MGMA01H3 Lecture Notes - Life Insurance

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Document Summary

Product: anything that can be offered to satisfy a consumer"s want. Unsought life insurance, preplanned funeral services, new innovations. Actual product: brand name, quality level, packaging, design, features. Augmented product: delivery and credit, installation, warranty, after-sale service. Product line: a broad group of products, intended for similar uses and having similar characteristics. Product line length: the number of items in the product line. Line stretching: adding products that lengthen a product line beyond its current range. Line filling: adding more items within present range. Brand: a name, term, sign, symbol, or design that identifies the products/services of sellers abd differentiate them from those competitor. Branding: the process through which consumers attaching meanings to brands and develop brand relationships. Line extensions: add products in same category under same brand. Brand extensions: new product in new category under same brand. Multibrands: multiple brands in same product category. New brands: new brand for new product category.

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