Chapter 11

actual product

The physical attributes of a product including the brand name, packaging, etc

associated services (augmented product)

The nonphysical attributes of the product including product warranties, financing, product support, etc

brand association

Mental links that consumers make between a brand and its key product attributes (logo, slogan)

brand awareness

Measures how many consumers in a market are familiar with the brand and what it stands for; through repeated exposures of the brand elements

brand dilution

When a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold

brand equity

The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product

brand extension

The use of the same brand name for new products being introduced to the same or new markets

brand licensing

Contractual arrangements between firms, whereby one firm allows another to use its brand name, logo or symbols

brand loyalty

When a consumer buys the same brand’s product repeatedly over time rather than buying from multiple suppliers within the same category

brand repositioning (rebranding)

strategy in which marketers change a brand’s focus to target new markets or realign the brand’s core emphasis with changing market preferences

breadth (brand variety)

Number of product lines offered by a firm

cannibalize

The negative impact on a firm’s sales or market share when one product competes closely with a similar product offered by the same company

co-branding

Practice of marketing two or more brands together, on the same package or promotion

consumer product

Products used by people for their personal use

convenience products

Products for which the consumer is not willing to spend any effort to evaluate prior to purchase

core customer value

The basic problem-solving benefits that consumers are seeking

depth

The number of categories within a product line

family brand

Firm’s own corporate name used to brand its product lines and product

individual brands

The use of individual brand names for each of a firm’s product

line extension

Use of the same brand name within the same product line; represents an increase in a product line’s depth

manufacturer brands (national brands)

Brands owned and managed by the manufacturers

perceived value

The relationship between a product benefits and its cost

predictive analytics

The use of stats on data to determine patterns and predict future outcomes and trends

primary package

Packaging the consumer uses, such as the toothpaste tube, from which he seeks convenience in terms of use and storage

private-label brands (store brand)

Brand developed and marketed by a retailer and available only from that retailer

product line

Group of associated items, such as those that consumers use together

product mix

The complete set of all products offered by a firm

secondary package

exterior carton that contains the primary package and provides the UPC label used by retail scanners

shopping products

Products for which consumers will spend time comparing alternatives such as apparel

specialty products

Products toward which the customer show a strong preference and for which he will expend considerable effort to search for the best suppliers

unsought products

Products consumers either do not normally think of buying or do not know about