Product Strategy

Question 1

a person’s gut feeling about a product, service, or organization.

are interesting, powerful concoctions of the marketplace that create tremendous value for organizations and for individuals

is derived from the Old Norse brand meaning “to burn,” which refers to the practice of producers burning their mark onto their products

is the sum of perceptions about a company or product in the minds of consumers

identifies a company, product, or service as distinct from the competition.

Answer 1

brand

Question 2

Italians are considered among the first to use brands in the form of watermarks on paper in the 1200s.

Answer 2

fact

Question 3

Types of brands

Answer 3

1. Individual brands - most common type of brand is a tangible, individual product, such as a car or drink.
2. Service brands - delivering complete solutions and intangible services.
3. Personal brands - a person (i.e. Oprah Winfrey)
4. Group brands - is a small group of branded entities that have overlapping, interconnected brand equity. (i.e. rolling stones)
5. Event brands - when they strive to deliver a consistent experience that attracts consumer loyalty. (i.e. TEDtalks, Coachella, Olympics/NASCAR)
6. Geographic place brand - is used frequently to attract commerce and economic investment, tourism, new residents, and so on.
7. Private-label brands - also called own brands, or store brands, exist among retailers that possess a particularly strong identity
8. Media brands - Media brands include newspapers, magazines, and television channels such as CNN.
9. E-brands - Typically a common denominator among e-brands is the focus on delivering a valued service or experience in the virtual environment. (i.e. amazon)
10. Organization brands- are companies and other entities that deliver products and services. Can also be linked closely with the brand of an individual. For example, the U.S. Democratic party is closely linked with Bill and Hillary Clinton and Barack Obama.

Question 4

This critical moment for brands and the purchasing process is often won or lost because of ________

aspect of marketing contains, protects, displays, increases the utility, and promotes a product, as well as conveying the product and brand messages

Answer 4

packaging

Question 5

is a bundle of attributes (features, functions, benefits, and uses) that a person receives in an exchange. In essence, the term “product” refers to anything offered by a firm to provide customer satisfaction, tangible or intangible. Thus, a product may be an idea (recycling), a physical good (a pair of jeans), a service (banking), or any combination of the three.

Answer 5

product

Question 6

Types of products

Answer 6

1. The core product - satisfies the most basic need of the
   customer.
2. The tangible product - are the product elements that the customer will use to evaluate and make choices: the product features, quality level, brand name, styling, and packaging
3. Augmented Products - is backed up by a host of supporting services.
4. Promised product - characteristic that is attached to the product over time

Question 7

five stages of product life cycle

Answer 7

1. Product development - new product ideas are generated, operationalized, and tested
2. Market introduction - demand has to be created; costs are very high
3. Growth - public awareness increases; costs reduced due to economies of scale
4. Maturity - sales volume peaks and market saturation is reached; costs are lowered as a result of increasing production volumes and experience curve effects
5. Decline - sales volume declines; prices and profitability diminish