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MKTG1001 > W8 - Products, Services and Brands > Flashcards

W8 - Products, Services and Brands Flashcards

1
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

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2
Q

How is a high priced item distributed v a cheaper item?

A

Exclusive and selective distribution in fewer outlets vs widespread distribution

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3
Q

What is an industrial product?

A

An industrial product is a product purchased by individuals and organisations for further processing or for use in conducting business

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4
Q

What are three types of industrial products?

A
  • Materials
  • Capital items
  • Supplies (convenience products of industrial field) and services
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5
Q

What have marketers done to the concept of a product?

A

They have widened it to include pretty much everything

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6
Q

What kind of marketing is used to sell social ideas as products?

A

Cause related marketing

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7
Q

What is the marketing process summarised into 5 steps?

A
  1. Consumer need
  2. Product/ Solution
  3. Brand support
  4. Package accordingly
  5. Extra value information and augmentation
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8
Q

What does a marketer aim to create?

A

A unique value proposition to fulfil a need amongst a segment of consumers

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9
Q

What the easiest way to create new products?

A

Change the attributes such as material, size or shape

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10
Q

What is the core of the total product concept?

A

The fundamental benefit that responds to the customer’s key problem of an unsatisfied need or want; the key beenfit they want from the product

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11
Q

What is the actual total product concept?

A

Attributes that actually deliver the benefit that forms the core product; the attributes that fulfil the customers most basic expectations of a product

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12
Q

How do the rings go out on the total product concept?

A
  1. Core fundamental benefit
  2. Attributes that actually deliver the benefit
  3. unexpected benefits
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12
Q

What is the augmented total product concept?

A

Benefits that the buyer may not require as part of the basic fulfilment of their need; enables marketers to significantly differentiate offerings

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13
Q

What is the role of product augmentation?

A

To provide more value outside of the actual product, used for differentiation or to justify a price premium

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14
Q

What are some examples of ways to augment a product?

A
  • Warranties
  • Guarantees
  • Free shit
  • Follow ups
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15
Q

What is brand equity?

A

The image that the brand takes up in a consumers mind

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16
Q

Why expand product lines?

A
  • Brand equity
  • Grow revenue
  • Block competition
  • Variety
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17
Q

What is a product line?

A

A group of products that are closely related because they function in a similar manner are sold to the saem customer groups

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18
Q

What is product line length?

A

Amount of products in the line

19
Q

How can a company expand it’s product line?

A
  • Product line filling
  • Product line stretching
20
Q

What is product line filling?

A

Adding more items within the present range to give more choices or to target specific segments

21
Q

What are the reasons for filling?

A

Extra profit, excess capacity usage, blocking competitors

22
Q

What is product line stretching ?

A

Expanding the product line into new categories or market segments that are either above or below the existing product range

23
Q

What is the aim of product line stretching?

A

The strategy aims to reach new customer segments and can be upward or downward

24
Q

What is product mix depth?

A

Variety sizes flavours etc

25
Q

What are services?

A

A form of product that consist of activities or benefits offered for sale that are intangible and don’t result in ownership of anything

26
Q

What are the 4 unique characteristics of services?

A
  • Intangible
  • Perishable
  • Inseparable
  • Variable
27
Q

What are the addition 3Ps for services?

A

Process
People
Physical evidence

28
Q

What is the purpose of a brand?

A

To identify and differentiate a product from its competitors. Brands turn products into stories

29
Q

What does a brand deliver?

A

Brand identity, Brand imagery

30
Q

What does brand equity include?

A
  • Brand identity
  • Brand awareness
  • Brand loyalty
31
Q

What are the benefits of strong brand equity?

A
  • More customers
  • Price premium
  • Greater customer loyalty
  • Easier to expand
32
Q

What is brand licensing?

A

Where companies licence a name or symbol to another for a fee (usually a royalty)

33
Q

What are manufacturer brands?

A

Owned by producers and clearly identified with the product at the point of sale

34
Q

What are private label brands?

A

Brands owned by resellers such as wholesales or retailers not identified with the manufacturer

35
Q

What are the 4 options that come to developing brands?

A
  • Line extension
  • Brand extension
  • Multibrands
  • New brands
36
Q

What graph should you draw for brand extension?

A

Product category against brand name and then existing and new under both

37
Q

What is a brand extension?

A

Extends a current brand name to a new or modified product in a new category

38
Q

What are multibrands?

A

Different brands in the same product category

39
Q

Why may a company make a new brand?

A

Company might create a new brand to service a different market

40
Q

Why do companies sell experiences?

A

They realised that customers begin buying more than just products and services, they are buying what those offers will do for them

41
Q

What is the importance of customer loyalty from selling experiences?

A

Makes customers consider more than just price. They must augment the product to create this experience

42
Q

What are convenience products?

A

Products and services that customers usually buy frequently and immediately and with a minimum of comparison and buying effort

43
Q

What are shopping products?

A

Shopping products are less frequently, purchased consumer products and services that customers compare carefully on suitability quality price and style

44
Q

What are specialty products?

A

Specialty products are consumer products and services, but unique characteristics, or brand identification, for which a significant group of buyers is willing to make a special purchase effort

45
Q

What are unsought products?

A

Unsought products are consumer products that the consumer either does not know about or knows about, but does not normally think of buying

MKTG1001 (6 decks)

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