Mktg 301 1st Edition Lecture 15 Current Lecture Define the term product A product is anything desired or not that a person or organization receives in an exchange The basic goal of purchasing decisions is to receive the tangible and intangible benefits associated with a product An organization s product offering is the crucial element in any marketing mix Classify consumer products Consumer products are classified into four categories convenience products shopping products specialty products and unsought products Convenience products are relatively inexpensive and require limited shopping effort Shopping products are of two types homogeneous and heterogeneous Because of the similarity of homogeneous products mainly price and features differentiate them In contrast heterogeneous products appeal to consumers because of their distinct characteristics Specialty products possess unique benefits that are highly desirable to certain customers Finally unsought products are either new products or products that require aggressive selling because they are generally avoided or overlooked by consumers Define the terms product item product line and product mix A product item is a specific version of a product that can be designated as a distinct offering among an organization s products A product line is a group of closely related products offered by an organization An organization s product mix includes all the products it sells Product mix width refers to the number of These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute product lines an organization offers Product line depth is the number of product items in a product line Firms modify existing products by changing their quality functional characteristics or style Product line extension occurs when a firm adds new products to existing product lines Describe marketing uses of branding A brand is a name term or symbol that identifies and differentiates a firm s products Established brands encourage customer loyalty and help new products succeed Branding strategies require decisions about individual family manufacturers and private brands Describe marketing uses of packaging and labeling Packaging has four functions containing and protecting products promoting products facilitating product storage use and convenience and facilitating recycling and reducing environmental damage As a tool for promotion packaging identifies the brand and its features It also serves the critical function of differentiating a product from competing products and linking it with related products from the same manufacturer The label is an integral part of the package with persuasive and informational functions In essence the package is the marketer s last chance to influence buyers before they make a purchase decision Discuss global issues in branding and packaging In addition to brand piracy international marketers must address a variety of concerns regarding branding and packaging including choosing a brand name policy translating labels and meeting host country labeling requirements making packages aesthetically compatible with host country cultures and offering the sizes of packages preferred in host countries Describe how and why product warranties are important marketing tools Product warranties are important tools because they offer consumers protection and help them gauge product quality