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Product
everything, both favorable and unfavorable, that a person receives in an exchange. tangible good, service, idea
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Convenience Product
relatively inexpensive item that merits little shopping effort
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Shopping product
a product that requires comparison shopping, because it is usually more expensive and found in fewer stores
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Specialty Product
a particular item for which consumers search extensively and are reluctant to accept substitutes
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Unsought Product
product unknown to the potential buyer or a known product that the buyer does not actively seek
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Product Item
specific version of a product that can be designated as a distinct offering
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Product Line
group of closely-related product items
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Product mix
- -all products that an organization sells
- - exhibits: Width- number of product lines in org... Depth- average number of products in each line
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Brand
a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitor' products
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Branding Strategies (6)
- 1) Generic Brand
- 2) Manufacturers Brand
- 3) Private Brand
- 4) Individual Brand
- 5) Family Brand
- 6) Co-Branding
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Generic Product (brand)
a no-frills, no-brand-name, low-cost product that is simply identified by its product category
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Manufacturers Brand
brand name of a manufacturer
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Private Brand
brand name owned by a wholesaler or a retailer. also known as a private label or store brand.
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Individual Brand
using different brand names for different products
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Family Brand
marketing several different products under the same brand name
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Co-Branding
- placing 2 or more brand names on a product or its package
- - two established brand names of different companies are used on the same product
- -takes advantage of assets of both firms
- -certain motion pictures have become brand franchises. Ex: Indiana Jones, Bourne, Shrek.
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Brand Equity
- - value of the company name or its brand names
- - brand with strong brand equity is a strong asset
- - measure of a brand's equity is the extent to which customers are willing to pay more for the brand.
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Functions of Packaging
- 1) contain and protect
- 2) promote
- 3) facilitate storage, use, and convenience
- 4) facilitate recycling
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Persuasive Labeling
type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary.
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Informational Labeling
type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase. Includes use/care
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Warranty
a confirmation of the quality, or performance of a good or service
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Express Warranty
a written guarantee
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Implied Warranty
an unwritten guarantee that the good or service is fit for the purpose for which it was sold.
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