CH7 Flashcards
(23 cards)
product
good, service, idea that consists of tangible and intangible assets
types of products
- non durable
- durable
- service
uniqueness of products
- intangibility
- inconsistency
- inseparability
- inventory
total product concept
combination of core product, actual product, augmented product
core prodcut
benefit gained from having the prodct
actual product
physical good or service
augmented product
additional features of a product
product line
group of similar products that are closely related because they satisfy a similar need and are directed at the same general target market
product mix
all the product lines marketed by a company
consumer products
purchased for personal use by the consumer
convenience products
inexpensive and bought frequently
shopping products
consumer compares with others
specialty products
time consuming purchase and expensive
unsought products
no knowledge and no interest to purchase
brand
name, phrase, symbol, or design uniquely given by a company to a product to distinguish it from competition
brand equity
value of a brand that consumers have with a brand over time
good brand name should have:
- suggest product benefits
- memorable, distinctive, positive
- fit the company
- ability to be legally protected
- simple
brand loyalty
degree consumers insist on purchasing a specific brand
elements of a strong brand
- trustworthy
- engaging
- leading edge
- corporate citizenship
- presence
types of brand
- manufacturers brand
- private label brand
- generic brand
manufacturers brand
owned and produced by the manufacturer
private label brand
owned by a retailer that contracts its manufacturing out to major suppliers and then sells the product at retails stores
generic brand
product that has no branding and is produced as a cheap alternative
