COMM 296 Chapter Notes - Chapter 10: Brand Equity, Brand Loyalty, Brand Awareness
Document Summary
Product: anything that is of value to a consumer and can be offered through a voluntary marketing exchange: goods, services, places, organizations, ideas, people, communities. Products are either for consumers or businesses. Product mix/product assortment: the complete set of all products offered by a firm; includes many product lines. Product lines: groups of associated items, such as those that consumers use together or think of as part of a group of similar products. Breadth/variety: the number of product lines offered by a firm. Depth: the number of categories within a product line. Factors to consider when deciding on launching new lines: low entry barriers; substantial market opportunities; can earn sales and profit. Adding too much breadth in product mix can be costly and many brands may weaken company reputation. Change product mix breadth: increase breadth: new product line to capture new/evolving markets and increase sales, decrease breadth: eliminate product line to address changing market conditions; meet internal strategic priorities.
