Questions and Answers
What is a product?
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?
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Why should marketers pay close attention to product packaging and labeling?
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What is a Product Line?
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What is a Product Mix?
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What are the two classifications of business products?
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What are the four types of consumer products?
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What is Brand Equity?
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What are the factors that determine brand influence?
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What is brand loyalty?
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What is brand personality?
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What are the three types of brands?
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What are the three ways to protect a brand?
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What is the main difference between consumer products and business products?
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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.
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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
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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.
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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.
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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.
