MKT 100 Chapter Notes - Chapter 9: Brand Licensing, Brand Awareness, Brand Loyalty
28 Jun 2018
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MKT Chapter 9 - Product, Branding and Packing Decisions
Complexity of Products and Types of Products
Core customer value - the basic problem-solving benefits that consumers are
seeking
Associated services (augmented product) - nonphysical attributes of the product
warranties, financing, product support and after-sale service
Marketers start with the core customer value to determine what their potential
customers are seeking. They then make the actual physical product and add
associated services
Consumer products - products and services used by people for their personal use
Specialty products/services - high effort to search for best suppliers
Shopping products/services - middle amount of effort
Convenience products/services - not willing to spend any effort
Unsought products/services - products consumers don't normally think about
buying or don't know about
Product Mix and Product line decisions
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
Product category - an assortment of items that the customer sees as reasonable
substitutes for one another
Brand - the name, term, design, symbol or any other feature that identify one
seller’s good as distinct from others
Product mx breadth - the number of product lines, or variety, offered by the firm
Product mix depth - the number of products within a product line
Stock keeping units (SKUs) - individual items within each product category; the
smallest unit available for inventory control
Too much variety in the product mix is often too costly to maintain, and too many
brands may weaken the firm’s brand reputation
Firms often add new product lines to capture new or evolving, markets, increase
sales and compete in new venues
Sometimes necessary to delete entire product lines to address changing market
conditions or meet internal strategic priorities
Firms may add new products within a line to address changing consumer
preferences or pre-empt competitors while boosting sales
Sometimes necessary to delete product categories to realign resources
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MKT 100 Full Course Notes
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Document Summary
Mkt chapter 9 - product, branding and packing decisions. Core customer value - the basic problem-solving benefits that consumers are seeking. Associated services (augmented product) - nonphysical attributes of the product warranties, financing, product support and after-sale service. Marketers start with the core customer value to determine what their potential customers are seeking. They then make the actual physical product and add associated services. Consumer products - products and services used by people for their personal use. Specialty products/services - high effort to search for best suppliers. Convenience products/services - not willing to spend any effort. Unsought products/services - products consumers don"t normally think about buying or don"t 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.
