Value
The relationship between a product or service’s benefits and its cost
Brand Associations
The mental links that consumers make between a brand and its key product attributes; can involve a logo, slogan or famous personality
Brand Personality
Refers to a set of human characteristics associated with a brand, which has symbolic or self-expressive meanings for consumers
Brand Loyalty
Occurs when a consumer buys the same brand’s product/service repeatedly over time rather than buying from multiple suppliers within the same category
Manufacturer Brands
Brands owned and managed by the manufacturer
Private-label Brands (store brands)
Brands developed and marketed by a retailer and available only from that retailer
Generic
Product sold without brand name, typically in commodities markets
Family Brand
The use of a combination of the company brand name and individual brand name to distinguish a firm’s products
Individual Brand
The use of individual brand names for each of a firm’s products
Brand Extension
The use of the same brand name for new products being introduced to the same or new markets
Brand Dilution
Occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold
Cobranding
The practice of marketing 2 or more brands together, on the same package or promotion
Brand Licensing
A contractual arrangement between firs, whereby 1 fir allows another to use its brand name, logo, symbols or characters in exchange for a negotiated fee
