MRKT 300: Chp 11. - Product, branding, and packaging decisions

core customer values

basic problem-solving benefits customers are seeking

Actual product

customers core values converted by marketers

Associated Services/Augmented Product

nonphysical aspects of the product (warranties, finances, support, after-sale services)

Consumer products

used by people for personal use, the way they are used and how

Speciality products

customers want them so bad they will expend considerable effort to search for the best suppliers

Shopping products

consumers will spend a fair amount of time comparing alternatives

Convenience products

consumers not willing to spend any effort to evaluate prior to purchase

Unsought products

consumers do not normally think of buying/do not know it exists

Product mix

the complete set of all products offered by a firm

Product lines

groups of associated items, such as those that consumers use together or think of as part of a group of similar products

Breadth

count of the # of product lines

Depth

the # of products in a line

Cannibalize

take away sales from a similar product without a market share increase

Brand equity

the set of assets and liabilities linked to a brand that add to or subtract from the value provided

Brand awareness

how many consumers in a market are familiar with the brand, what it stands for, have an opinion about it

Perceived Value

the relationship between a product's or service's benefits and its cost

Brand association

the mental links that consumers make between a brand and its key product attributes; can involve a logo, slogan, or famous personality

Brand loyalty

consumer buys the same brands repeatedly overtime rather than buying from multiple suppliers within the same category

Manufacturer/national brands

owned/managed by the manufacturer; they develop and produce the merchandise

Retailer/store brands/private label brands

products that are developed by retailers

Family brands

a firm's own corporate name used to brand its product lines and products

Individual brands

separate brand names for each product

Brand extension

the use of the same brand name for a new product line

Line extension

the use of the same brand name within the same product line and represents an increase in a product line's depth

Co-Branding

placing two or more brand names on a product or its package

Brand dilution

brand extension affects customer perceptions about the attributes the core brand is believed to hold

Brand licensing

contractual agreements between firms where 1 firm allows another to use its brand name/logo

Brad repositioning/rebranding

strategy where marketers change a brands focus to target new markets, or realign the brands core emphasis

Primary package

the packaging the consumer uses, for storage use

Secondary package

the wrapper or exterior carton that contains the primary package, can contain additional information

Sustainable packaging

Product packaging that has less of a negative impact on the environment