Designing and managing products & brands Flashcards
The meaning of the product
A product is anything that can be offered to a market
for attention, acquisition, use, or consumption
that might satisfy a want or need.
It includes **
- physical objects
- services
- places
- organizations
- ideas
→ Mcdonalds fries, vacation package in bali, a room at four seasons
Product levels
- core products: buyer really buying, marketeers→ uncover core benefit, sell benefits rather than selling features
- facilitating products: services, goods for the guests to use the core product, accessibility!
- supporting products: extra products to add value to core products, differentiate from competition
- augmented products: accessibility, atmosphere, customer interaction, cust. participation, cust. interaction with each other + core product, facilitating, supporting product
Core products require facilitating products but not supporting products
The core, facilitating, supporting = what the customer receives but not how they receive it.
Augmented = customer coproduction of service
the augmented product includes accessibility, atmosphere, and customer interaction,…. what are these?
The atmosphere can affect purchase behavior in at least four ways. What are these?
Elements of ‘ branding strategy
marketers need to position their brand clearly in the target customer’s minds, they can position brands at any of three levels, explain these
DEF brand equity
Added value endowed on products and services
When consumers react more favorably to a product and
marketing activity of an identified brand.
New product development stages
Idea generation: awareness of external environment internal sources, external idea sources…. what are these?
Commercialization decisions should be considered regarding “When?” … … and … questions
product life cycle;
Commercialization decisions should be considered regarding “When?”, “Where?”, “To whom?”, and “How?” questions.
Product life cycle: Introduction
Product life cycle: Growth
Product life cycle: Maturity
