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| Anything that can be offered to a marketing for attention, acquisition, use or consumption that might satisfy want or need. |
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| An activity, benefit or satisfaction offered for sale that is essentially intangible, and does not result in the ownership of anything. |
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| product and services fall into two broad class based on the type of the consumer who use them: |
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Consumer product
Industrial product |
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| A product bought by the final consumers for personal consumption. |
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| Consumer product that customer usually buy frequently immediately and with minimal comparison and buy effort. |
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| Consumer product that the customer in the process of selecting and purchasing, usually compares on such as attribute as suitability, quality, price and style. |
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| Consumer product with unique characteristic or brand identification for which a significant group of buyers is willing to make a special purchase effort.ex specific brand of car |
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| Consumer product that a consumer either does not know about or knows about but does not normally consider buying. |
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| four type of consumer product are: |
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| Convenience products, shopping products, specialty products, unsought product. |
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| A product brought by individual and organization for further processing or for use in conducting a business. |
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| The three level of product and services |
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Core customer value(what is the customer really buying)
Actual product (brand naming, design, packaging)
Augmented product(delivery and credit, warranty, product support) |
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| The most basic level of product and services is? |
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| The use of commercial marketing concepts and tools in programs designed to influence individuals, behavior to improve their well-being and that of society. |
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| Marketers make product and services decisions at three level: |
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Definition
individual product product decisions
product line decision
product mix decision |
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| Individual product and services decision are? |
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Definition
product attributes
branding
packaging
labeling
product support services |
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product quality
product features
product style and design |
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| the characteristic of a product or services that bear on its ability to satisfy stated or implied customer needs. |
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| A name, term, sign,symbol, or design or combination of these that identifies the product or services of one seller or group of seller and differentiates them from those of competitors. |
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| The activities of designing and producing the container or wrapper for a product. |
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| Three groups of industrial product and services are? |
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Material and parts(raw material)
Capital items(accessory equipment )
Supplies and services |
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| A group of product that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges. |
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| A company can expand its product line in two ways: |
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Definition
product line filling (adding more to the line)
product line stretching(beyond its current range) |
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| the set of all product lines and items that are particular seller offers for sale. |
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| A company's product mix has four important dimensions: |
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Width (number of different product line)
Length(number of item company carries within product line)
Depth(number of version offered each line)
Consistency(how close related various product line) |
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| what is service marketing? |
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| is the action of doing something for someone or something. It is largely intangible (i.e. not material)You cannot touch it. You cannot see it. You cannot taste it. You cannot hear it. You cannot feel it |
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| The chain that links service firm profits with employee and customer satisfaction. |
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Brands are a key element in the company’s relationships with consumers.
Brands represent consumers’ perceptions and feelings about a product and its performance.
A powerful brand has high brand equity. |
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| Measures brand strength along four consumer perception dimensions: |
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Definition
1. differentiation (what makes the brand stand out), 2. relevance (how consumers feel it meets their
needs),
3. knowledge (how much consumers know about the
brand), and
4. esteem (how highly consumers regard and respect
the brand). |
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| Brand Asset Valuator (BAV) |
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Definition
It is a metric applied for the measurement of brand value of
an entity |
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| consumers react more favorably to the brand than to an unbranded version of the same product. |
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| consumers react less favorably to the brand than to an unbranded version. |
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| is the process of estimating the total financial value of a brand. |
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Definition
1. Brand awareness
2. Perceived quality
3.Brand association
4. Brand loyality |
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| Major Brand Strategy Decisions |
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Definition
Brand positioning(Attributes • Benefits • Beliefs and values)
Brand name selection(• Selection • Protection)
Brand sponsorship(Manufacturer’s brand •Private brand •Licensing • Co-branding)
Brand development(Line extensions • Brand extensions • Multi brands • New brands) |
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| Brand Positioning and Brand Name Selection: |
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| Marketers should establish a mission and vision for the brand when positioning it |
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| Brand Positioning and Brand Name Selection: |
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| Marketers should establish a mission and vision for the brand when positioning it |
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Definition
Must be actionable, own able, and appropriate.
To arrive at a memorable, marketable name you’ll need to consider the
1. Differentiation,
2. Longevity,
3. Phonetics, and
4. Trademark-ability |
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Definition
| The hallmark of a viable name is its ability to be trademarked. As a trademark, your name provides a proprietary and legally protectable method for identifying your goods or services from those of competitors |
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Definition
National brands (Marketed under the manufacturer’s own name)
Store brands (Created and owned by a reseller of a product or services) |
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Definition
| Use the established brand names of two different companies on the same product |
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| advantages of co-branding |
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Definition
• The combined brands create broader
consumer appeal and greater brand equity.
• Co-branding also allows a company to expand its existing brand into a category it might otherwise have difficulty entering alone. |
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| limitations of co-branding(Disadvantages) |
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Definition
1. Such relationships involve complex legal contracts and licenses.
2. Co-branding partners must carefully coordinate their advertising, sales promotion, and other marketing efforts.
3. Each partner must trust that the other will take good care of its brand. |
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Definition
| Refers to the expansion of an existing product line.In short, line extension adds variety to its existing product for the sake of reaching a more diverse customer base and enticing existing customers with new options. |
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| Brand extension refers to the expansion of the brand itself into new territories or markets. For instance, if a soft drink manufacturer unveils a line of juices or bottled water products under its company name |
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| A firm can obtain new products in two ways: |
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Definition
1. Acquisition—by buying a whole company, a patent, or a license to produce someone else’s product.
2. New-product development efforts. |
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| What are the eight major steps in the new-product development process? |
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Definition
1. idea generation
2. idea screening
3. concept development and testing
4. marketing strategy development
5. business analysis
6. product development
7. test marketing
8. commercialization |
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| is the systematic search for new-product ideas |
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| the company can find new ideas through formal research and development. Or it can pick the brains of employees—from executives to salespeople to scientists, engineers, and manufacturing staff. |
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| Companies can also obtain good new-product ideas from any of a number of external sources, such as distributors and suppliers or even competitors. Perhaps the most important source of new-product ideas is customers themselves. |
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| invites broad communities of people(customer, employee, scientists) into the new-product innovation process. |
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| screening new product ideas to spot good ones and drop poor ones as soon as possible. |
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| is an idea for a possible product that the company can see itself offering to the market. |
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| is a detailed version of the idea stated in meaningful consumer terms. |
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| In concept development, several descriptions of the product are generated to find out how attractive each concept is to customers. From these concepts, the best one is chosen. |
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| calls for testing new-product concepts with groups of target consumers to find out if the concepts have strong consumer appeal. |
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| Marketing Strategy Development |
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Definition
| it involves designing an initial marketing strategy for a new product based on the product concept. |
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| Marketing strategy statement consists of three parts? |
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Definition
1. A description of the target market; the planned value proposition; and the sales, market share, and profit goals for the first few years
2. An outline of the product’s planned price, distribution, and marketing budget for the first year
3. A description of the planned long-run sales, profit goals, and marketing mix strategy |
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| What is Business Analysis? |
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Definition
| involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company’s objectives |
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| the stage at which the product and marketing program are introduced into realistic market settings. |
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| what is Commercialization? |
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| Commercialization involves introducing the new product into the market. Decisions must be made about introduction timing as well as where to launch the new product. |
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| Customer-centered new-product development |
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| Focuses on finding new ways to solve customer problems and create more customer-satisfying experiences. |
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| Team-Based New-Product Development |
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Definition
| Under this approach, company departments work closely together in cross-functional teams, overlapping the steps in the product development process to save time and increase effectiveness. |
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Definition
| is a basic and distinctive mode of expression. |
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Term
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Definition
| is a currently accepted or popular style in a given field. |
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Definition
| are temporary periods of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity. Strategies for each of the other life-cycle stages: |
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| is the starts when the new product is first launched. |
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| is the stage where sales begin to climb quickly. |
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| is the stage characterized by slowing product growth. |
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| is the stage where the sales of most product forms and brands eventually dip |
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| International product and service marketers face special challenges. |
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Definition
They must figure out what products and services to introduce and in which countries.
• They must decide how much to standardize or adapt their products and services for world markets.
• Packaging presents new challenges for international marketers. |
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| The product life cycle has five distinct stages: |
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Definition
Product development
Introduction
Growth
Maturity
Decline |
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