Ch 10: Product Concepts
Ch 10: Product Concepts Mkt 3000
Popular in Marketing/non business
Popular in Marketing
This 4 page Class Notes was uploaded by Rebecca Lord on Wednesday October 28, 2015. The Class Notes belongs to Mkt 3000 at Bowling Green State University taught by Fei Weisstein in Fall 2015. Since its upload, it has received 30 views. For similar materials see Marketing/non business in Marketing at Bowling Green State University.
Reviews for Ch 10: Product Concepts
Report this Material
What is Karma?
Karma is the currency of StudySoup.
Date Created: 10/28/15
Ch 10 Product Concepts Convenience Shopping Specialty Product Product Product Unsought Product 0 Inexpensive 0 Requries 0 Requires 0 Product item comparison extensive unknown to o Require we shopping search consumer of shopping effort 0 Found in fewer 0 Consumers are not aCtiVe39Y 0 Ex Dry stores reluctant to sought cleaning 0 More accept 39 EX toothepaste expensive substitutes insurance soda 0 Ex Clothing 39 EX Tiffany burial pIOtS furniture ROHS ROYCE ltProduct Mix McDonalds ltProduct Line Burgers Desserts Bi Mac Double Ice cream Fudge g Cheeseburger cone brownie Product Mix Width lt Product Item llldBG lonpmd Product Line Depth Attracts buyers with different preferences Increases salesprofits by further market segmentation Capitalizes on economies of scales 0 Evens our seasonal sales Adjustments to Product Lines Items and Mixes Product Modification oQuality Change in the products durability or reliability oFunctional Change in products versatility effectiveness convenience or safety oStyle Changes in product aesthetics Product Reposition oChanging a consumer39s thoughts or perceptions about the brand 0A company may reposition if it39s facing declining sales changing demographics and changes in social environment Product Line Extension oExtension Adding additional product items to a product line oContraction Taking product items away from a product line in an attempt to deal with overextension Benefits of Branding 0 Brand Name 9 Product Identification 0 Brand Loyalty 9 Repeat Sales 0 Brand Equity 9 New Sales product Value of Branding Facilitate purchasing Establish loyalty Protect from competition Reduce marketing cost 0 It is an asset Impacts market value Manufacturers Brands vs Private Brands Its the brand of the manufacturer Aka private label or store brand Ex Kodak LaZ Boy Ex Archer Farms Target Can attract new customers and 0 Earn higher profits enhance dealer s prestige Ties the customer to that store Strong brand names can develop strong customer loyalty CoBranding Ingredient Cooperative Complementary Branding Branding Branding oTwo companies work oTwo companies receive oProducts advertised together to make the the same treatment together I0rOdUCt 39EX MadMen and Nike 39EX Seagram liquor 7 0Ex Intel and PC Up Functions of Packaging Contain and Protect 0 Promote Facilitate storage use and convenience Facilitate recycling Labehng Persuasive Informational Focuses on promotional theme Helps make proper selection Consumer information is secondary Lower cognitive dissonance These are not very persuasive Includes usecare anymore because consumers are used desensitized to the newness Global Issues in Branding One brand name everywhere 0 Greater identification of the product 0 Ex Cocacola brand is in more than 195 countries Adaptations and Modifications 0 Used when brand name is not pronounced in local language or when it has a negative connotation Different Brand name in different markets 0 Used when translation problems occur or when marketers want to appear to local culture 0 Ex Axe men s body spray is called Lynx in England Ireland and Australia