4.Sa The 7 Ps of the marketing mix - Product

brand

a name that is identifiable with a product of a particular business.

Brand awareness

measures the extent to which people recognize a particular brand.

Brand development

refers to the ongoing and long-term marketing process of improving and enlarging the brand name in order to boost sales revenue and market share.It involves creating a unique identity and fostering customer loyalty.

Brand loyalty

occurs when customers buy the same brand of a product repeatedly over time.This loyalty is often driven by positive experiences, perceived quality, and emotional connection with the brand.

Brand switching

when consumers turn to alternative brands mainly because the original brand has lost some of its former appeal.This behavior can be influenced by factors such as price, quality, and marketing efforts from competitors.

Brand value

the premium that customers are willing to pay for a brand name over and above the value of the product itself.It reflects the brand's overall worth in the marketplace, often influenced by factors such as brand reputation, customer loyalty, and perceived quality.

Branding

the practice of using an exclusive name, symbol or design to identify a specific product or organization.It aims to create a distinct image in consumers' minds, fostering recognition and loyalty.

Consumer goods

products bought for personal consumption, such as furniture, computers and fresh flowers.They are typically categorized into durable goods, nondurable goods, and services.

Customer loyalty schemes

a form of sales promotion used to entice customers to stick to the brand by rewarding devoted customers.

Extension strategies

attempts by marketers to lengthen the life cycle of a particular product, typically used during the maturity or early decline stages of the product's life cycle.

Genericised brands

brands so popular that they become synonymous with the name of the product itself. Examples include Band-Aid, Kleenex, and Xerox, where the brand name is used to refer to the general product category.

Global brands

highly popular products sold with exactly the same (or very similar) marketing strategies in overseas markets, using the same brand name in different countries.

Innovators

consumers who strive to be the first to own a certain product, usually due to prestige or loyalty to a particular brand or product.

Intangible products

non-physical services, such as haircuts bus rides and visits to the cinema. They cannot be touched or owned.

Logos

a form of branding that uses a visual symbol to represent a business, its brands or its products. They are often designed to be easily recognizable and convey the company's identity or values.

Marketing myopia

exists when a business becomes complacent about its product strategy, thereby failing to keep up with market changes.

multi-brand strategy

involves a business developing two or more brands in the same product category.

Producer goods

are products purchased for commercial (business) use, rather than for private consumption.

Product

refers to any physical or non-physical item (good or service) that is purchased by commercial or private customers.

Product cannibalization

occurs when brands from the same business directly compete with each other.

Product differentiation

refers to any strategy used to make a product appear to be distinct from others, such as quality, branding and packaging.

The product life cycle

refers to the typical process that products go through from their initial design and launch to their eventual decline and withdrawal at varying speed. It includes stages such as introduction, growth, maturity, and decline, each impacting marketing and sales strategies.

Product portfolio

refers to the collection of products owned by an organization at any one point in time.

A prototype

is a trial product, produced to assess the potential success of the product.

Slogans

are catchphrases used to represent the essence of a bus rides and visits to the cinema. business or its products in a memorable way.

Tangible products

are physical goods, such as cars, computers and smartphones.

Test marketing

is the trialling a new product with a sample of customers, perhaps in a limited geographical area, to determine the reactions of customers and to gather valuable feedback before a full launch.

A trademark

gives legal protection to the owner to have exclusive use of the brand name.