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Marketing > Products, Services, and Brands > Flashcards

Products, Services, and Brands Flashcards

1
Q

What is a product? Starbucks

A

Starbucks is one of the planets best known brands, they sell premium coffee products, it sells the “Starbucks experience”.

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2
Q

What is a product?

A

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Products include:
Tangible objects, services, events, persons, places, organizations, ideas.

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3
Q

What is a Service?

A

Given special attention as they are very important to the world economy. A form of product that consists of activities, benefits, or satisfaction offered sale that are essentially intangible.
Examples:
Banking, hotel stays, Arline travel, wireless communication, home repair

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4
Q

What is the key element in Market Offering

A

Products are a key element

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5
Q

Where does marketing mix begin?

A

Planning begins with building an offering that brings value to target customers

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6
Q

How are companies moving to a new level of creating value for their customers?

A

They are creating and managing “customer experiences” with their brands, they are differentiating themselves by going beyond just the product and service.

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7
Q

Example of Buffalo Wild Wings

A

Doesn’t just serve up wings and beer they give customer the ultimate “Wings.Beer.Sports.” fan experience. (social, dining, sports experience) now the NUMBER ONE seller of chicken wings and the largest pourer of draft beer

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8
Q

Three levels of products

A

Customer Value(core), Actual Product, Augmented Product (outer level)

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9
Q

Customer Value Circle

A

Addresses “what is the buyer really buying” and define the problem solving benefits, service or experiences that customers seek

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10
Q

Actual Product Circle

A

Turning benefits into a product. Develop product. = features, design, quality level, brand name and packaging.

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11
Q

Augmented Product Circle

A

built around the core benefits and actual product by offering additional customer services and benefits. = delivery and credit, warranty

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12
Q

Harley Davidson Appeals

A

Freedom, Independence, Power, Authenticity. “its all about the experience”

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13
Q

Product and Service Classifications

A

Fall into two broad classes based on the types of consumers who use them.
1. Consumer Products 2. Industrial Product

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14
Q

Consumer Products

A

Products and services bought by final customers for personal consumption. Convenience products, shopping, specialty, unsought.

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15
Q

Industrial Products

A

purchased for further processing or for use in conducting a business. Materials and parts, capital items, supplies and services

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16
Q

Marketers make product and service decisions at three levels:

A

Individual Product Decisions
Product Line Decisions
Product Mix Decisions

17
Q

Individual product decisions

A

Made in the development and marketing of individual products and services, focus on efforts to create core customer value such as product attributes, branding, packaging, labeling and logos, product support service

18
Q

What is one of the marketers major positioning tools?

A

Product Quality (service attributes)

19
Q

Two ways companies can approach product quality offers

A

Total Quality Management (TQM), all are involved in constantly improving the quality of products
Return on Quality (ROQ), quality is an investment and holding quality efforts accountable for results

20
Q

Product Quality has two dimensions:

A

Level and Consistency

-quality level that supports products positioning
-Consistency in delivering targeted level of performance

21
Q

Most distinctive skill of professional marketers

A

BRANDING. build and manage brands. Brand is a name, term, sign, symbol, or design that identifies the maker or seller

22
Q

Does branding help the seller or buyer?

A

BOTH!! Buyers know what they like and dislike and what they’re getting. Sellers segment their markets and help become known and advertise

23
Q

Packaging

A

Packaging has become an important marketing tool. Before, products needed packaging for protection and now it is used to look pretty, and show off on social media and help with brand advertising. Good packaging = Good sales

24
Q

Example of Poor Packaging causing loss of sales (environmental and safety play a part in packaging)

A

TIDE PODS…Kids accidentally eating them but they’re toxic. they had to find a lid to help protect from children.

25
Q

Brands that don’t have their names on the logo

A

Apple, Audi,Twitter, Nike, Airbnb

26
Q

Federal Trade Act of 1914

A

False misleading, deceptive labels constitute unfair competition. They have regulated labeling.

27
Q

Fair and Labeling Act of 1966

A

Sets mandatory labeling requirements, encouraged voluntary industry packaging standards, and allowed federal agencies to set regulations in specific industries

28
Q

Nutritional Labeling and Education Act of 1990

A

requires sellers to provide detailed nutritional information on food products

29
Q

FDA regulations

A

regulates the use of health related terms such as low fat, light, high fiber, and organic

30
Q

Product Support Services

A

The first step in designing support services is to survey customers periodically to assess the value of current services and obtain ideas for new ones.
The company can then take steps to fix the issues and add services that will delight customers and yield profits for the company.
Many companies are now using a mix of phone, email, online, social media, mobile and interactive voice and data technologies to provide support services that were not possible before.

31
Q

Example of Product Support Services

A

Lowes
They gave employees phones that have access to custom apps, check inventory, specific customer history, how-to-videos, competitor prices…. ALL without leaving the customers side

32
Q

Product Line Decisions

A

is a group of products that are closely related because they function in a similar manner, are sold to the same customer group, are marketed through the same types of outlets, or fall within given price ranges.

33
Q

Product Line Length

A

this is the number of products in a product line.

34
Q

A company can expand product line in two ways

A

Line filling which involves adding more items within the present range of the line and Product Line Stretching which can add prestige to their current product line.

35
Q

Product Mix Decisions

A

An organization with several product lines has a product mix or product portfolio. Example: Colgate.
Toothbrushes, Toothpaste, Mouth Wash, Floss

36
Q

Product Mix Decisions 4 dimensions

A

Width, Length, Depth, Consistency

Marketing (6 decks)

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