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Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need, are considered what?
Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need, are considered what?
What is the main component of a company's market offering?
What is the main component of a company's market offering?
Which of these is NOT a type of Product Quality?
Which of these is NOT a type of Product Quality?
A stripped-down model with no extra or dressed-up model with many extras is known as "Product Features."
A stripped-down model with no extra or dressed-up model with many extras is known as "Product Features."
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Design is more than just the appearance of the product - it goes to the very heart of a product and makes it useful.
Design is more than just the appearance of the product - it goes to the very heart of a product and makes it useful.
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What is Branding?
What is Branding?
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The activities of designing and producing the container or wrapper of a product is known as “packaging”.
The activities of designing and producing the container or wrapper of a product is known as “packaging”.
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Traditionally, the primary purpose of packaging was to protect the product. Today, it can also help attract attention, describe the product, and even increase sales.
Traditionally, the primary purpose of packaging was to protect the product. Today, it can also help attract attention, describe the product, and even increase sales.
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"Green" packaging involves using environmentally responsible packaging materials to promote sustainability.
"Green" packaging involves using environmentally responsible packaging materials to promote sustainability.
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What is the function of labeling?
What is the function of labeling?
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Labeling should not contain unit pricing, open dating, and nutritional information.
Labeling should not contain unit pricing, open dating, and nutritional information.
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Product Support Service is a minor part of any company's total offering.
Product Support Service is a minor part of any company's total offering.
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Product Line is a group of products closely related in their function, customer groups, sales channels, and pricing.
Product Line is a group of products closely related in their function, customer groups, sales channels, and pricing.
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Product Line length is influenced by only company objectives.
Product Line length is influenced by only company objectives.
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What is the purpose of Product Line Filling?
What is the purpose of Product Line Filling?
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Which of these is NOT a reason for Product Line Filling?
Which of these is NOT a reason for Product Line Filling?
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What does Product Line Stretching involve?
What does Product Line Stretching involve?
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Companies located at the upper end of the market can stretch their lines downward to accomplish which of the following?
Companies located at the upper end of the market can stretch their lines downward to accomplish which of the following?
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Companies located at the lower end of the market can stretch their lines upward to add prestige to their current products.
Companies located at the lower end of the market can stretch their lines upward to add prestige to their current products.
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Product Mix (or Product Portfolio) is the set of all product lines and items that a particular seller offers for sale.
Product Mix (or Product Portfolio) is the set of all product lines and items that a particular seller offers for sale.
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Which of these is NOT a dimension of Product Mix?
Which of these is NOT a dimension of Product Mix?
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Brand equity is the added value that a brand name gives to a product.
Brand equity is the added value that a brand name gives to a product.
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Which of these is NOT a pillar of brand equity?
Which of these is NOT a pillar of brand equity?
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Brand Positioning focuses on creating a unique and desirable position for a brand in the minds of customers.
Brand Positioning focuses on creating a unique and desirable position for a brand in the minds of customers.
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Which of these is the LEAST desirable level for brand positioning?
Which of these is the LEAST desirable level for brand positioning?
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Stronger brands are typically focused on strong beliefs and values.
Stronger brands are typically focused on strong beliefs and values.
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What is the most important aspect of Brand Name Selection?
What is the most important aspect of Brand Name Selection?
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A national brand is a brand owned and marketed by a manufacturer.
A national brand is a brand owned and marketed by a manufacturer.
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A private brand is a brand owned by a retailer and sold exclusively in their stores.
A private brand is a brand owned by a retailer and sold exclusively in their stores.
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Which of these is NOT a type of Brand Development?
Which of these is NOT a type of Brand Development?
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Line Extension involves a company extending its existing product line with new flavors, colors, sizes, or packaging.
Line Extension involves a company extending its existing product line with new flavors, colors, sizes, or packaging.
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Brand Extension involves introducing a new product under an existing brand name.
Brand Extension involves introducing a new product under an existing brand name.
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Multibrands are a collection of different brands owned and marketed by a single company.
Multibrands are a collection of different brands owned and marketed by a single company.
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Study Notes
Products, Services, and Brands: Building Customer Value
- Products are anything offered to a market for attention, acquisition, use, or consumption that satisfies a want or need. This broadly includes services, events, places, organizations, ideas or mixes of these.
- Services are activities or benefits offered by one party to another that are essentially intangible and do not result ownership of anything.
- Products are a crucial part of the overall market offering, which often combines goods and services (tangible, intangible, or a mix). Product and service commoditization leads companies to create and manage unique customer experiences.
- Products are categorized into levels: core, actual, and augmented.
- Consumer products are used for individual consumption; Industrial products are for further processing or business use.
- Organizations, places, and ideas can be marketed. Profit and non-profit organizations market themselves through activities like public relations and corporate image advertising.
- Place marketing focuses on creating favorable attitudes or behaviors towards specific locations.
- Ideas, like social ideas, can also be marketed. Social marketing uses commercial tools and concepts to influence behavior for improved well-being and society's benefit.
Individual Product Decisions
- Product Quality: Product characteristics satisfy stated or implied customer needs. Excellent quality ensures repeat customers and demonstrates the product's ability to perform intended functions. (Performance and Conformance Quality)
- Product Features: Features are competitive tools, ranging from basic and stripped-down models to advanced and luxuriously designed models.
- Product Style and Design: Style describes a product's appearance whilst design impacts usefulness and aesthetics.
- Branding: Branding identifies and differentiates products from competitors using names, terms, signs, symbols, or designs. Branding showcases quality and consistency. Brand names offer legal protection, and branding aids in market segmentation.
- Packaging: Packaging design involves the container or wrapper, and functions to protect, attract attention, describe, and facilitate sales.
Labeling and Product Support Services
- Labeling can range from simple tags to complex graphics, identifying brands, products, and their features for positioning and customer engagement. Legal concerns, like nutritional facts and unit pricing, are also important.
- Product Support Services extend beyond the core product; these include services like phone support, email, and online assistance for managing customer interactions and maintaining product satisfaction.
Product Line Decisions
- Product Line: A group of related products that share common characteristics, market segments, and distribution channels.
- Product Line Length: The number of products within a product line; factors like profit goals and resource availability impact this. Additional products may be added through line filling, addressing a product gap. Other strategies include line stretching – expanding beyond current levels, either higher or lower.
- Product Mix: All products offered by a company are represented within this. Key considerations include product line length, width, depth, and the consistency and relationship between product lines.
Major Brand Strategy Decisions
- Brand Positioning: Companies create a unique perception of their brand in relation to competing brands. Brand positioning establishes a clear and distinct image that highlights core benefits, values, and target audience.
- Brand Naming: Brand names should assist consumers with identifying and remembering products, convey information, and be legally protectable.
- Brand Sponsorship: Various sponsorship options, encompassing national brands, private brands, licensing, and co-branding, cater to different needs and market strategies.
- Brand Development: Brand development strategies such as line extensions, brand extensions, and multibranding are utilized to increase sales and appeal to diverse customer groups. New brands may also be introduced for broader market coverage or increased brand equity.
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Description
This quiz explores the concepts of products, services, and branding strategies aimed at creating customer value. It covers classifications of products, the importance of customer experiences, and the marketing of organizations and ideas. Test your understanding of how businesses enhance their offerings in competitive markets.
