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Marketing - MAN-BCU2008 > L5: Products, Services and Brands > Flashcards

L5: Products, Services and Brands Flashcards

1
Q

What are the original 4 p’s of the marketing micx (McCarthy 1960)?

A

Price
Product
Place
Promotion

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2
Q

What are the 4 C’s (Lauterborn’s 1990)?

A

Cost’
Consumer
Convenience
Communication

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3
Q

What is customer perceived value?

A

How a firm’s offering is perceived by a customer. Based on their needs, values, psycjology, behavior as well as functional and economic factors
Psychological
- Feeling of luxury
- Appeals to sense of style

Functional

  • Performance
  • Comfort

Economic
- Retain market value

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4
Q

What is cocreation?

A

Cocreation is the process of the organization creating value for the customer, together with the customer.

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5
Q

What is a product?

A

anything that can be offered to a market for attention, acquisition, use or consumption that migjt satisfy a want or need

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6
Q

What are the three levels of a product?

A
  1. Core product –> level that provides the perceived/real core benefit or service
  2. Actual product –> features and capabilities offered in a product, quality and durability, design and product styling, packaging and brand name
  3. Augmented product –> Support aspects of a product, including customer service, warranty, delivery & credit, personnel, installation and after sales support

The value of the product increases with each step

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7
Q

What are the different consumer product types?

A
  • Convenience
  • Shopping
  • Specialty
  • Unsought
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8
Q

What are the characteristics of a convenioence product?

A
  • Frequent purchase
  • low customer involvement
  • low price
  • Widespread distribution
  • Mass promotion

–> toothpaste, magazines

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9
Q

What are the characteristics of a shopping product?

A
  • Less frequant purchase
  • much planning + shopping effort
  • Higher price
  • Selective distribution
  • Advertising and personal selling by both the producer and resellers

–> televisions, clothing

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10
Q

What are the characteristics of a specialty product?

A
  • Strong brand preference and loyalty
  • low price sensitivity
  • High price
  • Exclusive distribution
  • More carefully targeted promotion by both producers and resellers

–> luxury goods - Rolex watches, crystals

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11
Q

What are the characteristics of an unsought product?

A
  • Little product awareness
  • price varies
  • Distribution varies
  • aggressive advertising and personal selling by the producer and resellers

–> Life insurance, blood donations

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12
Q

What are services?

A

A service is an intangible product involving a deed, a performance or an effort that cannot physically be possessed.

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13
Q

What are the characteristics of services?

A
  • Intangibility
  • Inseperability of production and consumption
  • Perishability
  • Heterogenity
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14
Q

What are the charcteristics of intangibility?

A

Intangibility = the ability to touch or hold

  • Difficult to evaluate before purchase
  • No physical possession
  • Challenging to advertise the real value
  • Pricing can vary
  • Service process can be copied
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15
Q

What are the characteristics of inseperability of production and consumption?

A

o Separating production and consumption - as services are immaterial, consumption cannot be separated from production
o No mass production
o Other customers often interact
o Difficult to replicate

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16
Q

What are the characteristics of perishability?

A

Services cannot be mass-producedm re-used, returned or stored

17
Q

What are the characteristics of heterogenity?

A

No 2 services are alike

  • Standardisation vs empowerment of staff
  • People may not always perform consistently
18
Q

What are brands?

A

A brand is a name, term, sign, symbol or design (or combitnation) that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors

A brand;

  • is a differentiator
  • Tells a story
  • Enlists feelings of previous customer experiences
19
Q

What is brand equity?

A 
The marketing and financial value associated with a brand's strength in a market.
Consists of;
brand awareness
 Brand loyalty 
brand quality 
brand association
20
Q

What is brand awareness?

A

Awareness = the recognition of the brand

21
Q

What is brand loyalty?

A

Do you stick to the brand or are you likely to chose another brand

22
Q

What is brand quality?

A

Quality of the product - lindt vs kitkat

23
Q

What are brand associations?

A

The feelings, memories, and qualities associated with a brand

24
Q

What are different brand types?

A
  1. Manufacturer (A-merken)
  2. Own label (AH eiegn merk)
  3. Generic brand (no brand)
25
Q

A generic brand is ..

A

Less innovative
Quality is lower
Label is smaller
less memorable

26
Q

What are the different brand policies ?

A
  1. Individual - Brands standing by themselves
  2. Overall family branding - Heinz, not only sauces but also canned beans
  3. line family branding - AJAX; line for cleaning products for all purposes
  4. Brand extension
    - Common objectives
    - Less market segmentation
    - More brand emphasis
    - Less width
    - More depth
  5. Corporate brand (umbrelle company overachring all smaller companies)
27
Q

What is the progress of economic value?

A
  1. Commodities
  2. Goods
  3. Services
  4. Expereiences
  5. Transformations
28
Q

What are the 2 types of products?

A
  1. Consumer products - purchased to satisfy a personal need
    (convenience, shopping, specialty and unsought products)
  2. Industrial/business products - bought for the use in operations or to make other products with
29
Q

What are the 7 categories of business products?

A
  1. Raw materials
  2. Major equipment = large tools and machines
  3. Accessory equipment = used in production, but not part of final result
  4. Component parts - parts that become a part of finished products
  5. Process materials = directly used in production of other products
  6. Consumable supplies = facilitate production and opperations, not a part of final product (MRO-tems; Maintenance, Repair, operating supplies)
  7. Industrial/business services = intangible products
30
Q

What are the reasons that business to business services are growing?

A
  1. Specialization
  2. Technology
  3. outsorucing of support functiond
  4. Flexibility
31
Q

What is credence quality?

A

The attributes of a service that cannot be assessed, even after purchase and production (like medical operation)

32
Q

What are the three levels of brand loyalty?

A
  1. Brand recognition
  2. Brand preference
  3. Brand insistence (strong preferences for a brand)
33
Q

What is the brand identity prism?

A

The brand identity prism is an unique set of associations reflecting what a brand stands for and the intended promise. Thee prism includes;

  • Physique = Tangible characteristics
  • Perosnality = Human characteristics
  • Culture = underlying values
  • Relationships = Nature and quality of brand-customer relationship
  • Self-image = Internal reflection
  • Reflection = Brand as communication tool

Marketing - MAN-BCU2008 (8 decks)

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