Marketing (Grewal.Levy) Chapter 11

anything that is of value to a consumer and can be offered through a voluntary marketing exchange
core customer value
defines the basic problem solving benefits that consumers are seeking
actual product
the physical attribute of a product including the brand name, features/design, quality level, and packaging
associated services
(Augmented product) include the nonphysical aspects of the product, such as product warranties, financing, product support, and after-sale service
consumer products
products and services used by people for their personal use
specialty products/ services
customers express such a strong preference that they will expend considerable effort to search for the best suppliers
shopping products/ services
products or services for which consumers will spend a fair amount of time comparing alternatives, such as furniture, apparel, fragrances, appliances, and travel alternatives.
convenience product/ services
products or services for which the consumer is not willing to spend any effort to evaluate prior to purchase
unsought products/ services
are products consumers either do not normally think of buying or do not know about at all
product mix
the complete set of all products and services offered by a firm
product lines
groups of associated items that consumers tend to use together or think of as part of a group of similar products or services
represents a count of the number of product lines offered by the firm
equals the number of products within a product line
brand equity
the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service
brand awareness
measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it
perceived value
the relationship between a product or service’s benefits and its cost
brand associations
reflect the mental links that consumers make between a brand and its key product attributes, such as a logo, slogan, or famous personality
brand loyalty
occurs when a consumer buys the same brand’s product or service repeatedly over time rather than buy from multiple suppliers within the same category
manufacturer brands
(national brands) are owned and managed by the manufacturer
retailer/ store brands
(private-label brands) are products developed by retailers
family brand
when all products are sold under on brand. the individual brands benefit from the overall brand awareness associated with the family name
individual brand
the use of individual brand names for each of a firm’s products
brand extension
the use of the same brand name in a different product line, represents an increase in a product mix’s breadth
line extension
the use of the same brand name within the same product line, represents an increase in a product lines depth
brand dilution
occurs when the brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold
the practice of marketing two or more brands together, on the same package, promotion, or store.
brand licensing
a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, and / or characters in exchange for a negotiated fee
brand repositioning
(rebranding) refers to 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
primary package
the package the consumer uses, such as a toothpaste tube
secondary package
the wrapper or exterior carton that contains primary package and provides the UPC label used by retail scanners

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