Product and Brands (Ch. 7)

Question 1

What is a product?

Answer 1

anything that can be offered to a market for attention, acquisition, or consumption that might satsify a want or a need
- objects, services, places, persons, idea

Question 2

Characteristics of Services

Answer 2

Intangible: can’t be seen, tasted, felt before purchasing
Inseparable: consumed when it’s provided and can’t be separated
Variable: quality depends on provider
Perishable: can’t be restored/resold

Question 3

3 Product Levels

Answer 3

Core value: need satisfied
Actual Product: brand name, features, packaging and quality of product
Augmented product: after sale service, warranty or product support

Question 4

4 Product Types

Answer 4

Convenience: staples, impulse, emergency products
Shopping: homogenous, heterogenous
Specialty: unique characteristics that a buyer values
Unsought: new unsought, regular unsought

Question 5

Describe Convenience Products

Answer 5

not much time taken to decide
- anything you could buy in a grocery store

Question 6

Describe Shopping Products

Answer 6

Consumer purchase process in full effect
Homogenous: similar product features, but differs on price (flights, printers)
Heterogenous: needs to meet certain consumer criteria: size, color, design (clothes, furniture)

Question 7

Describe Specialty Products

Answer 7

minimal comparison with other products
- people go out of their way to purchase
(Rolls Royce, Chanel bag)

Question 8

Describe Unsought Products

Answer 8

goods/services marketed to consumers who may not yet recognize need
- life/pet insurance, cemetary spot

Question 9

Product Mix

Answer 9

set of all product lines and items that a company offers

Question 10

Product Line

Answer 10

group of products that are closely related and function in a similar manner

Question 11

Define Product Width, Length and Depth

Answer 11

Width: number of product lines
Length: number of different products in a product line
Depth: variations in each product that a firm markets in its mix

Question 12

Campbells Soup: Name the product width, length and depth

Answer 12

Width: soups, sauces and crackers
Length of soup: condensed, ready made
Length of sauce: chunky, invisible,
Length of crackers: goldfish, pepperridge
Depth of soup: mushroom, bean&bacon
Depth of sauce: Alfredo, tomatoe basil
Depth of crackers: cheddar, pizza

Question 13

What are product Line and Mix decisions
What are product level decisions

Answer 13

Line & Mix: width, length, depth
Level: attributes, packaging and product support

Question 14

Role of Packaging

Answer 14

protects against product damage, assists in marketing product (coca cola bottle shape)
- can enhance quality (Orville pop-up)
- Packaging can help or harm companies (Special K Cereal example)

Question 15

Role of Labelling

Answer 15

identifies, describes and promotes product
- best before date

Question 16

Role of Branding

Answer 16

identifies the product of a seller and differentiates it from competitors
- brands help with legal protection of products, creates customer loyalty, gives bargaining power with retailers
- brands help consumers identify products

Question 17

Brand equity

Answer 17

dollar amount attributed to the value of a brand, based on intangible value
- awareness, loyalty, associations
- Powerful brands have lots of equity

Question 18

Brand Features - Personality

Answer 18

The set of human characteristics associated with a brand
- includes traits & demographic characteristics transferred from the people associated with the brand, ads and product attributes
- we see brands like people

Question 19

Naming and Phonetics

Answer 19

name sounds influence product perceptions
“i”, “e”: small, light, lively, sharp
“o”, “a”, “u’”: big, slow, heavy, dull

Question 20

Losing Brand Names
Pros
Cons

Answer 20

when you become a category name, you lose legal protection and trademark
Pros: product is first in consumers minds
Cons: other brands can use your name to market their own products

Question 21

Protecting Brands
Trade Dress

Answer 21

brands are trademarked so ideas aren’t stolen and consumers aren’t misled
Trade dress: visual cues used in branding to create an overall look
(recognizing coke bottle without the logo or Heinz bottle without logo)

Question 22

Brand sponsorship: 5 Brand Types

Answer 22

Manufacturer: created & owned by manufacturer/producer
Private brand: created & owned by reseller (Safeway, President’s Choice)
Generic: cheap alternative with no brand name attached (pharmaceuticals)
Licensing: selling rights to apply brand name and logo to product (Batman gum)
Co-branding: using established brand of two companies on a product (Timbiebs)

Question 23

Brand Development
- line extension
- multi brands
- brand extension
- new brands

Answer 23

existing product/existing brand: line extension
existing product/new brand: multi brands
new product/existing brand: brand extension
new brand/new product: new brands

Question 24

Example of Line extension

Answer 24

Campbells Soup introducing a new clam chowder flavour of soup, or low sodium edition

Question 25

Example of Brand extension

Answer 25

Dole Fruit introducing a Dole Frozen Fruit Bar
Silk Milk introducing new soy ice cream

Question 26

Example of Mutlibrands

Answer 26

P&G acquiring Gain to add to their laundry detergent lineup