M: Marketing–Chapter 11 (Product, Branding, and Packaging Decisions)

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product
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anything that is of value to a consumer and can be offered through a voluntary marketing exchange
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core customer value
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the basic problem solving benefits that consumers are seeking
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actual product
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the physical attributes of a product including the brand name, features/design, quality level, and packaging
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associated services
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(also called augmented product) the non-physical attributes of the product including product warranties, financing, product support, and after-sale service
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consumer products
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products and services used by people for their personal use
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specialty products/services
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products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers
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shopping products/services
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those for which consumers will spend time comparing alternatives, such as apparel, fragrances, and appliances
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convenience products/services
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those for which the consumer is not willing to spend any effort to evaluate prior to purchase
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unsought products/services
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products or services consumers either do not normally think of buying or do not know about
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product mix
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the complete set of all products offered by a firm
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product lines
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groups of associated items, such as those that consumers use together or think of as part of a group of similar products
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breadth
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number of product lines offered by a firm; also known as variety
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depth
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the number of categories within a product line
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brand equity
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the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service
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brand awareness
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measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm’s communications to consumers
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perceived value
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the relationship between a product’s or service’s benefits and its cost
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brand associations
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the mental links that consumers make between a brand and its key product attributes; can involve a logo, slogan, or famous personality
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brand loyalty
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occurs when a consumer buys the same brand’s product or service repeatedly over time rather than buying from multiple suppliers within the same category
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manufacturer brands (national brands)
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brands owned and managed by the manufacturer
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retailer/store brands
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also called private-label brands; are products developed by retailers
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private-label brands
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brands developed and marketed by a retailer and available only from that retailer; also called store brands
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family brand
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a firm’s own corporate name used to brand its product lines and products
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individual brands
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the use of individual brand names for each of a firm’s products
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brand extension
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the use of the same brand name for new products being introduced to the same or new markets
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line extension
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the use of the same brand name within the same product line and represents an increase in a product line’s depth
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brand dilution
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occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold
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co-branding
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the practice of marketing two or more brands together, on the same package or promotion
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brand licensing
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a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, or characters in exchange for a negotiated fee
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brand repositioning (rebranding)
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a strategy in which marketers change a brand’s focus to target new markets or realign the brand’s core emphasis with changing market preferences
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primary package
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the packaging the consumer uses, such as the toothpaste tube, from which he or she typically seeks convenience in terms of storage, use, and consumption
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secondary package
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the wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners; can contain additional product information that may not be available on the primary package

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