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MARK 3321 – Chapter 10 – Product Concepts

Brand
A name, term, symbol, design or combination thereof that identifies a seller’s products and differentiates them from competitor’s products
Brand equity
The value of company and brand names
Brand loyalty
Consistent preference for one brand over all others
Planned obsolescence
The practice of modifying products so those that have already been sold become obsolete before they actually need replacement
Implied warranty
An unwritten guarantee that the good or service is fit for the purpose for which it was sold
Product item
A specific version of a product that can be designated as a distinct offering among an organization’s products
Product
Everything, both favorable and unfavorable, that a person receives in an exchange
Family branding
Marketing several different products under the same brand name
Brand mark
The elements of a brand that cannot be spoken
Product line depth
The number of product items in a product line
Brand name
That part of a brand that can be spoken, including letters, words and numbers
Product line extension
Adding additional products to an existing product line in order to compete more broadly in the industry
Trademark
The exclusive right to use a brand or part of a brand
Global brand
A brand that obtains at least a third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data
Shopping product
A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
Convenience product
A relatively inexpensive item that merits little shopping effort
Warranty
A confirmation of the quality or performance of a good or service
Private brand
A brand name owned by a wholesaler or a retailer
Product mix
All products that an organization sells
Consumer product
A product bought to satisfy an individual’s personal wants
Product line
A group of closely related product items
Specialty product
A particular item for which customers search extensively and are very reluctant to accept substitutes
Universal product codes
A series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products
Generic product name
Identifies a product by class or type and cannot by trademarked
Product mix width
The number of product lines an organization offers
Informational labeling
A type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
Co-branding
Placing two or more brand names on a product or its package
Unsought product
A product unknown to the potential buyer or a known product that the buyer does not actively seek
Product modification
Changing one or more of a product’s characteristics
Business product (industrial product)
A product used to manufacture other goods or services, to facilitate an organizations’s operations, or to resell to other customers
Captive brand
A brand manufactured by a third party for an exclusive retailer, without evidence of that retailer’s affiliation
Individual branding
Using different brand names for different products
Service mark
A trademark for a service
Manufacturer’s brand
The brand name of a manufacturer
Express warranty
A written guarantee
Persuasive labeling
A type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary
Which of the following is NOT an example of a product?
a. notepads
b. financial consulting
c. shoes
d. All are examples of products. (this one)
The key distinction between a business product and consumer product is:
a. point of origin.
b. manufacturing process.
c. quality.
d. intended use. (this one)
Candy bars, safety pins, and apples are all examples of ________ products.
a. specialty
b. industrial
c. convenience (this one)
d. shopping
Automobiles, home theater systems, and mobile phones are all examples of ________ products
a. specialty
b. industrial
c. convenience
d. shopping (this one)
Marketers often use selective, status-conscious advertising when they are selling ________ products.
a. specialty (this one)
b. industrial
c. convenience
d. shopping
GE’s ________ includes aircraft engines, kitchen appliances, and light bulbs.
a. product item
b. product mix (this one)
c. unsought product
d. product line
A ________ is a name, term, or symbol that distinguishes one company’s products from another’s.
a. brand name
b. brand (this one)
c. brand mark
d. trade mark
Which of the following is NOT an example of a brand mark?
a. AT&T’s blue and white globe
b. Ferrari’s prancing stallion
c. Chevrolet’s bow tie design
d. 7-Eleven (this one)
A brand that has a high level of ________ has high awareness, perceived quality, and brand loyalty among consumers.
a. brand equity (this one)
b. brand value
c. brand mark
d. brand recognition
A global brand is one that earns at least ________ of its earnings outside the home country
a. 1?2
b. 1?5
c. 1?3 (this one)
d. 1?4
________ refers to the exclusive right to use a brand or part of a brand
a. Trademark (this one)
b. Rights management
c. Registry
d. Copyright
A product label that provides information on features, care instructions, or ingredients is an example of
a. persuasive labeling.
b. informational labeling. (this one)
c. labeling.
d. greenwashing
Proper translation of labels and product information is an important consideration for global ________ decisions.
a. packaging (this one)
b. licensing
c. branding
d. marketing
A(n) ________ warranty is a written statement that protects the buyer and gives information about the product.
a. basic
b. express (this one)
c. implied
d. extended
The Uniform Commercial Code insures that all sales have a(n)
a. implied warranty. (this one)
b. unlimited return policy.
c. express warranty.
d. satisfaction guarantee.
What is a product?
Tangible Good
Service
Idea
What are categories of consumer products?
Convenience products
Shopping products
Specialty products
Unsought products
What are the three kinds of product modifications that a company can use to change one or more of a product’s characteristics?
Quality modification
Functional modification
Style modification
Quality modification
A change in a product’s dependability or durability
Function modification
A change in a product’s versatility, convenience, or safety
Style modification
An aesthetic product change (like color) rather than a quality or functional change
Marketers use _______ as the major tool in distinguishing their product from the competition.
branding
Advantages of Manufacturers’ Brands (for Resellers)
Heavy consumer ads develop strong consumer loyalties

Well known manufacturers’ brands can:
Attract new customers
Enhance the reseller’s prestige

Can carry less inventory due to manufacturers’ rapid delivery

If a manufacturer’s brand of poor quality is sold, the customer may simply switch brands and remain loyal to reseller

Advantages of Private Brands (for Resellers)
Reseller can usually earn higher profits on its own brand
There is less pressure to mark down price due to exclusivity
Brand ties customer to wholesaler or retailer
No risk of brand being dropped before desired
Have control over the intensity of distribution
What are the three types of co-branding?
Ingredient
Cooperative
Complementary
Ingredient branding
When a host product has another brand as a part of the product. Think Dell computers using Intel processors or Tide with Febreeze
Cooperative branding
When two brands join together for an event or for a promotion
Complementary branding
When two products come together and say you can use the two things together (like alcohol and cola)
What are the functions of packaging?
Contain and protect
Promote
Facilitate storage, use and convenience
Facilitate recycling
When several different products are marketed under the same brand name, it is called a:
family brand
Kodak, La-Z-Boy and Fruit of the Loom are examples of:
manufacturers brands
Products can be classified as either business (industrial) or consumer products, depending on the buyers intentions. What is the key distinction between the two types of products?
Their intended use
Changing one or more of a product’s characteristics is called:
product modification
A _________ is the exclusive right to use a brand or part of a brand. Others are prohibited from using the brand without permission.
trademark
_______ refers to a brand that obtains at least a third of its earnings outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data.
Global brand
An unwritten guarantee that the good or service is fit for the the purpose for which it was sold is known as a
implied warranty
Campbell’s Chicken Noodle Soup is an example of a:
product item
A ____________ identifies a product by class or type and cannot be trademarked.
generic product name
Convenience product
A relatively inexpensive item that merits little shopping effort – candy, soft drinks, small hardware items, dry cleaning and car washes all fall into this category. Usually available everywhere.
Shopping products
Usually more expensive than a convenience product and found in fewer stores. Consumers usually buy a shopping product only after comparing several brands or stores on style, practicality, price, and lifestyle compatibility.
There are two types of shopping products:
Heterogeneous – are essentially different; the consumer has trouble comparing hetero products because the prices, quality and features vary so much. Think: furniture, clothing, housing, universities.

Homogenenous – are basically similar; the consumer will purchase the one that has the lower price but has desired features. Think washers/dryers, tvs, fridges.

Specialty products
When consumers search extensively for a particular item and are very reluctant to accept substitutes. Products such as: Rolex watches, a Rolls-Royce, Bose speakers, and highly specialized forms of medical care. They all have an exclusive image.
Unsought products
A product unknown to the potential buyer or one that the buyer is not actively seeking. New products fall into this category until ads and distribution increases. Products such as: insurance, burial plots
Firms increase the width of their product mix to
diversify risk

To generate sales and boost profits

to capitalize on established reputations

Firms increase the depth of their product lines to
attract buyers with different preferences

increase sales and profits by further segmenting the market

capitalize on economies of scale in production and marketing

even out seasonal sales patterns

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