Product, Branding, and Packaging Concepts

Product

Good, service, or idea received in exchange

Good

is a tangible physical entity such as an Apple iPad, or a Starbucks Latte

Service

in contrast, is intangible; it is the result of the application of human and mechanical efforts to people or objects.

Idea

is a concept, philosophy, image, or issue.

Core Product

Fundamental utility or main benefit of a product

Supplemental Features

Added value beyond core product utility

Symbolic Benefits

Experiential benefits adding symbolic meaning to products

Consumer Products

Purchased for personal or family needs

Business Products

Purchased for firm operations, resale, or production

Convenience Products

Inexpensive, low-effort items like groceries

Shopping Products

Items requiring planning and effort, like furniture

Specialty Products

Unique, high-effort items like luxury cars

Unsought Products

Purchased unexpectedly or without prior planning

Installations

Facilities and major equipment in business operations

Accessory Equipment

Supports production but not part of final product

Raw Materials

Basic natural materials used in product manufacturing

Component Parts

Parts that become part of the final product

Process Materials

Used directly in production but not easily identifiable

MRO Supplies

Maintenance, repair, operating items for production

Business Service

Intangible products that many organizations use in their operations.

Product Item

is a specific version of a product line that can be designed as a distinct offering among an organization's products

Product Line

Group of related product items offered by a company

Product Mix

Total group of products available to customers

Product Life Cycle

Stages from introduction to decline in a product's market

Branding

Identifying products distinctively through name or symbol

Brand Equity

Marketing and financial value of a brand's strength

Brand Loyalty

Customer's favorable attitude towards a specific brand

Introduction Stage

Begins with the product's first appearance in the marketplace, sales starts at zero

Growth Stage

Sales grow rapidly and profits reach a peak and then start to decline

Maturity Stage

Sales curves peak and start to level off or decline, and profits continue to fall.

Decline Stage

Sales fall rapidly.

Brand

is a name, term, design, symbol, or any other feature that identifies one marketer's products as distinct from those of other marketers.

Brand Name

is the part of a brand that can be spoken - including letters, words, and numbers.

Trade Mark

is a legal designation indicating that the owner has exclusive use of a brand or part of a brand and that others are prohibited by law from its use.

Trade Name

is the full and legal name of an organization, such as Ford Motor Company, rather than the name of a specific product.

Brand Mark

The element of a brand that is not comprised of word - often a symbol or design