Chapter 11 Product Concepts, Branding, and Packaging

These flashcards cover key concepts from Chapter 11 on Product Concepts, Branding, and Packaging from the Pride/Ferrell Marketing textbook.

What is the definition of a product?

A product is a good, a service, or an idea received in an exchange.

What are the three independent elements of a total product?

The core product, supplemental features, and symbolic or experiential benefits.

What is meant by 'core product'?

The core product consists of a product’s fundamental utility or main benefit.

What are supplemental features?

Supplemental features provide added value or attributes in addition to the product’s core utility.

What is the difference between consumer products and business products?

Consumer products are purchased to satisfy personal and family needs; business products are bought for use in operations, resale, or to make other products.

What are the four categories of consumer products?

Convenience products, shopping products, specialty products, and unsought products.

What is the product life cycle?

The product life cycle is the progression of a product through four stages: introduction, growth, maturity, and decline.

What are the five stages of the product adoption process?

Awareness, interest, evaluation, trial, and adoption.

What is brand equity?

Brand equity is the marketing and financial value associated with a brand’s strength in a market.

What are the three degrees of brand loyalty?

Brand recognition, brand preference, and brand insistence.

What is co-branding?

Co-branding involves using two or more brands on one product.

What are the functions of packaging?

Protects and preserves the product, offers convenience, communicates features, and can evoke an emotional response.

What must marketers consider when selecting a brand name?

It should be easy to say, spell, and recall, suggest major benefits, be distinctive, and comply with regulations.

What is the importance of labeling?

Labeling provides identifying, promotional, or other information on package labels, which is crucial for consumer awareness.

Describe the characteristics of the introduction stage of the product life cycle.

Sales are 0, profits are negative due to development costs, and the primary goal is to increase awareness. Strategies often involve high pricing or low pricing to penetrate, and selective distribution.

Describe the characteristics of the growth stage of the product life cycle.

Sales rise rapidly, profits reach a peak and then start to decline as competitors enter. The focus shifts to strengthening market share and ensuring efficient distribution.

Describe the characteristics of the maturity stage of the product life cycle.

Sales peak and then start to decline, profits continue to fall as competition becomes intense. Strategies often involve product modification, repositioning, or finding new uses/users.

Describe the characteristics of the decline stage of the product life cycle.

Sales fall sharply, often due to new substitutes or changing consumer preferences. Firms decide whether to eliminate the product or to prune/reposition it.

What happens during the awareness stage of the product adoption process?

The buyer becomes aware of the product but lacks detailed information. Marketers aim to make potential buyers familiar with the product (e.g., through advertising).

What happens during the interest stage of the product adoption process?

The buyer seeks information and is receptive to learning about the product. Marketers provide information to stimulate interest.

What happens during the evaluation stage of the product adoption process?

The buyer considers the product's benefits and determines whether to try it, weighing pros and cons based on perceived value.

What happens during the trial stage of the product adoption process?

The buyer tests the product on a small scale to assess its value (e.g., sampling, test driving, free trials).

What happens during the adoption stage of the product adoption process?

The buyer decides to purchase the product and expects to use it in the future. Repeated purchases indicate adoption.

What are the typical stages of the new product development process?

Idea generation, screening, concept testing, business analysis, product development, test marketing, and commercialization.

What is a product line?

A group of closely related product items that are considered a single unit because of marketing, technical, or end-use considerations.

What is a product mix?

The composite of all product lines that a firm offers. It has dimensions of width, depth, and consistency.

What are some categories of business products?

Installations, accessory equipment, raw materials, component parts, process materials, MRO (maintenance, repair, and operating) supplies, and business services.