chapter 7 - class notes march 14th Flashcards
Product Mix
The complete set of all products offered by a firm
Product Lines
Groups of associated items, such as those that consumers use together or think of as part of a group of similar products.
Product Category
an assortment of items that the customers sees as reasonable substitutes for one another
Brands
Names, terms, designs, symbols or any other features that identify that one seller’s good or service as distinct from those of other sellers.
what does it mean to increase breadth?
Add new product lines
what does it mean to decrease breadth?
Delete entire product lines
the value of a promise consistently kept
branding
- Names
- Logos
- Symbols
- Characters
- Slogans
- Jingles
- Distinctive packages
branding examples
- Measures how many consumers in a market are framilar with a brand
- What the brand stands for as well as an opinion on the brand
Brand Equity - Awareness
what are the 4 types of products sold to consumers?
- speciality
- shopping
- convenience
- unsought
the products benefit to the consumer, OG purpose
core product
extra service of benefit that the consumer may enjoy when they purchase product/service
augmented product
*Use of the same brandname for new products.
*Well established name
*Perception of high quality carries over
*Lower marketing costs
*Synergy among complementary products
*Boost sales of the core brand
brand extension benefits
when a company uses one of its established brand names on a new product or new product category
brand extension
*Too many extensions results in brand dilution
*Ensure the brands can be distanced from one another if need be
*Core brand & new extension may not ‘fit’ well together
*Brand associations between the two may not be similar
brand extension negative consequences
