MKTG 301 1st Edition Lecture 18 Define the terms product item product line and product mix 1 2 3 4 5 6 7 8 9 10 11 Shopping product is a product that requires comparison shopping because it is usually more expensive and found in fewer stores Product Items a A specific version of a product that can be designated as a distinct offering among an organization s products Product Line a A group of closely related product items Product Mix a All products tat an organization sells b Ex Apple applies to all of the above PRACTICE QUESTION Which of the following product categorizations are Campbell s soups a A product line Benefits of Product lines a Extend that line and capitalize Product Line Extension a Adding products to the existing line to complete more broadly in the industry b Ex How many different kinds of detergent do markets offer c The broader the category the better RISK Overdoing it Branding a Individual identity of a company b Differentiate itself in the market Branding unpacked a What are the benefits of branding i Name mark equity and global 1 Ex Mercedes were to make the decision to sell its brand to another automobile manufacturer to Gucci outside of its domestic market More benefits a Immediate recognition Branding Strategies a Manufacturers Brand A brand name of a manufacturer Ex Customers will ask for Tylenol not the scientific name for it Acetaminophen b Private Brand Store brand c Captive Brand Third party brand Owned by the same merchant that has a private brand 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 12 PRACTICE QUESTION Retailers love national brands because for those products overhead is low there are no marketing costs and they bring higher profit margins than private brands FALSE 13 Trademarks a Is the exclusive right to use a brand A service mark performs the same function for services 14 Packaging a Massed produced how is it packaged stored labeled What is the purpose of that label i Contain and protect ii Promote iii Facilitate Storage Use and Convenience iv Facilitate Recycling b Labeling i Persuasive Promotional and Informational 1 Ex You know where to find Campbell s soup at a grocery store and recognize its label c Product Warranties i Quality longevity if not this then that if this product doesn t satisfy on its promise you and I have recourse ex refund ii Express Warranty a written guarantee iii Implied Warranty is not written KNOW THESE WARRANTIES TWO KINDS