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30 Cards in this Set
- Front
- Back
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3 ways to define a product |
Essential benefit, core product, or enhanced product |
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Tangibility |
Physical aspects of the product experience |
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Durability |
Product usage |
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4 types of consumer goods |
Convenience, specialty, shopping, and unsought |
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4 business goods |
Materials, parts, MRO supplies, and capital goods |
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Product line |
Group of products linked through usage, customer profile, price points, and distribution channels or need satisfaction |
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Product mix |
Combining all products offered by a company |
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Brand |
A name, term, sign, symbol, or design or combo intended to identify the goods or services of one seller or groups of sellers and to differentiate them from competition |
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Branding strategy |
Integral part of the product development process bc companies know that successful new products result form a well conceived branding strategy |
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3 customer brand roles |
1. The brand conveys info about the product 2. Brands educate the customer about the product 3. Brands help reassure the customer in the purchase decision |
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2 company brand roles |
1. Brands offer legal protection for the product through a trademark 2. Brands offer an effective and efficient methodology for categorizing products |
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Competitor brand role |
Market leading brands provide competitors with a benchmark against which to compete |
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Will a good branding strategy overcome a poorly designed product that fails to deliver on the value proposition? |
No |
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What affect can counterfeit products or illegal activities under the name of another brand do to it? |
Significant damage |
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There must be __________,____________, and _______________________ among products in the market space |
Real, identifiable, and meaningful |
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Brand equity |
A set of assets and liabilities linked to a brand's name and symbol that adds or subtracts from the value provided by a product or service to a firm or that firm's customers |
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5 segments of brand equity |
Brand awareness, brand assets, brand association, perceived quality, and brand loyalty |
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3 benefits of owning a brand |
Perceived quality customers, brand connections customers, and brand sponsor |
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Stand alone brands |
Separate the company from the brand which illustrates the company if there is a problem with the brand |
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Family branding |
Synergy among members but a negative event with one product usually leads to negative publicity for the entire brand family |
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National brands |
Sold around the country under the same brand |
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Store brands |
When large retailers create a store brand to market their own products |
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Licensing |
Form of extension. Offering other manufactures the right to use the brand in exchange for a set fee or percentage of sales |
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Co branding |
Joints 2+ well known brands in a common product or takes 2 brands and markets them in partnership |
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3 objectives behind a products packaging |
Protect, promote usage, and communicate |
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2 characteristics of effective packaging |
1. Aesthetics ( color) 2. Harmonizes with all marketing mix elements |
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3 requirements when dealing with labeling |
1. Legal requirements 2. Marketing requirements 3. Consumer requirements |
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General warranties |
Make broad promises about product performances and customer satisfaction |
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Specific warranties |
Offer explicit product performance promises related to components of the product |
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3 purposes of a warranty |
1. Help to define the brand 2. Cost vs benefit 3. Conveys a message to the customer |
