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What is a product?
- Everything you receive in an exchange.
- A tangible product
- A service
- An Idea
- A person
- An org
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Augmented Product?
- After Sale service,
- delievery and credit
- installation
- warranty
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Actual Product
- Brand Name,
- Attributes
- design
- packaging
- quality level
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What is a Brand?
A name term, symbol, design or combination thereof that identifies a seller’s product.
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What is a bran name?
Part of brand that can be spoken.
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What is a brand mark?
symbol, example nike swoosh
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What makes up brand equity?
- High Awareness
- Perceived Quality
- Brand Loyalty
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What is Brand Extension?
- Using a brand for a new product in a new category.
- +instant recongiiton at lower cost
- -may changing meaning of brand
- -doesnt always work
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What is an example of Brand Protection?
Trademark: can be registered with the us patenet and trademark office. Exclusive right to use a brand or part of brand.
infringement is mainly judged by likelihood of confusion.
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Apple has trademarks to Apple tech, is it okay for an "Apple" restaurant to open?
Yes
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Example of unprotected brands becoming generic product names?
Band-Aid
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What is co-branding?
- Combining Brands,
- two or more brands on same product,
- example
- Jack Daniel's TGI Friday Sauce.
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Why do co branding?
- Take advantage of complimentary benefits of two brands,
- expand into new categories
BUT requires complicated legal licensing agreements
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What is an example of Manufacturers brand item?
Duracell,
owned and managed by producer
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What is an example of Private Brands?
Sam's Choice, Up and Up
brand owned and managed by a retailer or wholesaler
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What are functions of Packaging?
- Protect and contain product
- promote product
- facilitate storage, use and convenience
- Facilitate recycling and reduce environmental damage
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What decisions go into packaging
- Appearance
- Environmental impact
- functionality
- cost
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What are functions of labeling?
- Identify product
- describe/provide info
- promotes product
- subject to labeling regulations
Firm has to balance what it must and can say with what will attract customers.
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How can companies change a product?
- can change
- -quality
- -function
- -style
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What is a product mix?
All products a company sells
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What is product line?
- group of closely related products
- example shampoos, toothpastes
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What is an SKU
- Stock Keeping Unit,
- a unique product item
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What is an example of Product Mix Width?
Width of the product mix so a company can sell Soups, sauces, frozen entrees, beverages,
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What is an example of product line depth?
Its the depth of a product line, so a company can sell soup, but the depth is what types of soup, so chicken, mushroom, tomato, etc
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How do we adjust the product mix strategy?
Product line extension: to meet competition, adapt, could cause cannibalization.
Product Line Contraction: focus on few core products, minimize cannibalization
Increase Product mix width: adding product categories to take advantage of growth markets
Decrease product mix width: product category may no longer fit company strategy. adjust to overall decline in a particular market.
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What is individual Brand strategy?
- Unique brand names for every product. Ex P&G
- but its costly
good if you target different segments and carry a wide range of products
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What is family brands strategy?
- Same brand for all company's product. Ex Method.
- More cost efficient
- Limited if you target different segments and carry a wide range of products.
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