M: Marketing–Chapter 11 (Product, Branding, and Packaging Decisions)

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
(also called 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/services
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
the complete set of all 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
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 communications to consumers
perceived value
the relationship between a product’s or service’s benefits and its cost
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 retailers
private-label brands
brands developed and marketed by a retailer and available only from that retailer; also called store brands
family brand
a firm’s own corporate name used to brand its product lines and products
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 a 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
co-branding
the practice of marketing two or more brands together, on the same package or promotion
brand licensing
a contractual arrangement 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 provides the UPC label used by retail scanners; can contain additional product information that may not be available on the primary package