Products, Services, and Brands Flashcards
Product
anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want.
Service
a product that consists of activities, benefits, or satisfactions and that is essentially intangible and does not result in the ownership of anything.
Products, Services, and Experiences
Products and services are becoming more commoditized.
Companies are now creating and managing customer experiences with their brands or company.
Levels of Product and Services
Actual product = Brand name = Quality lvl = Packaging = Design = Features
Augmented product = Delivery and credit = Product support = Warranty = After-sale service
(Product and Service Classifications)
Consumer products
are products and services bought by final consumers for personal consumption. •Convenience products •Shopping products •Specialty products •Unsought products
(Product and Service Classifications)
Convenience products
are consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort.
•Newspapers
•Candy
•Fast food
(Product and Service Classifications)
Shopping products
are less frequently purchased consumer products and services that the customer compares carefully on suitability, quality, price, and style.
•Furniture
•Cars
•Appliances
(Product and Service Classifications)
Specialty products
are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
•Medical services
•Designer clothes
•High-end electronics
(Product and Service Classifications)
Unsought products
are consumer products that the consumer does not know about or knows about but does not normally think of buying.
•Life insurance
•Funeral services
•Blood donations
(Product and Service Classifications)
Industrial products
products purchased for further processing or for use in conducting a business.
•Materials and parts
•Capital items
•Supplies and services
(Product and Service Classifications)
Materials and parts
include raw materials and
manufactured materials and parts.
(Product and Service Classifications)
Capital items
industrial products that aid in
the buyer’s production or operations.
(Product and Service Classifications)
Supplies and services
operating supplies, repair and maintenance items, and business services.
(Product and Service Classifications)
Organization marketing
consists of activities undertaken to create, maintain, or change the attitudes and behavior of target consumers toward an organization.
(Product and Service Classifications)
Person marketing
consists of activities undertaken to create, maintain, or change the attitudes or behavior of target consumers toward particular people.
(Product and Service Classifications)
Place marketing
consists of activities undertaken to create, maintain, or change attitudes and behavior toward particular places.
(Product and Service Classifications)
Social marketing
uses commercial marketing concepts to influence individuals’ behavior to improve their well-being and that of society.
Individual Product and Service Decisions
Product attributes ↓ Branding ↓ Packaging ↓ Labeling ↓ Product support services
(Individual Product and Service Decisions)
product and service attributes
Communicate and deliver benefits by product and service attributes.
•Quality
•Features
•Style and design
(Individual Product and Service Decisions)
Product quality
refers to the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs. •Total quality management •Return-on-quality •Quality level •Performance quality •Conformance quality
(Individual Product and Service Decisions)
Product Features
• Competitive tool for differentiating a product
from competitors’ products
• Assessed based on the value to the customer
versus its cost to the company
(Individual Product and Service Decisions)
Style and Design
Style describes the
appearance of the
product.
Design contributes to a
product’s usefulness
as well as to its looks.
(Individual Product and Service Decisions)
Brand
is the name, term, sign, or design or a combination of these, that identifies the maker or seller of a product or service.
(Individual Product and Service Decisions)
Packaging and Labels
Packaging involves
designing and producing
the container or wrapper
for a product.
Labels identify the product
or brand, describe
attributes, and provide
promotion.
(Product and Service Decisions)
Product line
is a group of products that are
closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
(Services Marketing)
Types of Service Industries
- Government
- Private not-for-profit organizations
- Business organizations
(Services Marketing)
Nature and Characteristics of a Service
Intangability = Services cannot be seen, tasted, felt, heard, or smelled before purchase
Variability = Quality of services depends on who provides them and when, where, and how
Inseparability = Services cannot be seperated from their providers
Perishability = Services cannot be stored for later sale or use
(Services Marketing)
Managing service differentiation
creates a competitive advantage.
• Offer
• Delivery
• Image
(Services Marketing)
Managing service quality
enables a service firm
to differentiate itself by delivering consistently higher quality than its competitors provide.
(Branding Strategy: Building Strong Brands)
Brand equity
the differential effect that
knowing the brand name has on customer response to the product or its marketing.
(Branding Strategy: Building Strong Brands)
Brand value
the total financial value of a
brand.
(Branding Strategy: Building Strong Brands)
Building Strong Brands
Brand positioning= Attributes, Benefits, Beliefs and values
↓
Brand name selection= Selection, Protection
↓
Brand sponsership= Manufacturers brand, private brand, licensing, co-branding
↓
Brand development= Line extensions, Brand extensions, multibrands, new brands
(Branding Strategy: Building Strong Brands)
Brand Positioning
Marketers can position brands at any of three levels.
•Attributes
•Benefits
•Beliefs and values
(Branding Strategy: Building Strong Brands)
Brand Name Selection
- Suggests benefits and qualities
- Easy to pronounce, recognize, and remember
- Distinctive
- Extendable
- Translatable for the global economy
- Capable of registration and legal protection
(Branding Strategy: Building Strong Brands)
Brand Sponsorship
- Manufacturer’s brand
- Private brand
- Licensed brand
- Co-brand
