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core
expected: warranty, service, fair price
augmented: goes beyond customer expectations/competition (CAN BECOME EXPECTATION) |
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| a good, service, or idea consisting of a bundle of tangible and intangible benefits |
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| a specific product, identified by its ordering code, the SKU |
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| stock keeping unit, identifies product items |
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| a group of closely related products |
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| the set of product lines sold by a company |
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the life of a product over four stages:
introduction
growth
maturity
decline |
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Definition
| lesser competitors shaken out by intensity of competition |
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Definition
| product penetration. more of same product to same people. try to raise average ticket, get people to spend a little bit more money |
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Definition
| coming up with new markets we can sell our products to; expand |
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| getting people excited about your product again; redesigning, modifying product |
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Definition
| capture a different look for your product |
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Term
| brand development index (BDI) |
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Definition
measures the relative sales strength of a brand within a specific market
($brand sales per capita in territory J/$brand sales per capita nationally) x 100 |
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Term
| category development index (CDI) |
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Definition
measures the sales strength of a particular category of product, within a specific market
($category sales per capita in territory J/$category sales per capita nationally) x 100
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Term
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Definition
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Term
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Definition
| non-verbal label representation of brand |
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| something that has human characteristics that represents brand, alive in some respect, personification of brand |
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Definition
| graphical element, symbol, together with verbal type, sometimes just verbal, sometimes non-verbal, sometimes both |
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Definition
| any of these that are protected legally. have to be renewed. |
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Definition
| when every product that's sold has same brand name attached to it |
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Definition
| have different identities for different brands (P&G) |
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| 2 companies brand something together (F-150 Harley Davidson) |
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Definition
| sold nationally, kinds that we talk about all of the time. loyal to national brand |
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Definition
| sold by particular retailer, not with national manufacturer. private, like walmart brand, publix brand, walgreens brand, etc. |
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Definition
| give someone else the right to give your brand name to make products (Disney) |
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| the added value a given brand name provides a product (Coca Cola) |
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Definition
| brand a lot of people know about, easily recognizable, high degree of awareness can be high brand equity |
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Term
| brand equity: associations |
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Definition
| heart of brand loyalty, most important. things we have associated with in memory when we see or hear a brand name (BRAND IMAGE) |
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| brand equity: perceived quality |
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Definition
| consumers have to perceive brand is really good at what it does. they perceive it as a good brand. tied to objective view of quality |
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Definition
| dedication to brand. purchase repeatedly, have some kind of affection for brand. |
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| brand equity: line extension |
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Definition
| new products in same basic product category as parent brand (coke zero, diet coke, diet with splenda, etc.) same product category |
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Term
| brand equity: category extension |
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Definition
| new product category with new product launch (Mr. Clean expanding to car washes, Honda expanding to different kinds of vehicles: boat motors, lawnmowers, etc.) |
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Term
| packaging functions: contain/protect |
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Definition
| keep it safe, unharmed in packaging |
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Term
| packaging functions: facilitate use |
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Definition
| how you use the product: pour spout, screw top, etc. |
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Term
| packaging functions: communicate |
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Definition
| directions for product, in image on product communicating good things, pink cans for breast cancer, etc. |
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Term
| packaging functions: fit channel needs |
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Definition
| fitting on shelves; certain characteristics for packaging for retailers, channel to stores |
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Term
| packaging functions: innovation |
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Definition
| packages can be innovated, ketchup bottle with own saying on it, customizable, etc. ketchup packets that open or squeeze out |
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Definition
| day to day innovations, not much effect on our daily lives. ex pretzel inside mnm |
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Definition
| companies seeing what other companies doing, do same thing |
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Term
| dynamically continuous innovation |
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Definition
| new product form, dvds vs. video cassettes; kinect xbox vs. wii |
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Term
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Definition
| discontinuity in our lives as a result of this innovation. internet, PCs, laptops, mobile phones, email. GAME CHANGERS. disruptive technologies |
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Term
| new product planning process |
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Definition
new product strategy: overall strategy, new products to fit in to how we see ourselves as organization
idea generation: 60 ideas to have 1 that is successful, conduct research on customers, get ideas from customers
screening and evaluation: feasability screen-can we product it? resources? about 12 survive. concept testing-opinion of consumers, 9 survive.
business analysis: will we make money? forecasts for sales. cannibalization-new product taking old product's sales, 7 survive.
prototype development: have working version, is actual product, fix problems, make on limited basis. people don't like, want, need it, 3 survive
market testing: run test market on limited basis, 2 survive.
commercialization: launch, have 1 successful product
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Term
| adoption process (individual level) |
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Definition
awareness: consumer becomes aware new product exists
interest: product I can use, would be interested in?
evaluation: better for me than other products?
trial: give product a try, nondurable-bag of chips in market. durable-test drive
adoption: continued use, buy it repeatedly
*trial and evaluation can switch, maybe just give it a try
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Term
| rate of diffusion: relative advantage |
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Definition
| most crucial. advantage new product has relative to exisitng products. how much more does it offer? ex. b&w TV compared to radio |
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Term
| rate of diffusion: communicability |
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Definition
| ability to communicate what the product is, what it does for you, work to make communicability easy to grasp |
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Term
| rate of diffusion: complexity |
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Definition
| some products are complex, hard for people to grasp; can slow down rate of diffusion |
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Term
| rate of diffusion: compatibility |
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Definition
| compatibility with consumer's ways of life/culture within products is being introduced. ex. smaller dishwasher in Japan on top of counter |
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Term
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Definition
| safety, financial risk of buying a product, don't want to pay a lot of money for it and it not work |
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Term
| 4 I's: characteristics of services |
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Definition
intangibility: services more intangible
inconsistency: quality control, human based
-industrialize service. set up strict policies/procedures
inseparability: separation between service provider and recipient
inventory: can't inventory service. delivered on real time basis. service that could've been provided that wasn't, airline
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Term
| core service (retail service) |
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Definition
| the right product at the right place at the right price at the right time |
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Term
| expected service (retail service) |
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Definition
| customer expectations regarding dependability, courtesy, etc. |
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Term
| augmented service (retail service) |
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Definition
| it is the service the customer DOESN'T expect that endears... |
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| potential service (retail service) |
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Definition
go beyond competition
must have new ideas/services because competitors match it |
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Term
| dimensions of service quality: RATER |
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Definition
reliability: keep service promise, dependability
assurance: attitudinal aspect of service provider, in good hands, can do it for you, build confidence
tangibles: entail tangible of what you consume. favorable impression, employees, place of business
empathy: warm fuzzies, make them feel special, important. empathy training
responsiveness: being there when the customer wants the service, anticipate demand, service recovery-spring into action when service recovery is called for
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Term
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Definition
| an effort to develop a long term cost effective link with individual customers for the mutual benefit of the customer and the organization |
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Definition
| share of customer's wallet within that industry |
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Term
| frequency marketing: hard benefits/soft benefits |
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Definition
hard benefits: clear financial value
soft benefits: early boarding, no real financial aspect
*hard benefits bigger motivators |
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Term
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Definition
| learning as much as we can about customers, customer relationship management, learning things about you related to the customer pyramid ranking you on how good of a customer you are |
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Term
| levels of market offering |
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Definition
commodity: unbranded beans, make coffee for a dime
good (product): branded version of coffee. make own coffee for a quarter
service: get a cup with a meal, someone brewed it for you
experience: other values associated with coffee, order itself
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