Product & Branding Lecture Week 7 Flashcards
What is the Marketing mix and what are the 4Ps?
The marketing mix is the mix made especially for a set target market and target audience (target segmentation/ target customers- targeted segmentation/intended position. Product, Price, Promotion and place
What are the two types of needs that a customer desires or needs?
Hedonic- pleasure, fun and enjoyment.
Utilitarian - transportation, sustenance and public services- necessary/compulsory needs.
How does the actual product benefit the customers/consumers?
A product benefits the consumer for solving their issues and problems by providing them solutions that creates value and brand/product loyalty and helps maintain a stable relationship with the consumer/.
What do customers purchase satisfaction for in the form of product benefits?
Customers purely purchase satisfaction in the form to benefit and seek from incentives, rewards, and offerings as well as quality assurance, high reputation, efficiency and effectiveness and can easily see that staff/workers/employees are motivated.
What actually is a product?
A product is a form of a tangible and intangible good which are able to answer and satisfy customers needs and wants. Desires and necessities.
What is a good?
A good is an item and physical object which is a tangible offering.
What is a service?
A service is an intangible offering that is provided and is not a physical object. Cannot be touched or felt or smelt. A service doesn’t involve ownership or consumption. E.g. haircut, dentist and doctor.
What is an experience?
An experience is often memory and is classified as being hedonic. Experiences involve and include fun, exciting, enjoyable leisure activities.
What is an idea?
An idea consists of a concept or issue or philosophy.
What is an actual product?
An actual product includes packaging, features, quality design, brand name, quality level,
What is the role and functionality of an augmented product?
Augmented is another word for augmentation some examples of an augmented product are: intangible services such as installation, delivery & credit, warranty/guarantees and symbolic/experiential memories- beyond satisfying basic needs. More focused on essential needs that occur reasonably frequently.
What is a core benefit product?
Core benefit products are those that consumer and wanting and looking for which vary and change depending on the specific target market. Some core product benefits will appeal to certain customers more than others. The uniqueness of the product perhaps.
What is a product line?
A group of products that are similarly intended and can meet the same needs. E.g. cheaper versus more expensive product brands. Pam vs nestle.
What is a product mix?
A mix refers to the breadth/width and the dimensions. Lines refer to how many lines. Refers to a number of product lines.
What is the depth?
The depth is the number of alternatives within a product line.
What are mix and line extensions?
add more items to a line. One method to expand the mix. Adding a new line to the mix (mix extension).
Convenience products
Minimal time and effort Inexpensive Frequently purchased Widely available Self-service for customers Packaging is important Examples: milk, chocolate, gum, bread, rice, soap.
Shopping products
Clothing
Promotion & Communication
Purchased on an irregular basis - occasionally- special events
The consumer knows less about the products/goods.
Specialty products
Willing to make a special effort to obtain them Well-known recognised products High-quality goods Value is high More expensive appealing to consumers Trendy/fashionable/effective Examples: top clothing brands, mac laptop, I phone, BMW, original artwork.
Unsought products
- Unaware of needing the products, sudden unexpected problems
Examples: mechanical issues, doctor/dentist urgent visits. Things like services are intangible and cannot be controlled.
PLC (Product Life Cycle)
Four stages - introduction, growth, maturity and decline.
Keep the products in the maturity stage for as long as possible.
Introduction: Usually, a single company only produces the product.
Maturity: price competition, longest stage. Companies will attempt to sell the product through as many outlets as possible. Promotion is targeted at reminding customers and reinforcing brand loyalty.
Decline: Competitors start to withdraw
Create and implement new ideas
Products become unpopular
E.g. the iPod.
What is the marketing modification called when current customers consume more?
Market penetration.
What is the marketing modification called when finding new domestics customers?
Market development.
What is the marketing modification called when finding new foreign international clients and customers?
Develop markets overseas.
What are the 3 types of product modifications?
Adding new features
Quality modification
Style modification
What are the 3 examples of mix modifications?
More promotion,
Change pricing
Reach new retailers in foreign markets
Why is new product creation and development important to companies?
Due to Increasing Competition.
What does product adoption mean?
Product adoption is the sequential process of awareness, interest, evaluation, trial, adoption.
Describe and define the diffusion of innovations for product adoption
The theory that social groups influence the decisions made by individuals in such a way that innovations are adopted by the market in a predictable pattern over time.
Factors affecting the adoption rate:
- Easy to use
- Relative advantage - the degree to which a new product provides superior benefits.
- Complexity - whenever the product is difficult to use or understand.
- Compatability- the extent to which a new product is consistent with existing practices.
- Trialability - the ease of using a new product and experiencing its benefits.
- Observability - how visible and easy the product is to locate for the consumers.
Branding - what is it?
An important feature, attribute at the actual level. Differentiate brands and products. Promise to the market what every merchant and organisation did.
Definition of branding
A collection/combination of symbols that include the name, log, slogans, and design is used to assemble an image to the customers thought process.
Brand Image Description:
A set of values and beliefs and expectations which a consumer has for any brand. Consumers have an image of what they stand for. You know what exactly you’re going to receive and going to get. As well as what the brand offers.
Brand name:
Part of a name that can be spoken out loud and consists of words, numbers and letters. Can be distinctive & have protection. Easily Recognisable Relevant Suggest can be protected
Benefits of brands to business organisations:
Company value- brand equity. Brand loyalty- a loyal group of customers/consumers.
Customer preference and loyalty with a choice
Barrier to competition
High profits (specialty item, pay more for better quality brands and products.
Value assets for it to be sold.
The base for brand extensions.
Co-Ordinate channel behaviour.
Benefits of brands to customers/consumers:
Can communicate features and benefits (e.g., Sunkist)
Reduce risk in purchasing what the brands stand for and the relationship
Simplifies the purchase decision
Symbolic value
Assure top quality
