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7 Cards in this Set
- Front
- Back
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What is the difference between a product line and a product mix? |
Product line: A grouping of product items that have major attributes in common but that may differ in size, function or style. Product Mix: The total range of products offered for sale by a company |
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How are consumer products classified? |
Convenience: convenience goods are those goods purchased frequently, with a minimum of effort and evaluation (ex: food items such as bread, milk, cookies, chocolate bars) (convenience goods fall under the decision making process) Shopping: Shopping goods are goods that the consumer compares on such bases as suitability, quality, price and style before making a selection (ex: automobiles, clothing, major appliances, major repairs around the house) (other factors of concern to the shopper include dependability, service, functionality, guarantees and warranties) Specialty: Specialty goods are goods that consumers make an effort to find and purchase because they possess some unique or important characteristics. (In effect, the consumer has already decided what item to buy; it is simply a matter of making the shopping excursion to buy it) |
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Individual branding strategies |
Means that each product in a company’s product mix has its own name. This branding strategy is common among large packaged-goods manufacturers such as Procter&Gamble and Kraft Canada |
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Multi brand strategy |
Refers to the use of a different brand name for each item a company offers in the same product category (such as Nestlé chocolate snack market: Aero, Butterfinger, Coffee crisp, kit kat, rolo, smarties and turtles |
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Family brand strategy |
A family brand exists when the same brand name is used for a group of related products. |
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Co-branding |
Co-branding occurs when a company uses the equity in another brand name to help market its own brand-name product or service (two brand names on a product); also applies to toe organizations sharing common facilities for marketing purposes (ex: two restaurants in one location) |
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Private label brand |
A brand produced to the specifications of the distributor (wholesaler or retailer), usually by national brand manufacturers that make similar products under their own brand names (ex: Canadian Tire with brands Mastercraft and Motomaster, Costco with brands Kirkland, Sobeys aka Thrifties with brands compliments) |
