Products
What is a product?
Anything offered to satisfy a need or want; includes goods, services, and experiences
What is a brand?
A name, term, design, symbol, or feature that distinguishes one seller’s product from another's
What is the primary purpose of packaging?
Protect the product and promote its sale
What happens in the introduction stage of a product life cycle?
Slow sales, high costs, little or no profit
What is a product mix?
All product lines and items a company offers
Name the 4 types of consumer products.
Convenience, Shopping, Specialty, Unsought.
Define brand name and brand mark.
Brand name: A verbal identifier (e.g., Nike)
Brand mark: A visual symbol (e.g., the Nike swoosh)
Name 3 functions of packaging.
Promote and sell the product
Provide information
Ensure safe use and protect the product
What defines the growth stage?
Rapid sales growth, new competition, rising profits, consumer education, and expanding distribution
Define a line extension.
Adding new items to an existing product line (e.g., new flavors, sizes)
Define product width, depth, and length.
Width: Number of different product lines
Length: Total number of items in a line
Depth: Number of versions of each product
What are the 3 types of brands?
National (e.g., Apple)
Private (e.g., Great Value by Walmart)
Generic (no branding, e.g., plain-label products)
What is a grade label?
States product quality (e.g., Grade A eggs)
What defines the maturity stage?
Sales slow, market saturates, competition increases, heavy promotions
What is a brand extension?
Using an existing brand name to launch a product in a new category
What is a product line? Give an example.
Group of related products (Ex: Coca-Cola’s beverages line includes Coke, Sprite, Fanta)
What is a trade character? Give an example.
A human-like brand mark (e.g., Tony the Tiger)
Describe the Fair Packaging and Labeling Act.
Law requiring products to have honest and informative labels
What should a company do during the decline stage?
Decide whether to maintain, harvest (reduce support), or drop the product
What is co-branding?
Two or more brands collaborate on a product or service (e.g., Nike + Apple fitness products)
What’s the difference between convenience and specialty products?
Convenience products are bought frequently with little effort (e.g., gum); specialty products have unique characteristics and are bought with effort (e.g., luxury watches)
Name and define the 4 brand positioning strategies.
Price & Quality: High/low price as an indicator of value
Features & Benefits: Unique product traits
Relation to Competition: Compared to competitors
Relation to Other Products: Positioning within same brand line
Explain the role of tamper-resistant packaging.
Ensures consumer safety by preventing access or contamination (e.g., blister packs for medicine)
How should marketing strategies change throughout the PLC?
Introduction: Create awareness
Growth: Maximize market share
Maturity: Defend position, innovate
Decline: Minimize expenses or discontinue
What is brand licensing?
Allowing another company to use a brand’s name, logo, or character for a fee