Product

Question 1

• Product
  o

Answer 1

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

Question 2

product includes

Answer 2

o Includes
 Tangible goods or services + organizations
 Events
 Persons
 Places
 Ideas (or some combination of the above)

Question 3

• Service

Answer 3

o : An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything

Question 4

• Differences in Service

Answer 4

 Intangible
* Cannot be seen, tasted, felt, heard, or smelled before purchase
 Inseparability
* Cannot be separated from providers
 Perishable (produced and consumed at the same time)
* Cannot be stored for later use
 Variable
* Quality of service depends on who provides them, where, when, and how
* How can increase consistency

Question 5

Difference in Good

Answer 5

 Tangible
 Search
 Manufactured & inventoried
 Standardized

Question 6

branding

Answer 6

• : name, logo, design, tagline, or combination of them intended to differentiate an entity from other such entitles
• Difference could be functional or symbolic, rational or emotional, and tangible or intangible
• Is the emotional and psychological relationship stakeholder have with the brand; the overall image when one thinks of that brand
• Most importantly
  o Is the attitude, and organizational culture, and an organizations promise to its stakeholder

Question 7

brand equity (brand value)

Answer 7

• The differential effect that knowing the brand name has on customer response to the product or its marketing
• Effects customers life time value
  o Increasing retention rate and profit
  o Ex: golden goose

Question 8

factors determining brand equity

Answer 8

1. Differentiation
   a. How clearly different this company from competitors
2. Relevance
   a. Actual perceived importance of the brand to its TA
3. Esteem
   a. How much people respect/ admire the brand
4. Emotional connection
   a. How emotionally tied are customer to the brand

Question 9

how do brand convey meaning

Answer 9

o Attributed (of the product)
o Benefits (for the customer)
o Values of brand/firm (deeper enduring commitments)
o Personality (associated with the brand and potentially with its customers)

Question 10

krapferes brand identity prism

Answer 10

1. Physique
   a. Tangible dimension (shape and design)
2. Personality
   a. What if the brand was a person – huma characteristics
3. Culture
   a. Core values. History, origin, purpose
4. Relationship
   a. Way brand interacts with its customers
5. Reflection
   a. How the user of the brand is projected to outside world
6. Self-image
   a. How consumers of brand view them selves

Question 11

top reasons for brands failing

Answer 11

poor internal marketing

Question 12

internal marketing helps why

Answer 12

o Helps employees emotionally connect to what you sell
o When people care about what they believe in they are motivated to work harder and their company loyalty increase
o Employees are unified and have a common sense of purpose and identity

Question 13

• Principles for internal branding

Answer 13

o Don’t work in silos
o Start with your brand promise
o Think like a marketer
o Use powerful keywords
o Be authentic
o Update your packaging
o Market the internal brand externally
o Create internal brand standards
o Build and enhance the brand

Question 14

KPIs for brand health

Answer 14

• brand awareness
• brand recall
• brand perception
• brand loyalty
• brand advocacy

Question 15

Single product brand strategy

Answer 15

• if manufacturer

national brand
 put name on brand product

private brand/ store brand
 sell to reseller who put their name on
o licensing
 pay to put someone else’s brand on your product

Co-branding
 put both names on your product
 both brands ad value
 ingredient branding
* where company ads value to host product
* ex: Intel or OnStar

Question 16

Multi-Product brand strategy

Answer 16

• Umbrella approach
  o Attach the same brand name to all products
  o Builds stronger brand associations
  o Additional product introductions are easier for customer to accept
  o Most appropriate for companies with strong bran equity
  o Ex: Virgin
• House of brands approach
  o Introducing a new brand name for every product line
  o Problems with one brand will not influencer other brands
  o Brand images do not need to be consistent which allows for targeting multiple segments
  o More advertising expenses ex: P&G