Product
Anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.
4 Ps of Luxury
Patricians: have wealth and do not need status
Parvenus: have wealth and need status
Poseurs: does not have wealth and need status
Proletarians: does not have wealth and do not need status
What is a brand
A name, term, symbol, design, or combination of these items that are intended to identify and differentiate a seller or a seller's product fro competitors
What is branding
The process of endowing products with the power of a brand. It's all about creating differences between products.
comes from branding cattle- the brand on the cow you know the quality of the meat you were getting
What is brand salience?
AKA "Brand awareness"How often and how easily consumers think of a brand under different consumption situations
Aided recall: Show brand (do you know)
Unaided recall: Connect brand to product, what comes to mind is the leader (soft drink=coke)
What are the three elements to product offering?
-Value based price
-Product features and quality
-Service mix and quality
what is customer- value hierarchy?
-Core benefit
-Basic product
-Expected product
-Augmented
-Potential
1) Core benefit
the service or benefit the customer is really buying Ex: hotel guest is buy rest and sleep
2) Basic Product
marketer must turn the core benefit into a basic product Ex: hotel room includes a bed, bathroom, towels. etc.
3) Expected Product
a set of attributes and conditions buyers normally expect when they purchase this product Ex: hotel guests minimally expect a clean bed, fresh towels etc.
4) Augmented
exceeds customer expectations
5) Potential
encompasses all the possible augmentations and transformations the product or offering might undergo in the future.
Nondurable good
are tangible goods normally consumed in one or few uses, EX: beer, shampoo because purchased frequently
Durable good
are tangible goods that normally survive many uses EX: refrigerators
Services
are intangible, product that normally requires more quality control
Convenience goods
frequently immediately, and with minimal effort EX: soft drink, soaps, and newspaper.
Impulse goods
are purchased without any planning or search effort, EX: candy bar
Shopping goods
are those the consumer characteristically compares on such bases as suitability, quality, price and style
Product differentiation
(funny, Fred, put, coconuts, down, randys rooster, silly, cock)
-Form
-Feature
-Performance Quality
-Conformance Quality
-Durability
-Reliability
-Repairability
-Style
-Customization
Specialty goods
have unique characteristics or brand identification for which enough buyer are willing to make a special purchasing effort
EX: cars, audio-video, suits
Unsought goods
are those the consumer does not know about or normally think of buying (does not want to die) EX: gravestone
Form
the size, shape or physical structure of a product.
Features
that supplement their basic function a company can identify and select appropriate new features by surveying recent buyers and then calculating customer value. Versus company cost for each potential features
Performance quality
is the level at which the products primary characteristic operate
Conformance quality
the degree to which all produced units are identical and meet promised specifications
Durability
a measure of the products expected operating life under natural or stressful conditions, is a valued attribute for vehicles, kitchen appliances, and other durable goods.
Reliability
is a measure the ease of fixing a product when it malfunctions or fails
Style
Describes the product look and feel to the buyer and creates distinctiveness that is hard to copy
Customization
allows firms to be highly relevant and differentiating by finding out exactly what a person wants and doesn't want and delivering on that
Service differentiation
(Oliver, delivered, ice cream, cause, carol, really, ran)
-Ordering ease
-Delivery
-Installation
-Customer training
-Customer consulting
-Repair
-Return
Ordering ease
describes how easy it is for the customer to place an order with the company
Delivery
refers to how well the product or service is brought to the customer, including speed, accuracy, and care throughout the process
Installation
refers to the work done to make a product operational in its planned location
Customer training
helps the customer's employees use the vendor's equipment properly and efficiently
Customer Consulting
Includes data information systems and advice services the seller offers to buyers
Repair
programs help customers keep purchased products in good working order
Return
...
Luxury product (Guidelines)
1. Maintaining a premium image for luxury brands is crucial; controlling that image is thus a priority.
2. Luxury branding typically includes the creation of many intangible brand associations and an aspirational image.
3. All aspects of the marketing pro
Feature Fatigue
have may features cause people want them, but in reality too many features and people complain cause they only really use too and don't want to pay for all.
Product system
a group of diverse but related items that function in a compatible manner EX: apple products
Product mix/assortment
the set of all products and items a particular sellers offers for sale
Product Width
refers to how many different product lines the company carries. Ex: ipad, computer, etc.
Product length
refers to the total number of items in the mix
Product depth
refers to how many variants are offered of each product in the line
Product consistency
describes how closely related the various product lines are in end use, production requirement, distribution channels, or some others ways.
Product line
a group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups. Are marketed through the same outlets or channels, or fall within given price ranges.
Item
a distinct unit within a brand or product line distinguishable by size, price, appearance, or some other attribute.
Line Stretching
Occurs when a company lengthens its product line beyond its current range, whether down-market, up-market, or both ways
Down Market Stretch
1. The company may notice strong growth opportunities. Mass retailers such as Walmart, Target, and other attract a growing number of shoppers who want value-priced goods.
2. The company may wish to tie up lower-end competitors who might otherwise try to m
Up-Market Stretch
Companies may wish to enter the high end of the market to achieve more growth, realize higher margins, or simply position themselves as full-line manufactures.
Two-way stretch
Companies serving the middle market might stretch their lines in both directions.
Brand's Role For Firm
-they simplify product handling by helping organize inventory and accounting records.
-also offers legal protection for unique features or aspects of the product.
Brand equity
is the added value endowed to products and services with consumers. It may be reflected in the way consumers think, feel, and act with respect to the brand, as well as in the prices, market share, and profitability it commands.
Customer-based brand equity
the differential effects brand knowledge has on a consumer response to the marketing of a brand.
EX: Clorox over generic brand
Brand resonance Pyramid
-Connection (resonance): what about you and me?
ensuring customers identify the brand and associate it with specific product or class.
-Response(judgment/feelings): what about you? firmly establishing the brand meaning in customers mind by linking tangibl
Brand resonance pyramid
the idea is that we have four levels that build our brand on going from the bottom to the top.
Brand awareness
how often and how easily consumers think of a brand under different consumption situations
-We are trying to make it so that if I gave you a product market mine would come to mind. The stronger a brand has awareness, the more it crowds out the competitors
Brand map
ex: Mcdonalds map branch (burger, nuggets)
ex: Corona (beach, lime, summer)
Brand meaning
The set associations linked to the brand
PERFORMANCE
-Price
-Reliability
-Durability
-Effectiveness
IMAGERY
-social meaning
-Environmental
-style
-personality
What happens if you don't monitor your brand associations?
you can loss what ur original brand stood for
What is the difference between developing a smart and cold VS. nice and warm brand personality?
-complex or simple (relates to the person buying the product)
-smart or warm(competence vs. morality)
Goodwill (sweet)
Morgan Stanley(smart)
Underdog
The example of the 2 different types of razors.
people like underdog but not a victim
people like privileged achiever but not top dog
Brand response
JUDGMENT
-quality
-value
-ubiquity
-healthiness
FEELINGS
-happiness
-safety
-relaxation
-exhilaration
Branddynamic model
...
Brand element (my momma likes to act prrrecious
-memorable
-meaningful
-likable
-transferable
-adaptable
-protectable
Holistic marketing activities
Brand contact: any information-bearing experience (positive or negative) a customer or prospect has with the brand, its product category, or its market.
Leveraging secondary activities (borrow)
Ex: athletes, Gatorade
linking the brand to other information in memory that conveys meaning to consumers.
"secondary" brand association can link sources such as the company itself to counties/other geographic region groups, and to channels of distributio
Points of difference
Attributes/benefits that consumers strongly associate with a brand, positively evaluate, and believe they could not find to the same extent with a competitive brand
-Desirable
-Deliverable
-Differentiating
Ex: method cleaning products all natural
Points of parity
Attributes/benefit associations that are not necessarily unique to the brand but may in fact be shared with other brands
-Category
-Correlational
-Competitive
EX: Bing compared to other search engines
Chevrolet, Coke, Levis
Chevrolet: all over the place, identity crisis. they lack consistency, weak brand
EX: heartbreak of American, Rock, flag, eagle, chevy runs deep
Levis: also all over the place, no direction, weak brand. EX: levis.orginal.jeans, original people, Go forth l
Pepsi taste challenge
when pepsi blindfolded customers and people like pepsi more than coke when blindfolded BUT it didn't really matte bc when people aren't blindfolded they still like coke more
Oldsmobile
...
Corporate branding (umbrella)
companies use their company brand as an umbrella band across their entire range of products
EX: trump and virgin airlines
Separate branding
branding different products with different names (Reduces risk, But costs a lot)
Ex: general mills(Bisquick, Nature valley, Gold medal flour)
Sub-branding
Combing two or more corporate brands, family brands, or individual products brands.
EX: kelloggs= Rice krispie, Raisin bran, corn flakes
Legos
Positive of brand extension
-they can facilitate new product acceptance and provide positive feedback to the parent brand and company
-Improved odds of new-product success
-only needs to create awareness for new product not brand.
-reduce launch cost
Product
Anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.
4 Ps of Luxury
Patricians: have wealth and do not need status
Parvenus: have wealth and need status
Poseurs: does not have wealth and need status
Proletarians: does not have wealth and do not need status
What is a brand
A name, term, symbol, design, or combination of these items that are intended to identify and differentiate a seller or a seller's product fro competitors
What is branding
The process of endowing products with the power of a brand. It's all about creating differences between products.
comes from branding cattle- the brand on the cow you know the quality of the meat you were getting
What is brand salience?
AKA "Brand awareness"How often and how easily consumers think of a brand under different consumption situations
Aided recall: Show brand (do you know)
Unaided recall: Connect brand to product, what comes to mind is the leader (soft drink=coke)
What are the three elements to product offering?
-Value based price
-Product features and quality
-Service mix and quality
what is customer- value hierarchy?
-Core benefit
-Basic product
-Expected product
-Augmented
-Potential
1) Core benefit
the service or benefit the customer is really buying Ex: hotel guest is buy rest and sleep
2) Basic Product
marketer must turn the core benefit into a basic product Ex: hotel room includes a bed, bathroom, towels. etc.
3) Expected Product
a set of attributes and conditions buyers normally expect when they purchase this product Ex: hotel guests minimally expect a clean bed, fresh towels etc.
4) Augmented
exceeds customer expectations
5) Potential
encompasses all the possible augmentations and transformations the product or offering might undergo in the future.
Nondurable good
are tangible goods normally consumed in one or few uses, EX: beer, shampoo because purchased frequently
Durable good
are tangible goods that normally survive many uses EX: refrigerators
Services
are intangible, product that normally requires more quality control
Convenience goods
frequently immediately, and with minimal effort EX: soft drink, soaps, and newspaper.
Impulse goods
are purchased without any planning or search effort, EX: candy bar
Shopping goods
are those the consumer characteristically compares on such bases as suitability, quality, price and style
Product differentiation
(funny, Fred, put, coconuts, down, randys rooster, silly, cock)
-Form
-Feature
-Performance Quality
-Conformance Quality
-Durability
-Reliability
-Repairability
-Style
-Customization
Specialty goods
have unique characteristics or brand identification for which enough buyer are willing to make a special purchasing effort
EX: cars, audio-video, suits
Unsought goods
are those the consumer does not know about or normally think of buying (does not want to die) EX: gravestone
Form
the size, shape or physical structure of a product.
Features
that supplement their basic function a company can identify and select appropriate new features by surveying recent buyers and then calculating customer value. Versus company cost for each potential features
Performance quality
is the level at which the products primary characteristic operate
Conformance quality
the degree to which all produced units are identical and meet promised specifications
Durability
a measure of the products expected operating life under natural or stressful conditions, is a valued attribute for vehicles, kitchen appliances, and other durable goods.
Reliability
is a measure the ease of fixing a product when it malfunctions or fails
Style
Describes the product look and feel to the buyer and creates distinctiveness that is hard to copy
Customization
allows firms to be highly relevant and differentiating by finding out exactly what a person wants and doesn't want and delivering on that
Service differentiation
(Oliver, delivered, ice cream, cause, carol, really, ran)
-Ordering ease
-Delivery
-Installation
-Customer training
-Customer consulting
-Repair
-Return
Ordering ease
describes how easy it is for the customer to place an order with the company
Delivery
refers to how well the product or service is brought to the customer, including speed, accuracy, and care throughout the process
Installation
refers to the work done to make a product operational in its planned location
Customer training
helps the customer's employees use the vendor's equipment properly and efficiently
Customer Consulting
Includes data information systems and advice services the seller offers to buyers
Repair
programs help customers keep purchased products in good working order
Return
...
Luxury product (Guidelines)
1. Maintaining a premium image for luxury brands is crucial; controlling that image is thus a priority.
2. Luxury branding typically includes the creation of many intangible brand associations and an aspirational image.
3. All aspects of the marketing pro
Feature Fatigue
have may features cause people want them, but in reality too many features and people complain cause they only really use too and don't want to pay for all.
Product system
a group of diverse but related items that function in a compatible manner EX: apple products
Product mix/assortment
the set of all products and items a particular sellers offers for sale
Product Width
refers to how many different product lines the company carries. Ex: ipad, computer, etc.
Product length
refers to the total number of items in the mix
Product depth
refers to how many variants are offered of each product in the line
Product consistency
describes how closely related the various product lines are in end use, production requirement, distribution channels, or some others ways.
Product line
a group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups. Are marketed through the same outlets or channels, or fall within given price ranges.
Item
a distinct unit within a brand or product line distinguishable by size, price, appearance, or some other attribute.
Line Stretching
Occurs when a company lengthens its product line beyond its current range, whether down-market, up-market, or both ways
Down Market Stretch
1. The company may notice strong growth opportunities. Mass retailers such as Walmart, Target, and other attract a growing number of shoppers who want value-priced goods.
2. The company may wish to tie up lower-end competitors who might otherwise try to m
Up-Market Stretch
Companies may wish to enter the high end of the market to achieve more growth, realize higher margins, or simply position themselves as full-line manufactures.
Two-way stretch
Companies serving the middle market might stretch their lines in both directions.
Brand's Role For Firm
-they simplify product handling by helping organize inventory and accounting records.
-also offers legal protection for unique features or aspects of the product.
Brand equity
is the added value endowed to products and services with consumers. It may be reflected in the way consumers think, feel, and act with respect to the brand, as well as in the prices, market share, and profitability it commands.
Customer-based brand equity
the differential effects brand knowledge has on a consumer response to the marketing of a brand.
EX: Clorox over generic brand
Brand resonance Pyramid
-Connection (resonance): what about you and me?
ensuring customers identify the brand and associate it with specific product or class.
-Response(judgment/feelings): what about you? firmly establishing the brand meaning in customers mind by linking tangibl
Brand resonance pyramid
the idea is that we have four levels that build our brand on going from the bottom to the top.
Brand awareness
how often and how easily consumers think of a brand under different consumption situations
-We are trying to make it so that if I gave you a product market mine would come to mind. The stronger a brand has awareness, the more it crowds out the competitors
Brand map
ex: Mcdonalds map branch (burger, nuggets)
ex: Corona (beach, lime, summer)
Brand meaning
The set associations linked to the brand
PERFORMANCE
-Price
-Reliability
-Durability
-Effectiveness
IMAGERY
-social meaning
-Environmental
-style
-personality
What happens if you don't monitor your brand associations?
you can loss what ur original brand stood for
What is the difference between developing a smart and cold VS. nice and warm brand personality?
-complex or simple (relates to the person buying the product)
-smart or warm(competence vs. morality)
Goodwill (sweet)
Morgan Stanley(smart)
Underdog
The example of the 2 different types of razors.
people like underdog but not a victim
people like privileged achiever but not top dog
Brand response
JUDGMENT
-quality
-value
-ubiquity
-healthiness
FEELINGS
-happiness
-safety
-relaxation
-exhilaration
Branddynamic model
...
Brand element (my momma likes to act prrrecious
-memorable
-meaningful
-likable
-transferable
-adaptable
-protectable
Holistic marketing activities
Brand contact: any information-bearing experience (positive or negative) a customer or prospect has with the brand, its product category, or its market.
Leveraging secondary activities (borrow)
Ex: athletes, Gatorade
linking the brand to other information in memory that conveys meaning to consumers.
"secondary" brand association can link sources such as the company itself to counties/other geographic region groups, and to channels of distributio
Points of difference
Attributes/benefits that consumers strongly associate with a brand, positively evaluate, and believe they could not find to the same extent with a competitive brand
-Desirable
-Deliverable
-Differentiating
Ex: method cleaning products all natural
Points of parity
Attributes/benefit associations that are not necessarily unique to the brand but may in fact be shared with other brands
-Category
-Correlational
-Competitive
EX: Bing compared to other search engines
Chevrolet, Coke, Levis
Chevrolet: all over the place, identity crisis. they lack consistency, weak brand
EX: heartbreak of American, Rock, flag, eagle, chevy runs deep
Levis: also all over the place, no direction, weak brand. EX: levis.orginal.jeans, original people, Go forth l
Pepsi taste challenge
when pepsi blindfolded customers and people like pepsi more than coke when blindfolded BUT it didn't really matte bc when people aren't blindfolded they still like coke more
Oldsmobile
...
Corporate branding (umbrella)
companies use their company brand as an umbrella band across their entire range of products
EX: trump and virgin airlines
Separate branding
branding different products with different names (Reduces risk, But costs a lot)
Ex: general mills(Bisquick, Nature valley, Gold medal flour)
Sub-branding
Combing two or more corporate brands, family brands, or individual products brands.
EX: kelloggs= Rice krispie, Raisin bran, corn flakes
Legos
Positive of brand extension
-they can facilitate new product acceptance and provide positive feedback to the parent brand and company
-Improved odds of new-product success
-only needs to create awareness for new product not brand.
-reduce launch cost