W8 - Products, Services and Brands Flashcards
(46 cards)
What is a product?
Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need
How is a high priced item distributed v a cheaper item?
Exclusive and selective distribution in fewer outlets vs widespread distribution
What is an industrial product?
An industrial product is a product purchased by individuals and organisations for further processing or for use in conducting business
What are three types of industrial products?
- Materials
- Capital items
- Supplies (convenience products of industrial field) and services
What have marketers done to the concept of a product?
They have widened it to include pretty much everything
What kind of marketing is used to sell social ideas as products?
Cause related marketing
What is the marketing process summarised into 5 steps?
- Consumer need
- Product/ Solution
- Brand support
- Package accordingly
- Extra value information and augmentation
What does a marketer aim to create?
A unique value proposition to fulfil a need amongst a segment of consumers
What the easiest way to create new products?
Change the attributes such as material, size or shape
What is the core of the total product concept?
The fundamental benefit that responds to the customer’s key problem of an unsatisfied need or want; the key beenfit they want from the product
What is the actual total product concept?
Attributes that actually deliver the benefit that forms the core product; the attributes that fulfil the customers most basic expectations of a product
How do the rings go out on the total product concept?
- Core fundamental benefit
- Attributes that actually deliver the benefit
- unexpected benefits
What is the augmented total product concept?
Benefits that the buyer may not require as part of the basic fulfilment of their need; enables marketers to significantly differentiate offerings
What is the role of product augmentation?
To provide more value outside of the actual product, used for differentiation or to justify a price premium
What are some examples of ways to augment a product?
- Warranties
- Guarantees
- Free shit
- Follow ups
What is brand equity?
The image that the brand takes up in a consumers mind
Why expand product lines?
- Brand equity
- Grow revenue
- Block competition
- Variety
What is a product line?
A group of products that are closely related because they function in a similar manner are sold to the saem customer groups
What is product line length?
Amount of products in the line
How can a company expand it’s product line?
- Product line filling
- Product line stretching
What is product line filling?
Adding more items within the present range to give more choices or to target specific segments
What are the reasons for filling?
Extra profit, excess capacity usage, blocking competitors
What is product line stretching ?
Expanding the product line into new categories or market segments that are either above or below the existing product range
What is the aim of product line stretching?
The strategy aims to reach new customer segments and can be upward or downward
