Topic 6 Product Strategy-Edit

Product

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.

Consumer Products

Products or services bought by final consumers for personal consumption.

Convenience Product

A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

Shopping Product

A consumer product that customers usually compare on attributes such as suitability, quality, price, and style during the purchase process.

Specialty Product

A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

Unsought Product

A consumer product that the consumer either does not know about or does not normally consider buying.

Branding

The name, term, sign, or design—or a combination of these—that identifies the maker or seller of a product or service.

Packaging

The designing and producing of the container or wrapper for a product.

Labeling

A communication tool used to identify a product or brand, describe information about it, and promote the product through attractive graphics.

Product Life Cycle

The course of a product's sales and profits over time, usually divided into stages such as introduction, growth, maturity, and decline.

Service

A form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and don’t result in ownership.

Intangibility

A characteristic of services that means they cannot be seen, tasted, felt, heard, or smelled before purchase.

Inseparability

A characteristic of services where they cannot be separated from their providers; produced and consumed simultaneously.

Variability

A characteristic of services which indicates that service quality can vary greatly depending on who provides them and when, where, and how.

Perishability

A characteristic of services meaning they cannot be stored for later sale or use.

National Brands

Also known as Manufacturer's Brand; owned and managed by the manufacturer.

Store Brand

A brand created and owned by a reseller of a product or service.

Licensing

The practice of companies licensing names or symbols previously created by other manufacturers.

Co-branding

The practice of using the established brand names of two different companies on the same product.

Line Extension

Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.

Brand Extension

Extending an existing brand name to a new product category.

Multibrand Strategy

Marketing many different brands in a given product category.

Brand Development Strategy

Different strategies used to manage and develop a brand, including line extensions and brand extensions.