Product, Branding, and Packaging Decisions – Lecture Flashcards

A comprehensive set of question-and-answer flashcards covering core concepts, definitions, and examples from the lecture on products, branding, and packaging decisions.

What are the three layers of any product according to marketers?

Core customer value, the actual product, and associated/augmented services.

What question does the core customer value answer?

"What basic problem-solving benefits is the consumer seeking?"

Which elements make up the actual product?

Brand name, features/design, quality level, and packaging.

What are associated or augmented services?

Non-physical product attributes such as warranties, financing, product support, and after-sale service.

Define a product mix.

The complete set of all products offered by a firm.

What does product mix breadth measure?

The number of product lines a firm offers.

What does product line depth measure?

The number of products within a single product line.

How do specialty products differ from other consumer products?

Customers show a strong preference and will expend considerable effort to find the best supplier.

Give an example of a shopping product decision process.

Comparing alternatives such as apparel, fragrances, or appliances before purchasing.

What characterizes convenience products/services?

Consumers are unwilling to spend effort evaluating them prior to purchase.

What are unsought products/services?

Items consumers either do not normally think of buying or do not know about at all.

List six common brand elements.

Name, URLs, logos and symbols, characters, slogans, jingles/sounds.

How do brands facilitate purchases for consumers?

They help consumers make quick decisions by differentiating one firm’s offerings from another's.

Why can brands protect a firm from price competition?

Strong loyalty toward established brands makes customers less sensitive to competitors’ prices.

What is brand equity?

The set of assets and liabilities linked to a brand that add to or subtract from the product’s value.

Name the four main components of brand equity.

Brand awareness, perceived value, brand associations, and brand loyalty.

What does brand awareness measure?

How many consumers know the brand and understand what it stands for.

Define perceived value.

A customer’s evaluation of a product’s benefits relative to its cost and competing offerings.

What is a brand association?

Mental links consumers make between a brand and its key attributes, such as a logo or slogan.

When does brand loyalty occur?

When a consumer repeatedly buys the same brand rather than switching among competitors.

Differentiate manufacturer (national) brands from retailer/store brands.

Manufacturer brands are owned and managed by the producer; retailer/store brands are developed and sold only by a specific retailer.

What is a family brand strategy?

Using the firm’s corporate name to brand multiple product lines and products.

What is an individual brand strategy?

Giving each product a unique brand name rather than using the corporate name.

Define brand extension.

Using an existing brand name to introduce a new product in a different product line (adds breadth).

Define line extension.

Using an existing brand name within the same product line to add a new variety (adds depth).

What is brand dilution?

Negative impact on the core brand when a brand extension weakens consumer perceptions of the brand’s attributes.

Explain co-branding.

Marketing two or more brands together on the same product or promotion to enhance perceived quality.

What is brand licensing?

A contractual arrangement where one firm (licensor) allows another (licensee) to use its brand elements for a fee.

What is the goal of brand repositioning (rebranding)?

To change a brand’s focus, target new markets, or realign with shifting consumer preferences.

What is the primary package?

The packaging the consumer actually uses (e.g., a toothpaste tube).

What is the secondary package?

The exterior wrapper or carton that contains the primary package and provides the UPC label.

List three key roles of packaging.

Attract attention, differentiate from competitors, and act as a promotional tool.

What is sustainable packaging?

Packaging designed to minimize negative environmental impact.

Which federal agency reviews food labels and packaging claims?

The Food and Drug Administration (FDA).

Name two major laws governing product labeling.

The Federal Trade Commission Act of 1914 and the Fair Packaging and Labeling Act of 1990.

What information must be included on product labels?

Ingredients, place of manufacture, directions for use, and safety precautions.

Why might a firm decrease product line depth?

To realign resources and focus on more profitable items.

Why might a firm increase product mix breadth?

To enter new markets or meet evolving consumer needs and boost sales.