Product Mix and Branding Concepts

These flashcards cover key concepts related to product mix, branding, and marketing strategies from the lecture notes.

Product

The specific combination of goods, services, or ideas that a firm offers to its target market.

Product Mix

The complete set of all products and services offered by a firm.

Convenience Products

Products that require low consumer involvement, are purchased frequently, and are inexpensive.

Shopping Products

Products that involve moderate consumer involvement; consumers compare brands and products before making a purchase.

Specialty Products

Products that require high consumer involvement, are purchased infrequently, and are usually expensive.

Unsought Products

Products that consumers do not normally think of buying; require substantial marketing and sales efforts.

Brand Equity

The value added to a product by having a well-known brand name.

Brand Awareness

The extent to which consumers are familiar with the distinctive qualities or image of a particular brand.

Perceived Value

The relationship between a product's benefits and its costs.

Brand Loyalty

The tendency of consumers to continue buying the same brand of goods or services.

Brand Repositioning

The act of changing the position of a brand in the market or the consumers' minds.

Co-Branding

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

Brand Licensing

The process of allowing another company to use your brand for a fee.

Packaging

An essential brand element that attracts consumers and provides practical benefits.

Sustainable Packaging

Packaging that is eco-friendly and meets the needs of consumers for environmentally responsible products.

Brand Extension

Using an existing brand name to launch a new product in a different category.

Line Extension

Using an existing brand name to launch a new product in the same category.

Breadth

Number of product lines in a product mix

Depth

Number of categories within a product line

key roles of Packaging

•Attracts the consumers’ attention.

•Enables products to stand out from their competitors.

•Allows for the same product to appeal to different markets with different sizes.

•A recent development is sustainable packaging.

Product labeling

•Provides information the consumer needs.

•Many labeling requirements stem from various laws.

•Is a communication tool.