Study Notes for Chapter 10

5 Pages

Management (MGM)
Course Code
Ingrid L.Stefanovic

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Chapter 10: A Definition of Product INTRODUCTION Total Product - a bundle of physical, service and symbolic characteristics that are designed to satisfy consumers wants Warranty - a guarantee to the buyer that the supplier will replace a defective product or refund its purchase price during a specified period of time. This increases consumer purchase confidence and stimulates demand THE TOTAL PRODUCT CONCEPT Physical or Functional Characteristics of a Good or Service 1. Brand 2. Product Image 3. Warranty and Service 4. Package and Label BRAND MANAGEMENT Brands, Brand Names and Trademarks Brand - a name, term, sign, symbol, design or a combination of these that is used to identify and differentiate the products of a firm from competition. Brand Name - words, letters or symbols that make up a name used to identify and distinguish the firms offerings from those of its competitors Trademark - a brand that has been given legal protection and has been granted solely to its owner - for consumers, brands usually facilitate repeat purchases of satisfactory products. - the brand assures a uniform quality and identifies the producing firm What Constitutes a Good Brand Name - good brand names are easy to pronounce, recognize and remember - gives the buyer the right connotation The Brand Name should be Legally Protectable Generic Name - a brand name over which the original owner lost exclusive claim because all offerings in the same class of products have become generally known by the brand name (ie. Jello) Companies try to prevent their brand names from becoming a name generally used by
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