Basic Product Concepts
A good, service, or idea with both tangible and intangible attributes that collectively create value for a buyer or user.
What is a Product?
Produces loyalty, less vulnerability to changes, larger margins, increased market communication efficacy
What is Brand Equity?
Offering a product virtually unchanged to outside markets from the home country, usually a local product or brand.
What is an Extension Strategy?
Creating new products that require new consumption patterns.
What is Discontinuous Innovations?
An intermediate category of newness is less disruptive and requires less learning on the part of consumers; such products are called _____.
What are Dynamically Continuous Innovations?
A written guarantee that assures the buyer that he or she is getting what he or she has paid for or that provides recourse in case a product’s performance falls short of expectations.
What is an Express Warranty?
Defined as perceptions about a brand as reflected by brand associations that consumers hold in their memories.
What is Brand Image?
Involves changing elements of design, function, or packaging in response to needs or conditions in particular country markets.
What is an Adaption Strategy?
What are Line Extensions?
Most new products fall into a third category, "new and improved" products.
What is Continuous Innovation?
Applies to a wide variety of products whose packaging is designed to protect or contain the product during shipping, at retail locations, and at the point of use or consumption
What is Consumer Packaged Goods?
Represents a promise by a particular company regarding a particular product and enables customers to better organize their shopping experience by helping them seek out and find a particular product.
What is a Brand?
Product-Communication Extension is also known as _____.
What is Dual Extension?
A core product design element or component.
What is a Platform?
New sizes, flavors, and low-fat versions of a product are examples of ____.
What are Line Extensions?
A key issue today that package designers must address.
Local, Global, and International
What are Types of Products and Brands?
Companies are successful when creating a product that creates the greatest value and benefit for buyers anywhere in the world, performance and quality is essential.
What is Innovation?
High volume of information flow is necessary.
A type of innovation that requires a significant amount of learning from the consumer.
What are Discontinuous Innovations?
The _____ attributes of the average flat screen TV are 20 pounds, 60" with an OLED screen.
What are Tangible attributes?
Less sweet, fruity Oreos in Japan is a kind of ____ branding.
What is Local Branding?
McDonald legally being unable to put soft plastic toys in their meals is an example of _______.
What are Laws and Regulations?
Failure to assess actual use conditions can lead to big surprises, ____ is important.
What is Testing?
The goal is to create a ______.
What is a Single Platform?