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| everything, both favorable and unfavorable, that a person receives in an exchange. (tangible good, service and idea). |
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| a product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers. |
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| a product bought to satisfy an individual’s personal wants. |
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| a relatively inexpensive item that merits little shopping effort.(candy,soft drinks, deodorant, aspirin, hardware..) |
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| a product that requires comparison shopping, because it is usually more expensive and found in fewer stores. (homogeneous-washers, dryers,and televisions. heterogeneous-furniture,clothing,housing, & universities) |
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| a particular item for which consumers search extensively and are reluctant to accept substitutes. (fine watches, expensive automobiles, & gourmet restaurants) |
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| a product unknown to the potential buyer or a known product that the buyer does not actively seek. (new products, insurance, burial plots) |
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| a specific version of a product that can be designated as a distinct offering among an organization’s products. |
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| a group of closely-related product items. |
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| all products that an organization sells. *all of Campbell’s products constitute its product mix. each product in the product mix may require a separate marketing strategy |
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| product lines provide economies of scale in advertising. |
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| packages in the product line may have a common look but maintain their individual identities. |
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| Reductions in manufacturing and inventory costs |
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| Efficient sales and distribution |
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| a product line enables a full range of choices to customers, and as a result, better distribution and retail coverage. |
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| all products in a line are perceived as having similar quality. |
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| number of product lines an organization offers (diversifies risk) |
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| number of product items in a product line (attract buyers with different preferences, increase sales, capitalize on economies of scale, even out seasonal sales patterns) |
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| Adjustments to Product Items, Lines, and Mixes |
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| the three strategies for making these changes are 1.product modification, 2.product repositioning, 3.product line extension or contraction. |
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| change in a product’s versatility, effectiveness, convenience, or safety. |
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| n aesthetic product change (like color) rather than a quality or functional change. |
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| change in a product’s dependability or durability. |
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| the practice of modifying products so those that have already been sold become obsolete before they need replacement. |
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| Why reposition established brands? |
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-changing demographics --declining sales --changes in social environment.
-The second way of adjusting product items, lines, and mixes is by repositioning. Repositioning changes consumer’s perceptions of a brand. |
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| adding additional products to an existing product line in order to compete more broadly in the industry. |
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| is a name, term, symbol, design or combination thereof that identifies a seller’s products and differentiates them from competitors’ products. |
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| that part of a brand that can be spoken, including letters, words, and numbers |
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| the elements of a brand that cannot be spoken. |
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| the value of company and brand names |
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| a brand where at least a third of the earnings come from outside its home country. |
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| branding has 3 main purposes: product identification, repeat sales, and new-product sales. The most important purpose is product identification |
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| the brand name of a manufacturer (a.k.a national brand-not always accurate) **advantages--heavy consumer ads by manufacturers --attract new customers --enhance dealer’s prestige --rapid delivery, carry less inventory. |
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| a brand name owned by a wholesaler or a retailer (Generic). Also known as a private label or store brand **advantages--earn higher profits on own brand --less pressure to mark down price --manufacturer can become a direct competitor or drop a brand/reseller --ties customer to wholesaler or retailer |
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| a brand manufactured by a third party for exclusive retailer, without evidence of a that retailer’s affiliation. **advantages--no evidence of store’s affiliation --manufactured by 3rd party --sold exclusively at the chain --can ask price similar to manufacturer’s brands. |
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| using different brands for different products |
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| Marketing several different products under the same brand |
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Co-branding is placing two or more brand names on a product or its package.
Ingredient branding-identifies the brand of a part that makes up the product
Cooperative branding-occurs when two brands receive equal treatment
Complementary branding-refers to products advertised or marketed together to suggest usage. |
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| is the exclusive right to use a brand or part of a brand. |
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performs the same function for services.
*The Digital Millennium Copyright Act (DMCA) explicitly applies trademark law to the digital world |
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| he three most important functions of packaging are to contain and protect products; promote products; facilitate the storage, use and convenience of products, and facilitate recycling and reduce environmental damage. |
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Persuasive: -focuses on promotional theme -consumer information is secondary.
Informational: - helps make proper selections -lowers cognitive dissonance. |
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*Greenwashing- attempting to give the impression of environmental friendliness whether or not it is environmentally friendly.
Universal Product Codes: a series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products.
-UPCs help retailers prepare records of customer purchases, control inventories, and track sales. |
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| Global Issues in Branding |
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| When entering a foreign market with an existing product a firm has three options for handling the brand name. |
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| Global Issues in Branding cont... |
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1.One Brand Name Everywhere- Coca-Cola uses this strategy in 195 countries around the world. This strategy allows greater recognition of the product and easier promotional coordination from market to market.
2.Adaptations & Modifications- are used when the name cannot be pronounced or interpreted successfully in a different language.
3.Different Brand Names in Different Markets- local brand names are used when translation or pronunciation problems occur, when the marketer wants the brand to appear to be a local brand, or when regulations require localization. |
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| Global issues in packaging |
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1.Labeling- the major labeling concern is proper translation of ingredient, promotional and instructional information on labels.
2.Aesthetics- package aesthetics are important from a cultural perspective. example, colors may have different connotations in different countries. Package size is influenced by availability of refrigeration, amount of storage space, and even the purchasing power of buyers.
3.Climate considerations- extreme climates and long-distance shipping necessitate sturdier packages. Packages may need a longer shelf life. |
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| a confirmation of the quality or performance of a good or service. |
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| an unwritten guarantee that the good or service is fit for the purpose for which it was sold. |
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