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37 Cards in this Set
- Front
- Back
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Define: Product. |
Anything which can be offered to the market to satisfy a want or need |
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How does a service relate to a product? |
A form of (subset of) products consisting of activities, benefits or satisfactions which do not result in ownership. |
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Apart from product, service, channel, people and image, how else can a company differentiate its market offering? |
Brand Experience |
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Define: Core Customer Value |
"What is the customer really buying?" |
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What are the three levels of products? And, what are their characteristics? |
1. Core Customer Value
2. Actual Product: brand name, features, quality, packaging, design 3. Augmented Product: Warranty, after-sales service, product support, delivery and credit |
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What are the 4 types of Product types? |
1. Convenience Product 2. Shopping Product 3. Specialty Product 4. Unsought Product |
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What are the characteristics of convenience products? |
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What are the characteristics of shopping products? |
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What are the characteristics of specialty products? |
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What are the characteristics of unsought products? |
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On what 3 levels do marketers make decisions for product and services? |
1. Individual products 2. Product Lines 3. Product Mix |
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What are the decisions for individual products? |
1. Product Attributes 2. Branding 3. Packaging 4. Labeling 5. Product support services |
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Define: Brand |
A name, term, sign, symbol or design which identifies the products or services to the minds of consumers. |
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Define: Brand Equity |
The differential effect of a brand name, product or marketing on customer responses |
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What are the attributes of a product? |
1. Quality: characteristics that have the ability to satisfy customer needs
2. Features 3. Style and Design: combination of aesthetics combined with its benefits |
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Define: packaging |
Design of a product's container |
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In what ways can brand help? |
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How can labels help? |
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What are product support services and how can they help? |
They are augmented products such as warranty, after-sales service, delivery and credit, etc. They help by improving brand experience, which can potentially create customer delight. |
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Define: Product Line |
A group of products that have similar functions sold to the same target market and have similar marketing programs. |
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What are product line decisions? |
1. Line filling: adding items in a line. It can be susceptible to cannibalization 2. Line stretching: upward (luxury), downward (low-end products) |
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Define: Product Mix |
The set of all product lines |
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What are the four characteristics of a product mix? |
1. Width: number of product lines 2. Length: number of products in a line 3. Depth: number of versions of products in a line 4. Consistency: product function, type, distribution channel, etc. |
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What does streamlining a product mix entail? |
Removing individual products or entire lines that don't perform well to regain consistency and focus. |
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What are the 4 characteristics of a service? |
1. Intangibility 2. Inseparability: same time of production and consumption 3. Variability: quality depends on who, when, where and how service is provided 4. Perishability: cannot be stored for later consumption |
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Define: Brand Value |
The total financial value of a brand |
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What are the major decisions in building a brand? |
1. Brand positioning 2. Name Selection 3. Sponsorship 4. Development |
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What are the 3 levels comprising a brand positioning? |
1. Attributes 2. Benefits 3. Beliefs and Values (emotional level) |
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What are the various decisions in brand name selection? |
1. Suggestive of brand positioning 2. Promotes brand recall and recognition 3. Distinct 4. Extendable (product attributes) 5. Capable of legal protection |
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What are the four brand sponsorship options? |
1. National brands 2. Store Brand (manufacturer) 3. Licensed Brands: licensing names previously created by other manufacturers (e.g. characters, celebrity names) 4. Co-brands: using established brands of different companies on the same product |
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What is a benefit of co-branding? |
It can achieve greater brand equity due to wider brand categories |
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What are the 4 choices to develop a brand? What are the dimensions of its grid? |
1. Line extension 2. Brand Extension 3. Multibrand 4. New Brand Grid dimensions: brand name and product category |
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Define: line extension. How can it be good or bad? |
Extending an existing brand name of an existing product category in terms of its product attributes. It can be good if it increases market share; bad if it cannibalizes other brands, similar to product line filling. |
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Define: brand extension. What are the benefits? |
Extending a brand name to a new product. It can aid in faster adoption for new products and instant recognition, saving promotional costs (brand awareness) |
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Define: Multi-brands |
Creating new brand names on existing product categories |
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Define: new brands |
Creating new brand names using new products |
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How is a brand managed? |
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