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36 Cards in this Set
- Front
- Back
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product definition |
anything offered to a market for attention, acquisition, consumption or use that might satisfy a need or want |
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the product service continuum |
pure tangible good, tangible good with accompanying services, hybrid offer, service with accompanying minor goods, pure service |
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3 levels of product |
core benefit actual product - brand name, features, quality level, packaging, design augmented product - delivery and credit, after-sale service, installation, warranty |
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what is product quality |
the overall ability of the product to satisfy customer expectations |
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how to measure product quality |
durability, reliability, versatility, satisfies needs, precision, ease of use, product safety, degree of pleasure |
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product classifications |
based on types of buyers who use them: industrial or consumer products |
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product classifications for consumer products |
convenience, shopping, specialty, unsought |
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characteristics of convenience products |
buy frequently and immediately low priced mass advertising many purchase locations candy, newspapers |
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characteristics of shopping products |
buy less frequently higher price fewer purchase locations comparison shop e.g. clothing, cars, appliances |
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characteristics of specialty products |
special purchase efforts high price unique characteristics brand identification few purchase locations Lamborghini, Rolex |
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characteristics of unsought products |
new innovations consumers don't want to think about these products requires much advertising & personal selling life insurance, blood donation |
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what are industrial products |
purchased for use in conducting business, as ingredients or components to be used in manufacturing |
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product classifications for industrial products |
material and parts, capital items, supplies and services |
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other forms of product |
also include organizations, persons, places, and ideas organizational marketing makes use of corporate image advertising person marketing for political candidates, entertainment sports figures, professionals place marketing for tourism social marketing campaigns for promoting ideas |
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key decisions affecting individual product |
product attributes, branding, packaging, labeling, product support services |
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product attributes as a key decision |
design vs performance, quality, features, style |
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brand definition |
a name, term, sign, symbol, design or combination of these that identifies the maker or sellers of a product or service |
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advantages of brand names |
attributes, consistency, quality and value, identification |
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advantages of brand equity |
high brand loyalty, name awareness, perceived quality, strong brand association |
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definition of packaging |
activity of designing and producing the container or wrapper for a product |
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strategic importance of packaging |
can enhance the product sends a message can lower distribution costs |
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functions of labeling on a product packaging |
labeling: printed info appearing on or with the package identifies product or brand describes several things about the product promotes the product through attractive graphics |
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how to design product support services |
aim: profitably meet needs of target customers and gain competitive advantage 1. survey customers to assess value of current services and obtain ideas for new services 2. assess costs of providing desired services 3. develop package of services to delight customers and yield profits |
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key decisions affecting product line |
line stretching and line filling |
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what is line stretching vs line filling |
adding products that are higher or lower priced than the existing line VS adding more items within the present price range |
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key decisions affecting product mix |
product line width (no. of different product lines), length (total number of items in product lines), depth (no, of versions of each product) and consistency |
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P&G example |
width - 5 different general product lines: health & wellness, house&home, baby&family, pet nutrition&care, personal&beauty length - e.g. house&home: 7 laundry detergents, 6 soaps, 5 shampoos, 4 dishwashing detergent depth - versions of each product: 7 versions of Tide, 16 types of Crest |
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advantages for brands with strong equity |
high consumer awareness, strong brand loyalty, helps when introducing new products, less susceptible to price competition |
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major brand strategy decisions |
brand positioning, brand name selection, brand sponsorship, brand development |
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3 levels of positioning |
product attributes: least effective benefits beliefs and values: taps into emotions |
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characteristics of a good brand name |
suggests something about the product or its benefits easy to say, recognize and remember distinctive extendable translates well into other languages can be registered and legally protected |
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brand sponsorships |
manufacturer brands private brands: costly to establish and promote, higher profit margins licensed brands |
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advantages of co-branding |
broader consumer appeal, greater brand equity, efficient means of expansion into new product categories |
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limitations of co-branding |
complex legal contracts, requires careful coordination of IMC, requires trust between partners |
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brand development strategies: brand name vs product category |
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line extension features |
new flavors, colors, forms, ingredients, package sizes |
