Products, Services and Branding Strategy Flashcards
Define Product
Anything that can be offered for attention, acquisition, use or consumption that might satisfy a need or want within a market
Define Core Customer Value
The fundamental value or benefit that customers want from a product or service
Define Actual Product
Tangible features and attributes of a product, i.e., design, packaging and functionality
Define Augmented Product
Additional features and services beyond the core and actual product that enhance overall value and experience
Identify the 4 Product Classifications
- Convenience products
- Shopping Products
- Specialty Products
- Unsought Products
Define Convenience Products
Inexpensive products,frequently purchased, and that require minimal effort in terms of comparison shopping. Bought regularly without much planning.
Fast food, candy
Define Shopping Products
Products that consumers compare based on various factors such as price, quality, style, and features before making a purchase.
Cars, Clothing, Furniture, Groceries
Define Specialty Products
Unique Products with specific characteristics or brand identification for which buyers will make a special purchasing effort
Designer, High tech or Luxury Products,
Define Unsought Products
Products that consumers are not actively seeking to purchase. These are items that buyers either do not know about or do not consider buying unless a need arises unexpectedly.
Life insurance, medical equipment, funeral services
Define Industrial Products
Products purchased for manufacturing purposes or conducting business
Raw Materials, Heavy machinery
Name the 5 Product Decisions
THESE ARE DECISIONS TO BE MADE WHEN CREATING A NEW OR UPDATED PRODUCT
- Product attributes
- Branding
- Packaging
- Labeling
- Product support services
What are Product Attributes?
The benefits of a product including:
* Quality
* Features
* Style and desgin
Differentiate between Quality Level and Conformance quality
Quality level refers to the overall excellence of a product, while conformance quality specifically pertains to how well the product conforms to established standards and specifications.
What are Product Features?
The specifications of the product
Differentiate between Product Style and Product Design
Style describes the appearance while Design contributes to both appearance and usefulness
