Mark 110 Chapter 8+9

Front 1

What are the product adopter categories

Back 1

Back (Definition)

Front 2

How are consumer products classified?

Back 2

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)

Front 3

Individual branding strategies

Back 3

Each product in a company’s product mix has its own

Common among large packaged-goods manufacturers such as Procter&Gamble and Kraft Canada

Front 4

Multi brand strategy

Back 4

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

Front 5

Family brand strategy

Back 5

A family brand exists when the same brand name is used for a group of related products.

Front 6

Co-branding

Back 6

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)

Front 7

Private label brand

Back 7

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)

Front 8

Generic brand

Back 8

A product without a brand name or identifying features

Front 9

Licensed brands

Back 9

Occurs when a brand name or trademark is used by a license

Front 10

Cult brand

Back 10

A brand that captures the imagination of a small group of devotees who then spread the word, make concerts, and help turn a fringe product into a mainstream name

Front 11

Brand loyalty

Back 11

Defined as the defer of consumer attachment to a particular brand of product or service

Front 12

Brand recognition

Back 12

Customer is aware of the name, benefit and package

Front 13

Brand preference

Back 13

Brand is top of mind and considered a good alternative. Consumer will buy if available

Front 14

Brand preference

Back 14

Brand is top of mind and considered a good alternative. Consumer will buy if available

Front 15

Brand insistence

Back 15

Consumer buys one brand only. If brand is not available, the purchase is postponed

Front 16

Brand equity

Back 16

Defined as the value a consumer derived from a product over and above the value derived from its physical attributes

Front 17

Brand manager

Back 17

An individual who is assigned the responsibility for the development and implementation of marketing programs for a specific product or group of products

Front 18

New product

Back 18

A product that is truly unique and meets needs that have previously been unsatisfied