Marketing Chapter 11: Product, Branding, and Packaging Decisions – Flashcards
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Product
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Anything of value to a consumer/can be offered through 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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Physical attributes of a product including brand name, feature/design, quality level, and packaging
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Associated services
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Non-physical attributes including product warranties, financing, product support, and after-sale service
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Consumer products
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Products/services used by people for their personal use
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Specialty products/services
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customers show strong preference for and for which he/she will spend considerable effort to search for best suppliers (luxury cars, medical professionals, designer appeal)
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Shopping products/services
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Consumers will spend time comparing alternatives, such as apparel, fragrances, and appliances
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Convenience products/services
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Consumer is not willing to spend any effort to evaluate prior to purchase
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Unsought products/services
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Consumers either don't normally think of buying or don't know about (stuff at register)
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Product mix *
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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 similar
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Breadth **
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Number of product lines offered by firm (across chart) ; variety
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Depth **
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Number of products within product line (down chart)
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Brand elements
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Brand name, URLs, logo/symbols, characters, slogans, jingles/sounds
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Value of branding **
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- Facilitate purchasing (using reputation/past experiences to buy) - Establish loyalty - Protect from competition -Brands are assets and can legally be protected through trademarks/copyrights -Impact market value
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Brand equity **
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Set of assets/liabilities linked to brand that add to or subtract from value provided by product/service
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Brand awareness
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How many customers in a market are familiar with the brand and what it stands for
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Perceived value
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Relationship between product/service benefits and its costs
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Brand associations
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Metal links that customers make between a brand and its key product attributes (logo, slogan, personality)
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Brand loyalty
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Customer repeatedly buys brand over and over (less sensitive to price, marketing costs lower, firm insulated from competition)
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Manufacturer brands **
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National brands owner/managed by manufacturer
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Retailer/store brands **
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Product developed by retailers
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Family brand **
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A firm's own corporate name used to brand its product lines/products
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Individual brand **
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Use of individual brand name for each of firm's products
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Brand extension
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Use of same brand name for new products being introduced to same/new markets (increase in breadth) - refrain from extending to too many products -evaluate fit between product class of core brand and extension - evaluate consumer perception
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Line extension
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Use of same brand name within same product line and represents increase in product line's depth
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Brand dilution
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Occurs when brand extension adversely affects consumer perceptions about attributes the core brand holds
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Brand licensing
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Contractual agreement between firms, whereby one firm allows another to use its brand name, logo, symbols, and characters for fee
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Brand repositioning/rebranding
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Strategy in which marketers change brand's focus to target new markets or realign the brand's core emphasis with changing market preferences
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Primary packaging
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The packaging the consumer uses because seeks convenience for storage, use, and consumption
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Secondary packaging
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the wrapper/exterior carton that contains primary package and has UPC label
