Product, Branding, Packaging, and Pricing Strategies

These flashcards cover key concepts in product, branding, packaging, and pricing strategies, supporting review and understanding of lecture material.

Product Definition

Anything that is created and offered in the market to satisfy a need or want.

Core Customer Value

The fundamental benefit or need that a product satisfies.

Actual Product

The tangible physical product with design, features, brand name, and quality.

Augmented Product

Additional services and benefits that come with a product purchase.

Specialty Products

High-involvement products that consumers actively seek due to unique characteristics or brand loyalty.

Shopping Products

Goods for which consumers compare alternatives based on price, quality, and features.

Convenience Products

Low-cost, frequently purchased items with minimal effort.

Unsought Products

Products that consumers do not think about or know they need until the need arises.

Product Mix

The complete set of all products offered by a company.

Product Line

A group of related products under a single brand.

Brand Definition

A name, term, symbol, or design that distinguishes a seller’s products.

Brand Equity

The value a brand gains from customer perceptions and loyalty.

Brand Awareness

The extent to which consumers recognize and recall a brand.

Perceived Value

The consumer’s evaluation of a product’s worth compared to alternatives.

Brand Loyalty

When customers consistently prefer one brand over competitors.

Manufacturer Brand

Brands owned by producers.

Private Label Brand

Retailer-owned brands.

Brand Extension

Expanding into a new product category.

Line Extension

Adding variety to an existing product line.

Co-Branding

A partnership between two brands to create a new product.

Brand Dilution

When a brand’s expansion weakens its established identity.

Primary Package

The direct packaging that holds the product.

Secondary Package

Additional outer packaging for branding and protection.

Intangibility

A characteristic of services indicating they cannot be touched or possessed.

Inseparability

A characteristic of services indicating they are produced and consumed simultaneously.

Heterogeneity

The variability of services quality due to human involvement.

Perishability

The characteristic of services indicating they cannot be stored for future use.

Knowledge Gap

Occurs when companies do not understand customer expectations.

Standards Gap

Happens when service standards are poorly defined or not aligned with customer needs.

Delivery Gap

Occurs when employees fail to meet service expectations.

Communications Gap

Arises when there is a disconnect between advertised and actual service.

Pricing Strategy

A long-term approach to setting prices based on company goals and market conditions.

Profit Orientation

Focus on achieving a specific profit target regardless of customer value.

Sales Orientation

Prioritizes sales growth and market share over profit margins.

Competitor Orientation

Aligns prices with competitors' pricing, regardless of demand.

Customer Orientation

Determines pricing based on perceived customer value.

Price Elasticity of Demand

Measures how price changes affect demand.

Break-Even Analysis

Determines the sales volume needed to cover costs.

Monopoly

Market structure where a single firm dominates.

Oligopoly

Market structure with a few dominant firms.

Monopolistic Competition

Market structure with many firms offering differentiated products.

Pure Competition

Market structure with many firms selling identical products.

Everyday Low Pricing (EDLP)

Offers consistently low prices to reduce consumer search effort.

Deceptive Pricing Practices

Practices that mislead consumers regarding pricing.