Marketing Strategy Chapter 7 Flashcards

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Questions and Answers

What is a product?

A good, a service, or an idea (correct)

An intangible item only

A service only

A tangible item only

What are the 3 types of products?

Non-durable good, durable good, service.

What makes services unique?

Intangibility, inconsistency, inseparability, perishability.

What are the three layers of the Total Product Concept?

Core Product, Actual Product, Augmented Product. Signup and view all the answers

Why should marketers pay close attention to product packaging and labeling?

For protection and facilitating product usage. Signup and view all the answers

What is a Product Line?

A group of similar products under the same brand name. Signup and view all the answers

What is a Product Mix?

An array of product lines marketed by a company. Signup and view all the answers

What are the two classifications of business products?

Production goods and services, support goods and services. Signup and view all the answers

What are the four types of consumer products?

Convenience, shopping, specialty, unsought Signup and view all the answers

What is Brand Equity?

The value of a brand resulting from consumer interactions and experiences. Signup and view all the answers

What are the factors that determine brand influence?

Trustworthiness, engagement, leading edge, corporate citizenship, presence Signup and view all the answers

What is brand loyalty?

Favorable attitudes that a consumer has towards a brand over time. Signup and view all the answers

What is brand personality?

Set of human characteristics associated with the brand. Signup and view all the answers

What are the three types of brands?

Manufacturer's brand, private label brand, generic brand Signup and view all the answers

What are the three ways to protect a brand?

Patents, copyrights, trademarks. Signup and view all the answers

What is the main difference between consumer products and business products?

Consumer products are for personal use, while business products are for running a business or component use. Signup and view all the answers

Study Notes

Product Overview

Products include goods, services, or ideas, characterized by a combination of tangible and intangible attributes.

Types of Products

Non-durable goods: consumables that do not last long.
Durable goods: products designed for extended use.
Services: intangible benefits, further divided into:
- Primary services: the main offering.
- Supplementary services: enhance differentiation and value (e.g., free delivery, consultations).
- Virtual services: solely available online without physical interactions.

Unique Characteristics of Services

Intangibility: Services cannot be experienced before purchase, focusing on performance.
Inconsistency: Quality can differ based on provider capabilities and circumstances.
Inseparability: Service delivery cannot be disconnected from the service provider.
Inventory challenges: Services cannot be stored; demand fluctuation may lead to surplus supply (idle production capacity) or perishability.

Total Product Concept

Core Product: the fundamental benefit sought.
Actual Product: the tangible aspects, including features and design.
Augmented Product: additional features that enhance value.

Product Packaging and Labeling

Essential for product protection and usability.
Serves as a communication platform for branding, details, and offerings.
Influences purchase decisions deeply, requiring scientific and research-backed design processes.

Product Management

Product Line: a collection of similar products under one brand.
Product Mix: the complete assortment of product lines offered by a company.
Product Width: the variety of different product categories available.
Product Depth: the range of products offered within each line.

Classification of Products

Consumer Products: purchased for personal use, categorized into:
- Convenience products: low-cost, frequently bought with minimal effort.
- Shopping products: require comparison regarding attributes and pricing.
- Specialty products: necessitate significant time and effort in selection.
- Unsought products: unknown or unconsidered by consumers.
Business Products: used to run a business or as components for other products, classified as:
- Production goods: raw materials and components.
- Support goods: installations, equipment, supplies, and maintenance services.

Branding Elements

Brand: a unique identifier for products, distinguished through marketing.
Brand Equity: the value derived from consumer experiences and associations with a brand.

Factors Influencing Brand Influence

Trustworthiness: consistent brand presence.
Engagement: active interaction with consumers.
Unique positioning: innovation as a differentiator.
Corporate Citizenship: commitment to social responsibility.
Presence: maintaining top-of-mind awareness.

Brand Classifications

Individual Brand: unique name for a specific product.
Family Brand: a single brand name across various products, including:
- Brand Extension: introducing new products under an existing brand.
- Sub-Brand: combines family name with a unique product identity.

Brand Protection Strategies

Patents: legal rights for new technologies and unique methods, lasting 20 years with maintenance.
Copyrights: protect written and recorded works.
Trademarks: safeguard brand elements globally, lasting 15 years with renewal options.

Brand Loyalty

Defined as a consumer's long-term favorable attitude towards a brand.

Brand Personality

The human traits associated with a brand, fostering consumer connection.

Brand Name Criteria

Should suggest benefits, be memorable and distinctive, align with company identity, and be legally protectable.

Types of Brands

Manufacturer's Brand: created by the producer.
Private Label Brand: retailer-owned, often cheaper alternatives.
Generic Brand: lacks branding altogether, typically less expensive.

Marketer Responsibilities

Accountable for product and brand marketing to drive profits.
Develop and manage annual marketing plans.
Evaluate constantly and invest in sustainable practices.
Address the multicultural market and adapt to digital consumer interactions.

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Description

Test your knowledge on products and brands with these flashcards from Chapter 7 of Marketing Strategy. Learn about the definitions and categories of products, including non-durable goods, durable goods, and services. Perfect for quick reviews and studying.