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Define the term product
Everything, both favorable and unfavorable, that a person receives in an exchange.
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Classify consumer products
Convenience Products, Shopping Products, Specialty Products, and Unsought Products
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Convenience Product Is
A relatively inexpensive item that merits little shopping effort
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Shopping Product is..
A product that requires comparison shopping, because it is usually more expensive and found in fewer stores
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Specialty Product is...
A particular item for which consumers search extensively and are reluctant to accept substitutes
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Unsought Product is...
A product unknown to the potential buyer or a known product that the buyer does not actively seek
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Define the term product item
A specific version of a product that can be designated as a distinct offering among an organization’s products.
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Define the term product line
A group of closely-related product items.
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Define the term product mix
All products that an organization sells.
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What are the benefits of Product Lines?
Advertising Economies, Package Uniformity, Standardized Components, Efficient Sales and Distribution, and Equivalent Quality
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List the type of Adjustments that can be made to product items, lines and mixes
- Product Modification, Product Repositioning, and/or
- Product Line Extension or Contraction
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Types of Product Modifications
Quality Modification, Functional Modification, and Style Modification
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Planned Obsolescence is...
The practice of modifying products so those that have already been sold become obsolete before they actually need replacement
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Why reposition established brands?
Changing Demographics, Declining Sales, Changes in Social Environment
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Product Line Extension is...
Adding additional products to an existing product line in order to compete more broadly in the industry.
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List the Symptoms of Overextension
- •Some products have low sales or cannibalize sales of other items
- •Resources are disproportionately allocated to slow-moving products
- •Items have become obsolete because of new product entries
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Describe marketing uses of branding
Product Identification, Repeat Sales, and New Product Sales
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Describe marketing uses of packaging
Functions of Packaging: Contain and Protect, Promote, Facilitate Storage, Use, and Convenience, and Facilitate Recycling
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Describe marketing uses of labeling
- Persuasive and Informational
- Persuasive by Focuses on promotional theme Consumer information is secondary
Informational by Helps make proper selections Lowers cognitive dissonance Includes use/care
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Universal Product Codes (UPCs) is...
A series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products.
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Discuss global issues in branding
One Brand Name Everywhere, Adaptations & Modifications Different Brand Names in Different Markets
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Discuss global issues in packaging
Labeling, Aesthetics, and Climate Considerations
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Describe how and why product warranties are important marketing tools
a Warranty is A confirmation of the quality or performance of a good or service.
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Implied Warranty is
An unwritten guarantee that the good or service is fit for the purpose for which it was sold. (UCC)
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Express Warranty
A written guarantee.
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