Mktg 10

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Mktg 10
2011-10-21 18:56:05

Chapter 10
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  1. Product
    everything, both favorable and unfavorable, that a person receives in an exchange
  2. Business (Industrial) Product
    product used to manufacture other g/s, to facilitate an org's operations, or to resell to ther customers
  3. Consumer Product
    product bought to satisfy an individual's personal wants
  4. 4 Types of Consumer Products
    • Convenience Product
    • Shopping Product
    • Specialty Products
    • Unsought Products
  5. Convenience Product
    • relatively inexpensive item that merits little shopping effort
    • bought regularly without much planning
  6. Shopping Products
    • product that requires comparison shopping bc it is usually more expensive than a conv. product & is found in fewer stores
    • homogeneous vs hererogeneous
  7. Specialty Products
    particular item that consumers search extensively for and are very reluctant to accept substitutes
  8. Unsought Products
    • product unknown to the potential buyer or a known product that the buyer doesn't actively seek
    • new products or things like burial plots
  9. Product Item
    • specific version of a product that can be designated as a distrinct offering among an org's products
    • Cream of Ckn soup is an ex of a Campbell's product item
  10. Product Line
    • group of closely related prduct items
    • EX: all of Campbell's soups
  11. Benefits of Product Lines
    • Advertising economies
    • Package uniformity
    • Standardized components
    • Efficient sales & distribution
    • Equivalent quality
  12. Product Mix
    • all products that an org sells
    • EX: Campbell's soups, sauces, beverages, etc
  13. Product Mix Width
    number of product lines an org offers
  14. Product Line Depth
    number of product items in a product line
  15. Product Modification
    changing on or more of a product's characteristics
  16. Planned Obsolescence
    the practice of modifying products so those that have already been sold become obsoltete before they actually need replacement
  17. Product Line Extension
    adding additional products to an existig product line in order to compete more broadly in the industry
  18. 3 Benefits of Contraction
    • Resources become concentrated on the most important products
    • No longer waste resources trying to improve sales & profits of poorly performing products
    • Bc more financial & human resources are available to manage them
  19. Brand
    a name, term, symbol, design or combo thereof that identifies a seller's products and differentiates them from competitors' products
  20. Brand Name
    that part of a brand that can be spoken, including letters, words, and #s
  21. Brand Mark
    the elements of a brand that cannot be spoken
  22. 3 Purposes of Branding
    • **Product Identification
    • Repeat Sales
    • New-Product Sales
  23. Brand Equity
    value of company and brand names
  24. Global Brand
    brand that obtains at least a third of its earnings from outside its hom country, is recognizable outside its home base of customers, and has publicly avilable mktg and financial data
  25. Brand Loyalty
    consistent preference for one brand over all others
  26. Manufacturer's Brand
    the brand name of a manufacturer
  27. Private Brand
    • brand name owned by a wholesaler or a retailer
    • EX: Walmart's "Great Value" brand
  28. Captive Brands
    a brand manufactured by a 3rd party for an exclusive retailer, without evidence of that retailer's affiliation
  29. Individual Branding
    using different brand names for different products
  30. Family Branding
    marketing several different products under the same brand name
  31. Co-branding
    placing two or more brand names on a product or its package
  32. 3 Common Types of Co-branding
    • Ingredient branding
    • Cooperative branding
    • Complementary branding
  33. Service Mark
    • a trademark for a service
    • Such as: sounds, shapes, ornamental color or design, catchy phrases & abbreviations
  34. Generic Product Name
    identifies a product by calss or type and cannot be trademarked
  35. Labeling
    • Persuasive: type of pkg labeling that focuses on a promotional theme or logo, and consumer info is secondary
    • Informational: designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
  36. Greenwashing
    when a product or company attempts to give the impression of environmental friendliness whenther or not it is environmentally friendly
  37. UPCs
    • Universal Product Codes (aka bar codes)
    • 1st introduced in 1974
  38. Types of Warranties
    • Express: a written guarantee
    • Implied: unwritten that the g/s is fit for the purpose for which it was sold