Chapter 10

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University of Toronto Scarborough
Management (MGM)
Ingrid L.Stefanovic

INTRODUCTION Product: A Definition Core product is the physical or functional characteristics of a good Brand image, warranty, and service are all parts of the product as seen by the consumer They are buying want satisfaction o Marketing decision makers must have this broader concept mind and realize that people purchase more than just the physical features of products Retailers should be aware whether consumers see something as a product or not before investing huge sums of money into making it better (ex. Gasoline) Shoppers conception of a product may be altered by such features as packaging, labelling, or the retail outlets in which the product may be purchased Some products have no physical ingredients o Ex. Haircut, tax advice Total Product is a total bundle of physical, service, and symbolic characteristics designed to produce customer want satisfaction The Warranty Warranty is a guarantee to the buyer that the supplier will replace a defective product (or part of a product) or refund its purchase price during a specified period of time o Increases consumer purchase confidence BRAND MANAGEMENT Choosing the means of identification for the firms outputs often represents a major decision area for the marketing manager Brands, Brand Names, and Trademarks Brand is a name, term, sign, symbol, or design (or a combination of these) used to identify the products of one firm and to differentiate them from competitive offerings Brand name is the part of the brand consisting of words, letters, or symbols that make up a name used to identify and distinguish the firms offerings from those of its competitors Trademark is a brand that has been given legal protection and has been granted solely to its owner o Includes pictorial design and brand name For consumers, brands facilitate repeat purchases of products that have been found satisfactory What Constitutes a Good Brand Name? Good brand names are easy to pronounce, recognize and remember A brand name that works terrifically well in one country may prove disastrous in another due to language problems The brand name should give the buyer the right connotation The Brand Name Should Be Legally Protectable
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