Product and brand concepts

Question 1

What’s a product

Answer 1

A product is anything that can be offered to a market to satisfy a need or want. It can be a physical item, a service, or an idea.

Question 3

Define product item

Answer 3

refers to a specific version of a product that is distinct in some way from other versions. It is a single unit that can be offered for sale.
Example: A particular model of a smartphone, like the iPhone 14.

Question 4

define product line

Answer 4

a group of related products offered by a company that share similar characteristics or functions. They are marketed under a single brand and can cater to different customer segments. Example: The various models of iPhones, such as iPhone 14, iPhone 14 Pro, and iPhone 14 Pro Max, all belong to the iPhone product line.

Question 5

Define product mix

Answer 5

refers to the total range of products that a company offers to its customers. It includes all the product lines and items sold by the company.

Example: Apple’s product mix includes smartphones (iPhone), computers (MacBook, iMac), tablets (iPad), wearables (Apple Watch), and services (Apple Music, iCloud).

Question 6

Define industrial product

Answer 6

a product that is used in the production of other goods or services. These products are typically bought by businesses rather than individual consumers.

Example: Machinery used in manufacturing processes, like a CNC machine.

Question 7

Define consumer product

Answer 7

a product intended for personal use by consumers. These products are bought for consumption rather than for use in production.

Example: A bottle of shampoo purchased by an individual for personal use.

Question 8

Brand / Branding:

Answer 8

a name, term, design, symbol, or any feature that identifies one seller’s goods or services as distinct from others.

Question 9

Branding

Answer 9

The process of creating a unique identity and image for a product in consumers’ minds through consistent messaging, design, and experiences.

Question 10

Brand equity

Answer 10

Brand equity is the value premium that a company generates from a product similar to their competitors.

Question 11

Explain the 3 Cs of branding

Answer 11

Clarity: Clear and consistent brand messaging helps consumers understand what the brand represents.

Consistency: Consistent presentation of the brand across all touchpoints builds trust and reliability.

Communication: Engaging communication fosters a connection with consumers, making the brand memorable and relatable.

Question 12

brand extension

Answer 12

Using an existing brand name to launch new products in a different category.

Example: Dove extending from soap to deodorants.

Question 13

Line extension

Answer 13

Introducing additional items in the same product category under the same brand name.

Example: Coca-Cola launching new flavors like Cherry Coke.

Question 14

Planned obsolence

Answer 14

Definition: A strategy where a product is designed to have a limited lifespan or require replacement, encouraging repeat purchases.

Example: Electronics with non-upgradable software.

Question 15

What are the main components of a product?

Answer 15

Core Product: The main benefit or solution the product offers.

Actual Product: The tangible aspects, including features, design, brand, and quality.

Augmented Product: Additional services or benefits, like warranties, customer service, and delivery.

Question 16

What are the 3 main types of consumer products

Answer 16

Convenience Products: Frequently bought with minimal effort, like snacks or toiletries.

Shopping Products: Involve comparison shopping and more thought, like electronics or clothing.

Specialty Products: Unique items with strong brand loyalty, like luxury cars or designer clothing.

Question 17

the importance of developing new products

Answer 17

New products drive growth, respond to changing consumer needs, keep the brand relevant, and create a competitive edge.

Question 18

name a few categories of new products.

Answer 18

Innovative Products: Truly new, like smart devices.

Product Improvements: Upgraded versions, like newer phone models.

Repositioned Products: Existing products targeted at new markets or uses.

Question 19

Product life cycle

Answer 19

Introductory Stage: The product is launched, and awareness is built. Sales grow slowly, and profits are typically negative or minimal due to high initial costs for marketing and production.

Growth Stage: The product gains popularity, and sales increase rapidly. Profits also rise as costs are spread over more sales, and the product begins to capture market share.

Maturity Stage: Sales peak and growth slows as the market becomes saturated. Profits may start to decline as competition increases, and prices are reduced to maintain demand.

Decline Stage: Sales and profits decrease as the product loses consumer interest, often due to newer alternatives. Companies may reduce marketing and eventually phase out the product.

Question 20

Explain the steps of the adoption process

Answer 20

Innovators: The first to adopt, risk-takers who are willing to try new ideas.

Early Adopters: Visionary users who embrace change and influence others.

Early Majority: Pragmatic individuals who adopt new technologies once they see clear benefits and stability.

Late Majority: Skeptics who only adopt after the majority has proven its value.

Laggards: The last group to adopt, often resistant to change and adopting out of necessity.

Question 21

Explain the steps in the new-product development process

Answer 21

1.In market impact: measures the product’s initial influence on consumer.

2. Benefit offered: unique value and satisfaction of customer needs
3. Evaluate revenue and units sold: demand and profability.

4.Longevity: power and relevance overtime

5.Growth: expansion potential through market demand, revenue increase

Question 22

What’s a brand

Answer 22

company’s identity, image, and reputation, encompassing the unique qualities, messaging. Brands are important because they create recognition, trust, and loyalty.

Question 23

explain the types of brand

Answer 23

• Generic: Unbranded products that are often low-cost and plain-packaged, with no brand distinction. Example: “Cola” in generic packaging.
• Private (Store) Brand: Products branded by a retailer, often cheaper than national brands. Example: Great Value (Walmart).
• Manufacturer’s (National) Brand: Widely recognized brands that manufacturers market directly to consumers. Example: Coca-Cola.

Question 24

Comparison between the type of brand

Answer 24

Manufacturer’s brands are often associated with higher quality and trust due to their long-standing reputation. Store brands focus on affordability, appealing to budget-conscious customers, while generic products are basic and minimal, often prioritized solely for cost savings.

Question 25

Explain the importance of packaging and labelling with respect to marketing

Answer 25

Packaging and labeling are essential because they provide visual appeal, protection, and information. Effective packaging draws attention, communicates brand identity, and often includes essential details about the product’s use, ingredients, or benefits.
Example: Apple and zyn has highly effective packaging. Its sleek, minimalist design reinforces its brand’s commitment to innovation and quality while creating a memorable unboxing experience.

Question 26

What are some of the reasons why some new products fail?

Answer 26

• Poor Market Research: Misunderstanding consumer needs or market demand.
• Insufficient Marketing: Ineffective promotion that fails to build awareness or interest.
• Poor Product Quality: Failing to meet consumer expectations.
• Overpricing or Underpricing: Mispricing can impact demand and profitability.
• Market Competition: Entering a market that’s oversaturated with established competitors.

Question 27

What characteristics make products different from services? Give an example.

Answer 27

Products are tangible and can be physically owned and stored, whereas services are intangible and are consumed as they are delivered.

A car (product) vs. car repair service (service). The car is a tangible asset that you own, while the repair service is an intangible experience dependent on the technician’s skill.