finals Flashcards
A product consists of both goods and services.
PRODUCT
is a package of benefits both physical and psychological that a marketer wants to present, or pack of expectations that consumers desire to realize.
PRODUCT
Two types of Product
goods and services
THREE LEVELS OF A PRODUCT
Core Customer Value
Actual Product
Augmented Product
the fundamental benefit or value that a customer seeks when purchasing a product. It answers the question: What is the customer really buying?
Core Customer Value
the tangible or physical product that delivers the core benefit. This includes the product’s features, design, brand, quality, and packaging.
Actual Product
Additional services and benefits that enhance the value of the actual product and differentiate it from competitors. These are not essential but improve customer satisfaction and loyalty.
Augmented Product
items which are used by ultimate consumers or households, and they can be used without further commercial and engineering processes.
CONSUMER PRODUCTS
Items that do not need much effort of planning from customers. They are used in a day-to-day life and are frequently required and can be easily purchased.
CONVENIENCE PRODUCTS
These products require special time and shopping efforts. They are purchased purposefully from special shops or markets. Quality, price, brand, style, and others are essential standards to be considered.
SHOPPING PRODUCTS
Can be used for an extended time and can be repetitively made used of by one or more persons.
DURABLE PRODUCTS
This products have short span of life. They should be used within small time once they are manufactured.
NON-DURABLE PRODUCTS
Unique or high-end products for which consumers are willing to make a special effort to purchase.
SPECIALTY PRODUCTS
These are items customers are not aware of or do not often think about.
UNSOUGHT PRODUCTS
New products that have no brand recognition fall under this classification
UNSOUGHT PRODUCTS
Refers to intangible offerings provided by businesses to fulfill customer needs and wants. Unlike physical products, services cannot be touched, stored, or owned, but they still deliver value.
SERVICES
often part of a company’s core offering or complement its tangible goods
SERVICES
used as the inputs by manufacturing companies for further processes on the products or manufacturing other products.
INDUSTRIAL PRODUCTS
Natural resources or unprocessed materials that are used in manufacturing or production processes.
RAW MATERIALS
(wheat, cotton, livestock, fruits, vegetables)
farm products
(fish, lumber, crude petroleum, iron ore).
natural products
Raw materials falls into two major groups
farm products
natural products
Products that become part of the finished product during the manufacturing process.
COMPONENTS & PARTS
Durable goods used in the production process but not part of the final product.
CAPITAL GOODS
Products used in the daily operations of a business but not part of the final product.
SUPPLIES & CONSUMABLES
Intangible offerings that aid in the operation or maintenance of a business.
INDUSTRIAL SERVICES
refers to the complete range of goods and services that a company offers to its customers.
PRODUCT MIX
four dimensions of product mix:
Width
Length
Depth
Consistency
the number of product lines the company has to offer and sell to customers.
Width
the total number of products in all the product lines.
Length
the variety of versions or options for each product in a product line.
Depth
describe how closely related the
product lines are in terms of use, production, and distribution channels
Consistency
is the distinctive product a company offers.
PRODUCT LINE
is a group of products that are closely related to each other by function, customer group, market or price range.
PRODUCT LINE
is a marketing strategy of making product inimitable, distinctive and uniquely valuable to be noticeable compared
with competitors.
PRODUCT DIFFERENTIATION
product can be differentiated on the basis of product form such as physical structure, size and shape.
PRODUCT FORM
specific characteristics or functionalities that a product offers beyond its basic purpose.
PRODUCT FEATURES
Enhances usability and value for customers.
PRODUCT FEATURES
The product’s ability to perform its core function effectively and meet customer expectations. Differentiates products based on superior functionality or efficiency.
PERFORMANCE QUALITY
the ability of a product to withstand wear and tear or last over time
PRODUCT DURABILITY
Attracts customers seeking long-lasting products.
PRODUCT DURABILITY
the consistency of a product in delivering promised performance without failure.
PRODUCT RELIABILITY
the visual appearance, design, or aesthetic appeal of the product. Differentiates products based on looks and sensory appeal.
PRODUCT STYLE
the support, convenience, and additional value offered with the product. Differentiates products based on pre-sale, during-sale, or after-sale services.
SERVICE
is prepared by a company and can be bought by a consumer in return for money
Product
is the identity and perception of a product or company, expressed through elements such as names, symbols, designs, or values.
brand
It creates emotional and psychological connections with customers.
brand
is the unique and long lasting personification of a brand. It includes personality features/characteristics.
BRAND PERSONALITY
defines the associated personality of a brand as a set of:
1.Human Demographic Characteristics
2.Human Lifestyle Characteristics
3.Human Personality Traits
Jennifer Aaker
is the total value of the brand as a distinct asset. A brand may have a brand equity that could either be positive and negative.
BRAND EQUITY
The extent to which consumers recognize or recall a brand under different conditions.
BRAND AWARENESS
once the product category is cited, the customers recognize the brand from the lists of brands made known.
Aided Awareness
on citing the product category, that first brand that comes first on the mind of customers is the brand.
Top of Mind Awareness or Immediate Brand Recall
The mental links that consumers form between a brand and its attributes, benefits, or emotions.
BRAND ASSOCIATION
Types of Brand Association
Attributes
Benefits
Attitude
physical features, quality, and functionality of the product, Price, packaging, or distribution.
Attributes
practical benefits of using the product
Benefits
overall perceptions or beliefs about the brand.
Attitude
One of the chief basics of building strong brand equity is the realization of the brand promise.
PERCEIVED QUALITY
Customers evaluate the brand by contrasting its offering against the offerings of the competitors based on assured qualitative and quantitative factors.
PERCEIVED QUALITY
The holistic impression formed by a customer based on all interactions with the brand.
BRAND EXPERIENCE
Customers with excellent brand experience will surely consider the brand superior over other and will preferred over other brands.
BRAND EXPERIENCE
The degree to which consumers favor one brand over its competitors when making purchasing decisions.
BRAND PREFERENCE
Customers who have brand preference would look for a definite product even if it meant paying more to get the product with the preferred brand.
BRAND PREFERENCE
The degree of commitment customers show toward a brand, often reflected in repeat purchases.
BRAND LOYALTY
A brand loyal person constantly selects one brand over the others offering identical product. Even if the other brand are obtainable at lesser price or premium quality.
BRAND LOYALTY
Most tangible products have to be boxed up and labeled.
PACKAGING, LABELING, GUARANTEES & WARRANTIES
can also be essential elements of the product strategy, which are often shown on the package.
Warranties and guarantees
Packaging consists of all the activities of designing and producing the container for a product.
Packaging
It plays a critical role in attracting customers, providing necessary information, and ensuring the safety of the product.
Packaging
Benefits of packaging:
Protect Products
Attract Consumers
Provide Information
Reinforce Branding and Logo
the printed or written information on the product or its packaging. It provides essential details about the product and helps consumers make informed decisions.
LABELING
can be peeled away or removed from the product container or package.
DRY PEEL LABELS
provide additional content
FOLD-OUT LABELS
able to reseal the packaging or container
RESEAL LABELS
can be foldout and reseal
EXPANDABLE RESEAL BOOKLET
have a unique shape of outline
SPECIALTY DIE-CUT LABELS
use thicker board stock as the printing material
TAG & BOARD PACKAGING
primary label on a container or packaging
PRIME LABELS
promise made by a manufacturer or seller regarding the quality or performance of a product
GUARANTEES
It assures customers that the product will meet certain standards, and if not, the company will offer compensation or a replacement.
GUARANTEES
is a written guarantee from the manufacturer or seller to repair or replace a product if necessary within a certain period.
WARRANTIES
typically cover defects in materials, workmanship, or functionality.
WARRANTIES
is a process of producing a goods or services from idea to bringing it to the market.
NEW PRODUCT MANAGEMENT
NEW PRODUCT MANAGEMENT
New-to-the-world products
New product lines
Additions to existing product lines
Improvement and revisions to existing products
Repositioned products
Lower-priced products
