Exam 2 Flashcards
- What is a product?
Everything, both favorable and unfavorable (i.e., value), that a person receives in an exchange.
- What is associated in product “P” decisions?
a. Core Customer Value
b. Actual Product
c. Associated Services
a. Core Customer Value
i. What are the basic problem solving benefits that you want your product to have
b. Actual Product
i. Brand name
ii. Packaging
iii. Quality level
iv. Features/design
c. Associated Services
i. Financing
ii. Product warranty
iii. Product support
- How does the product “p” relate to the other p’s?
a. It comes before all of the other p’s
- What is a brand?
Includes a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products
Gives a personality to a non-living object
- What are some aspects of branding?
Brand name
Brand mark
Brand equity
d. Brand name
that part of a brand that can be spoken, including letters, words, and numbers.
i. Examples
1. Nike, 3m, Pepsi
e. Brand mark
the elements of a brand that cannot be spoken.
i. Examples
1. The golden arches, nike swoosh, mickey mouse ears
f. Brand equity
the value (assets and liabilities) of the brand name; ability to create demand and secure future earnings
- 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.
g. Trademarks
the exclusive right to use a brand
h. What is a registered trademark?
i. A governmental office declares whether or not you are worthy of getting a registered trademark
ii. What parts of a brand can be registered for trademark protection?
- Name, sounds, products, etc.
iii. How do you continuously protect it?
- You must re-register for a registered tm every 10-12 years
- You must actively use the brand and actively fight if someone is using your tm
iv. What happens if you don’t continuously protect it?
- You run the risk of your brand becoming generic
- Examples
a. Aspirin, thermos, cola, zipper, trampoline
i. Licensee
the people who want to borrow the brand
j. Licensor
the people who own the brand
k. What are royalties?
i. When the licensee pays the licensor in order to use their brand
i. Infringement
l. What is it called when you use someone else’s brand without permission?
p. What is cobranding
The practice of marketing two or more brands together on the same package or promotion
o. Private brand
Brands developed and marketed by a retailer and available only from that retailer
Manufacturer brand
Brands owned and managed by the manufacturer
What is a market
A group of people with the same general need/want that also have the ability and willingness to buy
What is a segment
A smaller group of the market with a specific need/want
What is the step after segmentation
Pick a segment to target
What is the step after picking a segment to target
Develop your marketing mix for that segment
Why do companies bother with segmentation
To refine the needs/wants and develop the 4 p’s that connect better with the consumers needs/wants
What is a segmentation variable
Characteristics of individuals, groups, or organizations used to divide the total market into segments
We segment people, not products
Common segmentation variables
Geography, demographics, psychographics, usage rate, and occasion/situation of use
Geography segmentation
Where will the consumer use the product
Demographic segmentation
Age, gender, ethnicity, income, family size
Psychographic segmentation
Lifestyle, attitudes, interests, AIO (attitudes, interests, and opinions)