MKGT Chapter 10 from slides
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Define the term product
Everything, both favorable and unfavorable, that a person receives in an exchange.
Classify consumer products
Convenience Products, Shopping Products, Specialty Products, and Unsought Products
Convenience Product Is
A relatively inexpensive item that merits little shopping effort
Shopping Product is..
A product that requires comparison shopping, because it is usually more expensive and found in fewer stores
Specialty Product is...
A particular item for which consumers search extensively and are reluctant to accept substitutes
Unsought Product is...
A product unknown to the potential buyer or a known product that the buyer does not actively seek
Define the term product item
A specific version of a product that can be designated as a distinct offering among an organization’s products.
Define the term product line
A group of closely-related product items.
Define the term product mix
All products that an organization sells.
What are the benefits of Product Lines?
Advertising Economies, Package Uniformity, Standardized Components, Efficient Sales and Distribution, and Equivalent Quality
List the type of Adjustments that can be made to product items, lines and mixes
- Product Modification, Product Repositioning, and/or
- Product Line Extension or Contraction
Types of Product Modifications
Quality Modification, Functional Modification, and Style Modification
Planned Obsolescence is...
The practice of modifying products so those that have already been sold become obsolete before they actually need replacement
Why reposition established brands?
Changing Demographics, Declining Sales, Changes in Social Environment
Product Line Extension is...
Adding additional products to an existing product line in order to compete more broadly in the industry.
List the Symptoms of Overextension
- •Some products have low sales or cannibalize sales of other items
- •Resources are disproportionately allocated to slow-moving products
- •Items have become obsolete because of new product entries
Describe marketing uses of branding
Product Identification, Repeat Sales, and New Product Sales
Describe marketing uses of packaging
Functions of Packaging: Contain and Protect, Promote, Facilitate Storage, Use, and Convenience, and Facilitate Recycling
Describe marketing uses of labeling
- Persuasive and Informational
- Persuasive by Focuses on promotional theme Consumer information is secondary
Informational by Helps make proper selections Lowers cognitive dissonance Includes use/care
Universal Product Codes (UPCs) is...
A series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products.
Discuss global issues in branding
One Brand Name Everywhere, Adaptations & Modifications Different Brand Names in Different Markets
Discuss global issues in packaging
Labeling, Aesthetics, and Climate Considerations
Describe how and why product warranties are important marketing tools
a Warranty is A confirmation of the quality or performance of a good or service.
Implied Warranty is
An unwritten guarantee that the good or service is fit for the purpose for which it was sold. (UCC)
A written guarantee.
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