Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
30 Cards in this Set
- Front
- Back
|
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 |
|
|
What is the core product? |
Benefits that the product provides that distinguish it from the competition |
|
|
What does the Actual product include? |
Brand name Quality Features Design Packaging Features |
|
|
Augmented Product is: |
Delivery and credit Installation After sales services Warranty Product support |
|
|
Factors for building a successful brand |
Quality Positioning Well-blended communications Repositioning Being first Internal Marketing Long-term perspective |
|
|
6 factors of brand positioning |
Brand heritage Brand values Brand assets (i.e. what makes it distinctive from others, through symbols, features, images, and relationships) Brand personality Brand reflection (i.e. how the brand relates to consumers self-image) |
|
|
Brand name strategies |
Family name (umbrella branding) goodwill attached to the brand benefits all brands Individual brand names Combination brand names (i.e. apple's iPod iPhone) |
|
|
Criteria for choosing brand names |
Evokes positive associations Easy to pronounce and remember Suggest products benefits Be distinctive Use numerals of alphanumerics when emphasising technology Brand transferability (moving across geographical boundaries) No legal issues |
|
|
Reasons to rebrand |
Meger or acquisition Desire to create a new image or position in the marketplace Sale or acquisition of parts of the business Corporate strategy changes Brand familiarity International marketing considerations Legal problems |
|
|
Define brand extension |
Use of an established brand name on a new brand within the same market |
|
|
Define brand stretching |
Extreme form of brand extension where the brand name is used for brands in unrelated markets |
|
|
Advantages of brand extension |
Reduces risk Less costly than alternative launch strategies Can benefit the core brand |
|
|
Disadvantages of brand extension |
Can lead to the cannibalization of existing brand Bad publicity for one can affect the other Credibility can be lost if you stretch too fa |
|
|
Two types of product co-branding |
Parallel Ingredient |
|
|
Advantages of product co-branding |
Add value and differentiation Positioning Reduction of cost of product introduction |
|
|
Risks of product co-branding |
Loss of control Loss of brand equity |
|
|
Advantages of communication co-branding |
Endorsement opportunities Cost benefits Awareness and interest gains Promotional opportunities |
|
|
Risk of communication co-branding |
Loss of Control Loss of brand equity |
|
|
Ethical issues in branding |
Product safety Planned obsolescence (not lasting for a long time) Deceptive packaging |
|
|
4 causes of perceived poor quality service |
Misconception Inadequate resources Inadequate delivery Exaggerated promises |
|
|
3 ways to improve quality without impacting on productivity |
technology customer involvement in the production balancing supply and demand |
