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Chapter 9

Marketing Chapter 9 Notes.docx

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Ryerson University
MKT 100
Laila Rohani

Marketing: MKT100 Chapter 9 Notes Ch. 9: Product, Branding and Packaging Decisions Complexity of Products and Types of Products Complexity of Products • Core customer value is the basic problem-solving benefits that customers are seeking • Associated services (augmented product) include the nonphysical attributes of the product, including warranties, financing, product support, and after-sale service. Types of Products • Consumer products are products and services used by people for their personal use • Specialty products/services are aimed toward which customers show such a strong preference that they will expend considerable effort to search for the best suppliers • Shopping products/services are products such as furniture, apparel, fragrances, appliances, and travel alternatives for which customers spend a fair amount of time comparing alternatives • Convenience products/services are products for which customers are not willing to spend any effort to evaluate prior to purchase • Unsought products/services are products consumers either do not normally think of buying or do not know about Product Mix and Product Line Decisions • Product mix is the complete set of all products offered by a firm • Product lines are groups of associated items, such as those that consumers use together or think of as part of a group of similar products • Product category is an assortment of items that the customer sees as reasonable substitutes for one another • A brand is a name, term, design, symbol or any other features that identify one seller’s good or service as distinct from those of other sellers • Product mix breadth is the number of product lines, or variety, offered by the firm • Product line depth is the number of products within a product line • Stock keeping units (SKUs) are individual items within each product category; the smallest unit available for inventory level • Firms expand their product lines (breadth) when it is relatively easy to enter a specific market. • Too much variety in the product mix can be too costly to maintain, and too many brands could weaken the firm’s brand reputation Change Product Mix Breadth • Firms increase breadth by adding new product lines to capture new or evolving markets, increase sales, and compete in new venues • Firms decrease breadth because sometimes it’s necessary to delete entire product lines to address changing market conditions or meet internal strategic priorities Change Product Line Depth • Firms may add new products within a line to address changing consumer preferences or pre-empt competitors while boosting sales • It is necessary to delete product categories to realign resources Change Number of SKUs • Adding and deleting SKUs to boost sales or react to consumer demand • Product Line Decisions can also be made for Services Branding • Brands add value to merchandise and services beyond physical and functional characteristics or the pure act of performing the service • Brands facilitate purchasing because they are easily recognized by consumers and help consumers m
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