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Core Customer Value
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MKT 300 Chapter 11
Product, Branding, & Packaging Decisions
| Question | Answer |
|---|---|
| Product | Anything that is of value to a consumer and can be offered through a voluntary marketing exchange. |
| Core Customer Value | The basic problem solving benefits that consumers are seeking. |
| Actual Product | The physical attributes of a product including the brand name, features/design, quality level, and packaging. |
| Associated Services (Augmented Product) | The non-physical attributes of the product including product warranties, financing, product support, and after-sale service. |
| Consumer Products | Products and services used by people for their personal use. |
| Specialty Products/Services | Products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers. |
| Shopping Products/Services | Those for which consumers will spend time comparing alternatives such as apparel, fragrances, and appliances |
| Convenience Products | Those for which the consumer is not willing to spend any effort to evaluate prior to purchase. |
| Unsought Products/Services | Products or services consumers either do not normally think of buying or do not know about. |
| Product Mix (Product Assortment) | The complete set of products offered by a firm. |
| Product Lines | Groups of associated items, such as those that consumers use together or think of as part of a group of similar products. |
| Breadth | Number of product lines offered by a firm; also known as variety. |
| Depth | The number of categories within a product line. |
| The three components of a product are? | Core customer value, actual product, and associated services. |
| Four types of consumer products are? | Specialty, Shopping, Convenience, and Unsought |
| Increase Depth | Adding items to change consumer preferences or to preempt competitors while boosting sales. |
| Decrease Depth | Deleting products within a product line to realign the firms resources. |
| Decrease Breadth | Deleting entire product lines to address changing market conditions. |
| Increase Breadth | Adding new product lines to capture new or evolving markets and increase sales. |
| Branding | A company lives or dies based on brand awareness. Consumers cannot buy products that they don't know exist. |
| Value of Branding to the Customer | Brands facilitate purchases, establish loyalty, protect from competition and price competition, are assets, and affect market value. |
| Brand Equity | The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service. |
| Brand Awareness | Measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm's comm to consumers. |
| Perceived Value | The relationship between a product's or service's benefits and its cost. |
| What are the components of Brand Equity | Brand Associations, Brand Loyalty, Manufacturer Brands, Retailer/Store Brands, and Private-Label Brands. |
| Brand Associations | The mental links that consumers make between a brand and its key product attributes; can involve a logo, slogan, or famous personality. |
| Brand Loyalty | Occurs when a consumer buys the same brand's product or service repeatedly over time rather than buying from multiple suppliers within the same category. |
| Manufacturer Brands (National Brands) | Brands owned and managed by the manufacturer. |
| Retailer/Store Brands | Also called private-label brands, are products developed by the retailer. |
| Private-Label Brands | Brands developed and marketed by a retailer and available only from that retailer; also called store brands. |
| Two basic brand ownership strategies | Manufacture Brands and Retailer/Store Brands. |
| Naming Brands and Product Lines | Family Brands, Co-branding, Individual Brands, Brand Extension, Line Extension, and Brand Dilution. |
| Family Brand | A firm's own corporate name used to brand its product lines and products. |
| Co-Branding | The practice of marketing two or more brands together, on the same package or promotion. |
| Individual Brands | The use of individual brand names for each of a firm's products |
| Brand Extension | The use of the same brand name for new products being introduced to the same or new markets. |
| Line Extension | The use of the same brand name within the same product line and represents an increase in product line's depth. |
| Brand Dilution | Occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold. |
| Brand Licensing | A contractual agreement between firms, whereby one firm allows another to use its brand name, logo, symbols, or characters in exchange for a negotiated fee. |
| Brand Repositioning (ReBranding) | A strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences. |
| Primary Package | The packaging the consumer uses, such as the toothpaste tube, from which he or she typically seeks convenience in terms of storage, use, and consumption. |
| Secondary Package | The wrapper or exterior carton that contains the primary package and provide the UPC label used by retail scanners; can contain additional product information that may not be available on the primary package. |
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