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Product
anything that is of value to a customer and can be offered through a voluntary marketing exchange
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product assortment (mix)
the complt set of all products offered by a firm
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product lines
- groups of assorted items, tha ta consumer might use together or think of as part of a groups of similar products
- eg: oral care; personal care; home care; pet nutrition
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product category
an assortment of items that a customer sees as reasonable substitutes for one another
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brands
- the name, term, design, symbol, or any other features that identify one seller's good as distinct from those of others
- element: name, URLs, logos, symbols, characters, slogans, jingles, packaging
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individual brands
- the use of individual brand names for each of a firm's products; the more the products vary in their usage or performance, the more likely it is that the firm should use individual brands
- eg: procter & Gamble- Tide, Downy, Bounty...
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breadth (variety)
- number of product lines offered by a firm
- ...across
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depth
- number of categories within the product line
- ...deep
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stock keeping units (SKUs)
individual items within each product category; smallest unit available for inventory control
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category depth
the number of SKUs within a category
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brand equity
- the set of assets and liabilities linked to a brand that add or subtract form the value provided by the product
- ...we know how good a brand is by how much equity it has
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list- wat four aspects of a brand do experts look at to determine its equity?
- -brand awareness
- -perceived value
- -brand associations
- -brand loyalty
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brand awareness
measures how many consumers in the mrkt are familiar with the brand and what it stands for and have an opinion about it; created through repeated exposures of the various brand elements in the firm's communication to consumers
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perceived value
the relationship btw a product's benefits and its costs
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brand association
the mental links that a consumer makes btw a brand and its key product attributes; can involve a logo, slogan, or famous personality
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brand personality
a set of human characteristics associated with a brand, which has symbolic and self expressive meanings to the consumers
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brand loyalty
occurs when a consumer buys the same brand's product or service repeatedly over time rather then buyg from multiple suppliers within the same category
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