Chapter 8

Physical Product

Something tangible that can be held or touched; may be manufactured or occur naturally.

Core Benefit

Aspect of the product that motivates us to explore the category; the problem the product solves.

Actual Product

The complete set of features and components that a consumer is likely to directly interact with, and that define the product offering.

Extended Product

Something that must be purchased or utilized with the product, but that is not part of the core benefit.

Convenience Products

Easily accessible, familiar, low-risk, low-cost items; often purchased trequently.

Shopping Products

Items that a consumer may research and show interest in either for future purchase needs or out of general personal interest in the category.

Select Products

Items that a consumer buys rarely; require a high level of research and education due to the high costs or risks associated with a purchase.

Unsought Products

Goods and services from which the consumer gains no direct benefit immediately but feels obligated or comforted to purchase knowing that others may benefit in the future. Colloquially, these are Items where the greatest satisfaction the consumer can get is not having to need to use them (e.g., life, disability, or auto insurance; tuneral plot)

Product Mix

The choice of which varieties of products to offer and market.

Product Line

The collection of different products in the same category offered by an organization.

Product Line Depth

Products offered by one company in similar and related categories; the multiple offerings in any one category.

Product Line Breadth

Adding new categories and product lines to the product mix.

Product Line Expansion

Adding new selections to a product line, growing its total number of offerings.

Product Line Contraction

Reducing the total number of offerings by eliminating some products.

Product Line Substitution

Rotating or replacing an underperforming or unfavourable product with another that is more suitable and potentially more popular.

Product Line Cannibalization

The extent to which sales and consumers of newly added products come from sales and consumers of previous products. Cannibalization is a negative concept because the purpose of additions to the product line is to generate new

Product Brand

Selected exclusively for a particular product line the organization markets.

Brand Hierarchy

The determination of how to use the corporate brand and various product brands together to develop a clear, standard message to consumers.Sub-brands A subordinate variant of a larger brand.

Brand Plan

The collection of activities surrounding the use of the brand, defining how the brand will be used, developed, altered, extended, and placed in the coming year to maximize the objectives of the organization.

Brand Extensions

A decision to apply the brand name to an entirely different line of products than it has been associated with.

Brand Image

A set of attributes and associations based on consumer perceptions of what the brand stands for,based on their own experiences and messages provided by the marketer.

Brand Halo

The power of a well-defined and well-positioned brand to extend its associations to related products or anything else.

Brand Evolution

The process by which some brands are modified, updated, or modernized.

Brand (Branding)

A form of identity for a product, service, organization, or even an individual; also, the branded entity's reputation, notoriety, or point of distinction.

Brand Management

The practice of providing the responsibility for the development, promotion, growth, modification, or refurbishment of an existing or new brand to a particular individual or group of individuals in an organization.

Brand Director

In an organization with several brands in the same category or with a product line made up of several different brands, a mid- to senior-level manager maybe called upon to oversee an entire category and possibly manage individual brand managers within the category.

Brand Strategy

A formal plan that determines what the brand stands tor how will he used, and how to manage the brand effectively to help accomplish the organization's marketing goals in the foreseeable future.

Logo

A symbol, word, or combination of them that the organization and its consumers recognize as being related to the entity.

Corporate Brand

The organization's name as the primary brand.

Goodwill

The additional value that consumers are willing to pay for a product based on its brand. Brand equity defines how much value the brand contributes to the organization.

Brand Tax

The disparaging notion that the activities of branding are irrelevant and only serve to artificially raise prices and increase profits at the expense of the
consumer.

Brand Associations

The thoughts, impressions, images, and connections that come to mind of consumers who are aware of and knowledgeable about the brand.

Brand Identity

The extent to which the brand name, logo or symbol serves to correctly and distinctly identify the brand owner.

Lifetime Consumer Value

The financial value of a brand measured by calculating the long-term revenue flow of its loyal consumers, less the costs of developing
and supporting the brand.

Intellectual Property

The legal classification for brand ownership; property means something that can be legally owned; intellectual means it is intangible.

Consumer-Adopted Branding

Rare situations where consumers feel so strongly about a brand or a brand association that they become advocates and even promoters of the brand without any support from the organization.

Brand Dilution

Mismanagement of a brand through overuse, misuse, or inappropriate application of the brand. which confuses consumers and reduces the meaning and value of the brand.

Brand Standards Guide

A document produced by the brand manager to define the technical application and legal guidelines for using, placing, and reproducing

Equity Building

Activities, especially advertising, devoted exclusively to creating, reinforcing, and reminding consumers about the brand's identity, meaning, and associations,rather than to selling a specific product.

Brand Registration

A legal process whereby the brand owner establishes ownership of a brand, logo, or other identifier by proving that it is unique, distinct, and not restricted from ownership. Generally, this must be done in every geographic jurisdiction where the brand
wishes to protect itself legally.

Piracy

Illegal and unauthorized use of a brand or extremely similar variation designed to confuse.

Imitation

The (usually) legal but somewhat controversial effort to market a product by leveraging aspects and markers indicative of a stronger brand. Often used by store brands or private labels to closely associate with branded products.

Categorization

The undesirable association of a brand name with the category. While seemingly a testament to the success of the branding efforts, it can reduce the distinction and impact of the brand, and in rare cases, even cause the loss of the legal right to the brand name.