chpater 8-9 ; product and brand concept Flashcards
what is a product
-the start of the marketing mix
-inside the brand
-something that a customer “hires” to fulfill a job to be done (JTBD).
the four types of products
- convenience: a relatively inexpensive good or service that merits little shopping effort.
ex: personal hygiene and snack items
-shopping: a good or service that requires comparison shopping usually because it is more expensive than a convenience product and is found in fewer locations.
-specialty: a particular item with unique characteristics for which consumers search extensively and for which they are very reluctant to accept substitutes.
-unsought: a product unknown to the potential buyer or a known product that the buyer does not actively seek.
what is this: a specific version of a product that can be designated as a distinct offering among an organization’s products.
product item
what is this: a group of closely related product items.
product line
what is this: all products that an organization sells.
product mix
what is line extension
adding products to an existing product line to offer more options to consumers.
explain the concept of product life cycle
traces the stages of a product’s acceptance, from its introduction (birth) to its decline (death), including the stages of introduction, growth, maturity, and decline.
industrial product vs consumer product
Consumer products are meant for personal use, meaning that it is intended to be used directly by a customer for things like home maintenance, hygiene, and entertainment. Industrial products aid in the operation of a business, which is meant to satisfy the needs of other customers.
what is a brand
a reputation created by an organization, through a consistent and predictable pattern of behaviour in all aspects of operations, and manifested by the perception the stakeholder has toward it.
what is brand equity
the value, financial and otherwise, of a brand.
what are the 3 Cs of branding
Competitive advantage: Having, first and foremost, a product offering that is distinctly superior to those of competitors in some way
Contribution: Sharing profits generated from the sales of your product offering with environmental and/or social causes
Communication: Telling the brand story in an honest and compelling way which engages customers and all stakeholders
give an example of brand extension
Candadian tire is “parent” to other brands it usses the same loyalty card though the other brands. its a house of brands (old navy, gap & banana republic)
planned obsolescence
the practice of modifying products so those that have already been sold become obsolete before they actually need replacement.
main components of a product
Product line/mixes
Brand
Packaging
Labelling
Warranty
Reputation
what are the steps of the new-product development process
1.in-market impact
2.benefits offered
3.sales
4.longevity
5. growth
what are the 5 categories of adopters
- innovators (eager to try new)
- early to adopt (early in life cycle)
- early majority (look at pros & cons evaluating)
- late majority (following their friends)
- laggards (don’t rely on norms (retardataire)
what is product life cycle
stage of product’s acceptance (intro-decline)
1. introductory stage
2.growth stage
3.maturaty stage
4. decline
what is brand
a reputation created by an organization, through a consistent and predictable pattern of behaviour in all aspects of operations, and manifested by the perception the stakeholder has toward it.
product vs service
-tangibility
-storage
-quality assesment
