Chp. 11 Flashcards
product
anything that is of value to the consumer and that can be offered through a voluntary market exchange
core customer value
defines the basic problem solving benefits the customer is seeking
actual product
brand name, features/design, quality level, and packaging
associated services (augmented product)
non physical aspects of the product, product warranties, financing, product support, and after sale service
consumer product
products and services used by consumers for their personal use
specialty product/service
consumers express such a strong preference that they will expend considerable effort to search for the best suppliers
shopping product/services
products or services for which consumers will spend a fair amount of time comparing alternatives such as furniture apparel fragrances, appliances, and travel alternatives
convenience product or services
those product or services for which the consumer is not willing to spend any effort to evaluate prior to purchase
unsought products/services
products consumers either do not normally think about buying or do not know about at all
product mix
complete set of all products sold by a firm
product line
product mix typically includes various product lines which are groups of associated items that consumers tend to use together or think of as part of a group or similar products
product mix breadth
represents a count of the number of product lines offered by the firm
product line depth
the number of products within a product line
How do brands help facilitate purchases?
they signify a certain quality level and contain familiar attributes and are easily recognizable they help a consumer to make quick decisions about their purchases
What are the five values of branding?
help to facilitate purchases, establish loyalty, protect from competition and price competition, they are assets, and they affect market value
How does branding protect from competition and price competition?
because some brands are more established in the market and have a more loyal customer base neither competitive pressure on price nor retail level competition is as threatening to the firm
brand equity
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 and have an opinion about it
perceived value
the relationship between a products or services benefits and its cost
brand associations
reflect the mental and emotional links that consumers make between a brand and its key product attributes such as logo and its color
brand loyalty
occurs when a customer buys the same brands products repeatedly over time rather than buying from multiple suppliers
manufacturer brands (national brands)
owned and managed by the manufacturer
retailer/store brands (private label brands)
products developed by retailers
family brand
a firms own corporate name used to brand its product lines and products
