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Define a Product
Anything capable of satisfying customers needs
Difference between product and service
Products are: Tangible and can be produced without a customer
Services are: Inseparable, variable, perishable, and intangible
Define Branding
Process of distinguishing product offerings by developing distinctive names, packaging, and designs
Define product line
Group of brands that are closely related in terms of what they do and the benefits they provide. i.e. Samsungs laptop range
Depth of the product line depends on
The pattern of customer requirements (e.g. the number of segments in a market)
Competitors depth
Company resources
Define Product Mix
Total set of brands marketed in a company: the sum of the product lines offered
The width of the product mix can be gauged by:
The number of product lines an organisation offers
Brand Types
Manufacturer brands: created by the producers
Own Label: Created and owned by distributors, with an association with value
Fighter brands: To fight off new entrants and maintain market share (intel introducing Intel Celeron)
6 Reasons why strong brands are important
Enhances company value beyond the balance sheet
Barrier to competition
High profits due to premium positioning
Base for brand extensions
Quality Certification
Trust
Define brand equity
Soft measures of the strength of the brand in the marketplace
Includes customer allegiance, awareness, image, loyalty, affinity, and emotional ties
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