MARK1012 Chapter Notes - Chapter 8: Brand Equity, Brand Loyalty, Brand Awareness
MARK1012 CHAP 8
Chapter 8: Product & Branding Decisions
Types of Products
-Consumer products: products for personal use
-Specialty products or services: products or consumers that customers show preference
that they will put in effort to research top suppliers eg. Luxury cars & medical
professionals
-Shopping products or services: products or services that consumers will spend time
comparing alternatives eg. Clothing & furniture
-Convenience product or services: products or services that consumers are not willing to
spend much effort to evaluate eg. Bread & water
-Unsought products or services: products or services that consumers don’t usually think
of buying eg. Hand warmers
Product mix & product line decisions
Product mix: all goods/services offered by a company
Product mix breadth: a count of the number of product lines offered by the firm
Product lines: associated items that consumers use together
Product line depth: refers to the number of products within a product line
-Increase depth: add products to a product line
-Decrease depth: remove products within a product line
-Decrease breadth: remove entire product lines
-Increase breadth: add new product lines
Value of Branding for the Customer
-Brands facilitate purchases
-Brands establish loyalty
-Brands protect from competition & price competition
-Brands are assets
-Brands impact market value
Brand equity for the owner
Brand equity: value of a brand
-Brand awareness
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Document Summary
Specialty products or services: products or consumers that customers show preference that they will put in effort to research top suppliers eg. luxury cars & medical professionals. Shopping products or services: products or services that consumers will spend time comparing alternatives eg. clothing & furniture. Convenience product or services: products or services that consumers are not willing to spend much effort to evaluate eg. bread & water. Unsought products or services: products or services that consumers don"t usually think of buying eg. hand warmers. Product mix: all goods/services offered by a company. Product mix breadth: a count of the number of product lines offered by the firm. Product lines: associated items that consumers use together. Product line depth: refers to the number of products within a product line. Increase depth: add products to a product line. Decrease depth: remove products within a product line. Brands protect from competition & price competition. Brand ownership (manufacturer brands, retailer/ store brands)
