FM 117 Chapter Notes - Chapter 10-12: Brand Equity, Umbrella Brand, Implied Warranty
16 May 2016
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Document Summary
Business purpose: the product is classified as a business or industrial product. Consumer product is bought to satisfy an individual"s personal wants or needs: convenience product: a relatively inexpensive item that merits little shopping. Consumers buy convenience products regularly, usually without much planning: shopping product: a product that requires comparison shopping because it is usually more expensive then a convenience product and is found in fewer stores. Only buy it after comparing several brands or the store"s in style, practicality, and lifestyle compatibility. Heterogeneous: consumers have trouble comparing because of the prices, quality and features that vary: specialty product: a particular product for which some consumers search extensively and are very reluctant to accept substitutes. Marketers often use selective, status-conscious advertising to maintain a product"s exclusive image. Distribution is often limited to one or a very few outlets in the geographic area.
