360: Ch 11: Product, branding, and packaging decisions

A product is anything of __.

value

A product is anything of value offered through a…

voluntary market exchange

Products includes: (3) (OPC):

• Organization

• people

• community

Products have three levels, not just physical features: (CAA)

1. core

2. actual

3. augmented

The Core Customer Value level of Products is the basic … customers seek.

problem-solving benefit

Marketers start with … first when developing products.

core value

The “Actual Product” level of products is the product’s…

physical characteristics

The Augmented Product level of Products refers to the ___ aspects.

non-physical

Another name for the Augmented Product level of Products is..

Assosciated Services

What are some examples of the non physical aspects of a complex product?

• warranty

• financing

• customer support

What are some examples of the physical aspects of a complex product?

• brand name

• packaging

• features

• quality

Augmented Product (Associated Services) are more important for what type of products?

expensive and complex

Consumer products are classified based on how…

consumers buy them

___ Products are products that customers strongly prefer and will spend time shopping for.

Specialty

__ products are where consumers compare alternatives before buying.

Shopping

What are some examples of Shopping Products?

• furniture

• clothing

• travel

• shoes

With Shopping Products, consumers compare …. (3) (QPF)

• quality

• price

• features

What products are those that consumers buy frequently with little thought?

Convenience

Everyday household items go under which Consumer Product?

Convenience

What products do consumers:

• Don’t think about buying, or

• Don’t know exist

?

Unsought

Which consumer products require heavy marketing and promotion?

Unsought Products

What are some examples of Unsought Products?

• new inventions

• specialized insurance

• emergency products

New-to-the-world products are always sought/unsought products at first.

unsought

What is a product mix?

All the products/services a firm offers

Does a Product mix consists of one or multiple product lines?

multiple

Breadth refers to the number of ….

product lines

Depth refers to the number of ….

items within a product line

t/f: More breadth/depth ≠ always better

true

Cannibalization is when products ___ with each other.

compete

Product Line Decisions: Why would a firm want to increase their depth? (3)

• meet changing preferences

• attract new segments

• to compete

Product Line Decisions: Why would a firm want to decrease their depth? (3)

• eliminate low-profit products

• focus on top performers

• respond to market conditons

Product Line Decisions: Why would a firm want to increase their breadth? (2)

• enter new markets

• increase sales

Product Line Decisions: Why would a firm want to decrease their breadth? (2)

• focus on core business

• improve efficiency

Product Line Decisions: To decrease their breadth a company would remove an….

entire product line

Product Line Decisions: To increase their breadth a company would add an….

entire new product line

Branding involves creating a ….. for a product.

distinct identity

“A company lives or dies based on brand ____ .”

awareness

Why Branding Matters: 1. Facilitates Purchases:

by helping customers…

recognize products

Why Branding Matters: 1. Facilitates Purchases:

by helping customers make a ___ faster

decision

Why Branding Matters: 1. Builds Brand Loyalty:

is where customers develop __ over time.

trust

Why Branding Matters: 1. Reduces Brand Sensitivity:

Strong brands will face less __ competition…

price

Why Branding Matters: 1. Reduces __ __:

Strong brands can charge higher prices.

Brand Sensitivty

Why Branding Matters: 1. Legal Protection:

Brands are protected by __ and __.

trademarks and copyright

Why Branding Matters: 1. Impacts Firm Value:

Strong brands increases __ __.

company value

Brand Equity is the…

value a brand adds to a product

Brand __ is the value a brand adds to the product.

equity

Brand Equity is the ___ a brand adds to a product.

value

What component of Brand Equity refers to how familiar consumers are with a brand?

Brand Awareness

What component of Brand Equity refers to a customers evaluation of benefits versus cost?

Perceived Value

What component of Brand Equity refers to the mental/emotional connections to a brand?

Brand Associations

What are some examples of Brand Associations?

• quality

• lifestyle

• emotions

What component of Brand Equity refers to repeated purchases over time?

Brand Loyalty

Firms use branding strategies to build and manage brand __.

assets

Firms use branding strategies to … brand assets.

build and manage

Brand Ownership is a Branding Strategy used by what brands?

Manufacturers/National brands

Brand Ownership is a Branding Strategy with full control over __ strategy.

marketing

Brand Ownership is a Branding Strategy with strong brand ___.

equity

Brand Ownership is a Branding Strategy with heavy investment in __.

promotion

Retailer/Store (Private-Label) Brands are produced in-house or __.

outsourced

Retailer/Store (Private-Label) Brands are lower __.

cost

Retailer/Store (Private-Label) Brands enable __ for the retailer.

differentiation

Retailer/Store (Private-Label) Brands are a growing __ due to the retail scale.

importance

When it comes to Naming Brands, “Family Branding” involves…

one brand name for ALL products

When it comes to Naming Brands, Individual Branding involves a..

separate name for each product

The benefits of Family Name Branding is leveraged existing brand awareness and existing/cheaper __.

marketing

The benefits of Individual Name Branding is the ability to target ___ __.

different markets

Does Individual Name Branding reduce or increase risk?

reduce

A Brand Extension involves a new __ __.

product line

Brand Extension involves a new product line with the same __, but a different __.

same brand, different category

An example of a ___ Extension is going from toothpaste → toothbrush.

Brand

Does a Brand Extension increases depth or breadth?

breadth

Line Extension involves the same product line but new __.

variations of the same product

Does a Line Extension increases depth or breadth?

depth

With Line Extensions, there is lower/higher marketing costs.

lower

With Line Extensions, there is slower/faster acceptance.

faster

With Line Extensions, there is positive __ __ transfer.

brand associations

With Line Extensions, there is synergy between __ __.

related products

With __ Extensions, there is brand dilution risks.

Brand Extensions

With Line Extensions, there is risks of poor __ between product categories.

fit

With Line Extensions, there is risks of over___.

extension

To avoid Line Extension risks you should ensure a strong fit with the __ __.

core brand

To avoid Line Extension risks you should match brand a__.

associations

To avoid Line Extension risks you should avoid too many ___.

extensions

To avoid Line Extension risks you should consider distancing ___.

extension

A Co-Branding branding strategy involve two or more…

brands marketed together

The benefits of the Co-Branding branding strategy is enhanced perceived __.

quality

The benefits of the Co-Branding branding strategy is the expanded __ reach.

market

The benefits of the Co-Branding branding strategy is the combined __.

strengths

The risks of the Co-Branding branding strategy is mismatched __ __.

target markets

The risks of the Co-Branding branding strategy is ___ conflicts.

brand

Which branding strategy is where one firms allows another to use its brand for a fee?

Brand Licensing

Brand Licensing generates __.

revenue

Brand Licensing increases v___.

visibility

Brand Licensing has a risk of loss of __ over brand usage.

control

Brand Licensing has a risk of potential brand d___.

damage

Which branding strategy involves changing brand image or target market?

Brand Repositioning

What is another name for Brand Repositioning?

Rebranding

Strong branding strategies build equity and differentiation, but poor decisions can damage the brand’s __.

value

Strong branding strategies build e__ and d___.

equity and differentiation

Packaging is a tangible brand element that provides ___ and marketing benefits.

physical