Module 13 & 14: Product, Branding, and Packaging & New Product Development Flashcards
Product
anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or a need
Service
an activity, benefit, or satisfaction offered for sale; it’s tangible and does not result in ownership of any thinking
Three Levels of Product
core customer value, actual product, augmented product
Convenience Products
low consumer involvement, purchased frequently, inexpensive
Shopping Products
moderate consumer involvement; consumers compare brands and products before making a purchase
Specialty Products
high consumer involvement; purchased infrequently, expensive
Unsought Products
consumers are unlikely to purchase these products independently; require substantial marketing and sales efforts
Product Item
a single, specific product
Product Line
consists of different versions of a products within a product category
Product Mix
includes all of a company’s products, which can extend beyond product lines
Product Mix Breadth
refers to the number of different product lines that a company offers
Product Line Depth
refers to the number of products within each product line
Brand
the name, term, symbol, design, or any combinations of these that identifies and differentiates a firm’s products
Brand Equity
the value the firm derives from customers’ positive perception of its products
Successful Branding Strategy
- deliver a quality product
- create a consistent brand image
- create consistent brand messaging
- capture feedback
Brand Extensions
the process of broadening the use of an organization’s current brand to include new products
Brand Revitalization
a decision to recapture lost sources of brand equity and identify and establish new sources of brand equity
Co-branding
occurs when two or more companies issue a single product in an effort to capitalize on the equity of each company’s brand
Competition
marketers are often forced to update or add products because competitors have improved a similar product
Globalization
marketers often innovate because their products sold in an expanded global marketplace
Technology
the advancement of technology has always driven product innovation
Changing Society
how societies operate is constantly changing; such change impacts the products we need
New-to-the-Market Products
products that have never been seen before and create a new market
