IBM 301 Lecture Notes - Lecture 10: Swoosh

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Published on 20 Mar 2019
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Chapter 10: Product Concepts
What is a Product?
Everything, both favorable and unfavorable, that a person receives in an exchange
Tangible good
Service
Idea
Types of Products
Business Product: A product used to manufacture other goods or services, to facilitate an
organization’s operations, or to resell to other customers
Consumer Product: A product bought to satisfy an individual’s personal wants
Types of Consumer Products
Convenience product: A relatively inexpensive item that merits little shopping effort
Shopping product: A product that requires comparison shopping, because it is usually
more expensive and found in fewer stores
Specialty product: A particular item for which consumers search extensively and are
reluctant to accept substitutes
Unsought product: A product unknown to the potential buyer or a known product that the
buyer does not actively seek
Product Items, Liens, and Mixes
Product Item: A specific version of a product that can be designated as a distinct offering
among an organization’s products.
Product Line: A group of closely-related product items
Product Mix: All products that an organization sells
Product Line Extension
Adding additional products to an existing product line in order to compete more broadly
in the industry
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
Branding
Brand Name: That part of a brand that can be spoken, including letters, words, and
numbers
Brand Mark: The elements of a brand that cannot be spoken (e.g., Nike’s Swoosh”)
Brand Equity: The value of company and brand names
Global Brand: A brand where at least a third of the earnings come from outside its home
country
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