Finals-C5 Flashcards
PRODUCT STRATEGY
_______________ is one of the significant elements of
marketing mix (4P’s).
Product
A _________________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
What are the 3 levels of a product (Illustrate)
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
TYPESOFPRODUCTS (2)
CONSUMER PRODUCTS
INDUSTRIAL PRODUCTS
CONSUMER PRODUCTS (7)
Convenience Products
Shopping Products
Durable Products
Non-durable Products
Specialty Products
Unsought Products
Services
INDUSTRIAL PRODUCTS (4)
Material Parts
Manufactured Materials & Parts
Capital Items
Supplies & Business Services
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.
CONVENIENCEPRODUCTS
They are used in a day-to-day life and are frequently required and can be easily purchased.
CONVENIENCEPRODUCTS
These products require special time and _________ efforts.
SHOPPING PRODUCTS
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. Televisions, computer, refrigerator, and vehicles are few examples of ____________________.
Durable Products
The ______________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.
SPECIALTYPRODUCTS
These are items customers are not aware of or do not often think about. New products that have no brand recognition fall under this classification.
UNSOUGHTPRODUCTS
Refers to intangible offerings provided by businesses to fulfill customer needs and wants. Unlike physical products, __________ cannot be touched, stored, or owned, but they still deliver value. Services are 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.
INDUSTRIALPRODUCTS
Natural resources or unprocessed materials that are used in manufacturing or production processes. It falls into two major groups which include farm products (wheat, cotton, livestock, fruits, vegetables)
and natural products (fish, lumber, crude petroleum, iron ore).
RAW MATERIALS
Products that become part of the finished product during the
manufacturing process.
Example are engine parts, screws, circuit boards, and glass for windows.
COMPONENTS & PARTS
Durable goods used in the production process but not part of the final product.
Examples are machinery, tools, buildings, and vehicles.
CAPITAL GOODS
Products used in the daily operations of a business but not part of the final product.
Examples are lubricants, cleaning supplies, office
stationery, and protective gear.
SUPPLIES & CONSUMABLES
Intangible offerings that aid in the operation or maintenance of a business.
Examples are equipment repair, IT support, logistics services, and consulting.
INDUSTRIAL SERVICES
The _______________ or product assortment refers
to the complete range of goods and services
that a company offers to its customers.
product mix
It represents the diversity of offerings within a company’s portfolio and is analyzed through its four dimensions:
Width
Length
Depth
Consistency
product mix
The product mix or _______________ refers to the complete range of goods and services that a company offers to its customers.
It represents the diversity of offerings within a company’s portfolio and is analyzed through its four dimensions:
Width
Length
Depth
Consistency
product assortment
Product Mix (4)
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
Example: Procter and Gamble (P&G) deals in
various categories of products which consists of
shampoo, soap, hair conditioner, etc.
example of what _________________
Product line
is a marketing strategy
of making product inimitable, distinctive and
uniquely valuable to be noticeable compared
with competitors.
Product differentiation
Types of Product Differentiation (7)
1.Product form
2.Product Feature
3.Performance Quality if the Product
4.Product Durability
5.Product Reliability
6.Product Style
7.Service
product can be differentiated on the basis of ____________ such as physical structure, size and shape.
Product form
specific characteristics or functionalities that a
product offers beyond its basic purpose. 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. 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
A ___________ is prepared by a company and can be
bought by a consumer in return for money.
product
while ________ is the identity and perception of a product or company, expressed through elements such as names, symbols, designs, or values. 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
BRAND PERSONALITIES (12)
PURIST
PIONEER
SOURCE
CONQUEROR
REBEL
WIZARD
STRAIGHT SHOOTER
SEDUCER
ENTERTAINER
PROTECTOR
IMAGINEER
IMAGINEER
wholesomeness, honest, ethical, values-driven.
PURIST
- innovative, trailblazing, visionary
PIONEER
- values such as truth, objectivity, education, discipline and commitment
SOURCE
- associated with resilience, ambitious, competitive.
CONQUEROR
- independence, controversy, freedom and non-conformity
REBEL
- values such as imagination, surprise and curiosity. Specialize in
transforming ordinary into extraordinary.
WIZARD
- brands value authenticity, honesty and frankness
STRAIGHT SHOOTER
- values such as beauty, pleasure, passion, desire
SEDUCER
WHAT BRAND PERSONALITIES
DOVE
PURIST
WHAT BRAND PERSONALITIES
APPLE
PIONEER
WHAT BRAND PERSONALITIES
DISNEY
PURIST
WHAT BRAND PERSONALITIES
GLOBE
PIONEER
WHAT BRAND PERSONALITIES
PHILIPPINE DAILY INQUIRER
SOURCE
WHAT BRAND PERSONALITIES
SOURCE
WHAT BRAND PERSONALITIES
SAN MIGUEL CORPORATION
“YOUR WORLD MADE BETTER”
CONQUEROR
WHAT BRAND PERSONALITIES
NIKE
CONQUEROR
WHAT BRAND PERSONALITIES
GCASH
REBEL
WHAT BRAND PERSONALITIES
ABS-CBN
REBEL
WHAT BRAND PERSONALITIES
UNIVERSAL ROBINA
WIZARD
WHAT BRAND PERSONALITIES
BENCH
WIZARD
WHAT BRAND PERSONALITIES
WILCON-DEPOT
STRAIGHT SHOOTER
WHAT BRAND PERSONALITIES
PUREGOLD
STRAIGHT SHOOTER
WHAT BRAND PERSONALITIES
BELO
SEDUCER
WHAT BRAND PERSONALITIES
VICTORIA’S SECRET
SEDUCER
WHAT BRAND PERSONALITIES
COCA-COALA
ENTERTAINER
WHAT BRAND PERSONALITIES
JOLLIBEE
ENTERTAINER
WHAT BRAND PERSONALITIES
MERCURY DRUG
PROTECTOR
WHAT BRAND PERSONALITIES
UNILAB
PROTECTOR
WHAT BRAND PERSONALITIES
KULTURA
IMAGINEER
WHAT BRAND PERSONALITIES
AYALALAND
IMAGINEER
WHAT BRAND PERSONALITIES
PHILIPPINE AIRLINES
EMPEROR
WHAT BRAND PERSONALITIES
BDO
EMPEROR
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
DRAW A BRAND EQUITY (6)
DRAWINGGGGGG
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 (3)
ATTRIBUTES
BENEFITS
ATTITUDE
BRAND AWARENESS (2)
- Aided Awareness
- Top of Mind Awareness or Immediate Brand Recall
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 prefered
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. Warranties and guarantees can also be essential elements of the product strategy, which are
often shown on the package.
PACKAGING, LABELLING, GUARANTEES & WARRANTIES
____________ 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: (4)
- 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 pacakaging
PRIME LABELS
A ______________ is a 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
A ________ is a written guarantee from the manufacturer or seller to repair or replace a product if necessary within a certain period.
warranty
____________ 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 (NPM)
NEW PRODUCT MANAGEMENT (6)
- New-to-the-world products
- New product lines
- Additions to existing
product lines - Improvement and
revisions to existing
products
5.Repositioned products
6.Lower-priced products
