Podcast
Questions and Answers
What is the primary purpose of brand loyalty?
What is the primary purpose of brand loyalty?
Which of the following is NOT a characteristic of a good brand name?
Which of the following is NOT a characteristic of a good brand name?
What is meant by 'brand personality'?
What is meant by 'brand personality'?
Which of these elements is NOT a method for protecting brands?
Which of these elements is NOT a method for protecting brands?
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What describes the most successful brands in Canada?
What describes the most successful brands in Canada?
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What differentiates consumer products from business products?
What differentiates consumer products from business products?
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Which category includes products purchased to assist in production?
Which category includes products purchased to assist in production?
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What is brand equity primarily the result of?
What is brand equity primarily the result of?
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Which of the following is NOT one of Ipsos Reid’s key dimensions defining influential brands?
Which of the following is NOT one of Ipsos Reid’s key dimensions defining influential brands?
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How is the classification of consumer products determined?
How is the classification of consumer products determined?
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What type of goods are included under business products?
What type of goods are included under business products?
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Which of the following brands is considered the most influential in Canada according to the provided information?
Which of the following brands is considered the most influential in Canada according to the provided information?
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What is a common characteristic of unsought products?
What is a common characteristic of unsought products?
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What is a key characteristic of a non-durable good?
What is a key characteristic of a non-durable good?
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Which of the following elements is NOT part of the total product concept?
Which of the following elements is NOT part of the total product concept?
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What distinguishes a product line from a product mix?
What distinguishes a product line from a product mix?
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Which of the following is a unique feature of services compared to goods?
Which of the following is a unique feature of services compared to goods?
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Which challenge is specifically associated with the inventory of services?
Which challenge is specifically associated with the inventory of services?
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What is the role of packaging in a product?
What is the role of packaging in a product?
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Which classification of goods typically involves more personal selling and service?
Which classification of goods typically involves more personal selling and service?
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What is a primary reason for the difficulty in managing service capacity?
What is a primary reason for the difficulty in managing service capacity?
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Which type of service would best be classified as a hybrid product?
Which type of service would best be classified as a hybrid product?
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Which statement about durable goods is accurate?
Which statement about durable goods is accurate?
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Study Notes
Products and Services
- Products are bundled tangible and intangible attributes including goods, services, and ideas.
- Non-durable goods are consumed once while durable goods last for an extended period of time.
- Services are intangible activities, benefits, or satisfactions.
- The service continuum spans from pure goods to pure services with various hybrids.
Uniqueness of Services
- Intangibility means services cannot be touched or seen before purchase.
- Inconsistency makes it difficult to standardize service quality.
- Inseparability means production and consumption happen simultaneously.
- Inventory management is challenging because services cannot be stored.
Total Product Concept
- Marketers view products as three-layered: core product, actual product, and augmented product.
- Packaging and labelling are integral parts of the product, providing function, communication, and brand image.
Product Lines and Product Mixes
- Product lines are groups of similar products addressing the same target market.
- Product mix consists of all product lines marketed by a company.
Consumer and Business Products
- Consumer products are for personal use, while business products are for business operations.
- Consumer products are classified as convenience, shopping, specialty, and unsought.
- Business products are classified as production, support, and services.
Branding
- Brands are unique names, phrases, symbols, or designs differentiating a product from competition.
- Brand equity arises from long-term marketing effort, resulting in strong brand associations and consumer loyalty.
- Ipsos Reid identifies key brand dimensions as trustworthy, engagement, leading edge, corporate citizenship, and presence.
Brand Strategies
- Individual brands have unique names for each product.
- Family brands use a shared name across multiple products.
- Brand extension uses an existing brand name for new products.
- Sub-brand uses a unique sub-brand name within a broader brand.
Protecting Brands
- Patents protect inventions.
- Copyrights protect creative works.
- Trademarks protect brand names and logos.
Brand Loyalty
- Brand loyalty results from favorable attitudes towards a brand over time.
- Marketers associate brands with personality traits to create emotional connections with consumers.
Brand Personality
- Brand personality encompasses the human characteristics associated with a brand.
- Consumers prefer brands with personalities that appeal to them.
- Top Canadian brands are described as creative and in control.
Brand Names
- Successful brand names suggest product benefits and are memorable, distinctive, positive, legally protectable, and easy to spell, pronounce, read, and remember.
Types of Brands
- Manufacturer brands are created and owned by producers.
- Private-label brands are developed by retailers.
- Generic brands use simple, descriptive names with basic packaging.
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