Product Flashcards
1
Q
What is the product
A
Anything that is capable of satisfying customer needs
2
Q
What are the ways to differentiate products from their counterparts
A
Design, service, quality and performance
3
Q
What is a brand?
A
The unique image, character, and story behind products that connects them all
4
Q
What are the advantages of having a strong brand
A
- Customer loyalty -> revenue maximisation
- Higher prices
5
Q
What is brand extension?
A
Different products being launched that all have the same brand characteristics (e.g., Tesco Originals)
6
Q
What is brand stretching?
A
Using an established brand in an unrelated market (e.g., Virgin Gym)
