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31 Cards in this Set
- Front
- Back
total product offer
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benefits associated with a good, a service, or an idea that impact a consumer's purchasing decision
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core product
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provides the core benefit or service that satisfies the basic need or want that motivates a consumer's purchase
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actual product
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tangible aspect of the purchase that you can touch, see, hear, smell ,or taste
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augmented product
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consists of the core product and the actual product plus other real or perceived benefits that provide additional value to a customer's purchase
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product differentiation
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process of distinguishing a product from its competition in real or perceived terms to attract customers
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product line
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group of similar products marketed to one general market
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product mix
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combination of all product lines offered for sale by a company
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consumer products can be divided into four categories:
1. Convenience goods and services 2. Shopping goods and services 3. Specialty goods and services 4. Unsought goods and services |
-purchased easily and effortlessly. nondurable goods.
-requires more effort and time,purchased less frequently than consumer goods. durable goods ie-clothes, shoes, televisions -unique specialized products ie- ferrari, rolex -products buyers dont usually think about buying, dont know they exist, or buy only when a specific problem arises. |
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Different B2B product classifications
1. Equipment 2. MRO products 3. Raw and processed materials 4. Components parts 5. Specialized professional services |
1. Equipment-physical facilities of a business
2. MRO products- products that facilitate production and operations but do not become a part of the finished product 3. Raw and processed materials-unprocessed materials that are sold in their original form before being processed for use in other products 4. Components parts-assembled portions of the finished product 5. Specialized professional services-services that support a firm's operations |
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brand extension
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marketing a product using the same brand name but in a different product category
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trademark
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legally protected brand
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brand licensing
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agreement between the owner of a brand and another company or individual who pays a royalty to use the brand in association with a new product
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brand loyalty
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degree to which customers consistently prefer one brand to other brands
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brand equity
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overall value of a brand's strength in the market
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brand awareness
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extent to which a particular brand name is familiar within a particular product category
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six types of brand emerge from branding strategy:
-manufacturer's brands -Family brands -Individual brands -Private brands -Co-brands -Generic brands |
-manufacturer's brands-brand created by producers
-Family brands-brand that markets several different products under the same brand name -Individual brands- brand assigned to each product within a company's product mix -Private brands-brand created by a distributor or a middleman -Co-brands-using one or more brands affiliated with a single product -Generic brands-product that has no brand at all. |
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Process of developing new, high-quality products
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1.Idea generation
2. Idea screening 3. Product analysis 4. Development and testing 5. Product and marketing mix development 6. Market testing 7. Commercialization |
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product life cycle
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theoretical model describing a product's sales and profits over the course of its lifetime
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Pricing objectives:
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1. maximizing profits
2. achieving greater market share 3. maximizing sales 4. building traffic 5. matching the status quo prices 6. covering costs to survive 7. creating an image 8. ensuring affordability to all |
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pricing strategies
1. cost-based pricing 2. demand-based pricing 3. competition-based pricing 4. everyday low pricing |
1. cost-based pricing-based on covering costs and providing for a set profit
2. demand-based pricing-pricing a good or a service based on the demand for a product or its perceived value 3. competition-based pricing -pricing strategy based on what the competition is charging 4. everyday low pricing- charging low prices with few, if any, special or promotional sales |
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price skimming
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charging a high price for a product initially and then lowering the price over time
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penetration pricing
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charging the lowest possible price for a new product
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prestige pricing
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practice of charging a high price to invoke perceptions of high quality and privilege
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pyschological pricing
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practice of charging a price just below a whole number to give the appearance of a significantly lower price
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loss leader
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a product that is priced below its costs
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reference pricing
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listing an inflated price that is then discounted to appear as if it is a good value
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break-even analysis
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determines production level for which total revenue is just enough to cover total costs
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types of discounts
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-cash discounts-reduced price for paying
-quantity discounts -lower price for buying large quantities -seasonal discounts-price reduction if you buy out of season -forms of allowance-reduced price if you trade your old good for a new good |
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rebates
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partial refunds on what a customer has already paid for a product
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bundling
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two or more products that usually complement one another are combined and sold at a single price
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dynamic pricing
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prices are determined directly between a buyer and a seller
ie-auctions, ebay |