10 3 Notes Chapter 10 Product Product everything both favorable and unfavorable that a person receives in an exchange Tangible good Service Idea Business product product used to manufacture other goods or services to facilitate an organization s operations or to resell to other customers Consumer products Convenience products o Relatively inexpensive item that merits little shopping effort Shopping products o Requires comparison shopping more expensive less stores Specialty products o Particular item which customers search extensively and are reluctant to accept substitutes Unsought products o Unknown to the potential buyer or a known product that the buyer does not actively seek Product item specific version of a product that can be designated as a distinct offering among an organization s products Product line a group of closely related product items Product mix all products that an organization sells Product line benefits Advertising economies Package uniformity Standardized components Efficient sales and distribution Product line extension adding additional products to an existing product line to compete more broadly Cons can eat at each other s sales Branding Brand name part of a brand that can be spoken Brand mark part of a brand that cannot be spoken Brand equity value of company and brand names Global brand a brand where at least a third of the earnings come from outside its home country Benefits of branding Product identification Repeat sales New product sales Branding strategies Manufacturers brand brand name of a manufacturer Private brand brand name owned by a wholesaler or retailer CVS brand medicine Captive brand brand manufacture by a third party for exclusive retailer without evidence of that retailer s affiliation Trademark the exclusive right to use a brand service mark for services Functions of packaging Contain and protect Promote Facilitate storage use and convenience Facilitate recycling Labeling Persuasive Informational Greenwashing environmentally friendly Warranty confirmation of the quality or performance of a good or service Express warrant a written guarantee Implied warranty unwritten guarantee EXAM 2 DO NOT STUDY Chapter 6 Belief Culture Ideal self image Learning Opinion leader Personality Primary membership group Real self image Secondary membership group Selective distortion Selective exposure Selective retention Socialization process Stimulus discrimination Stimulation generalization subculture Chapter 7 Business to business online exchange Disintermediation Keiretsu Reintermediation Relationship commitment Strategic alliance strategic partnership Trust Chapter 8 Cannibalization Family life cycle One tone marketing Perceptual mapping Chapter 9 STUDY THESE Competitive intelligence CI Database marketing Enthographic research Experiment Focus group Mall incept interview Management decision problem Marketing information Marketing research Marketing research objective Marketing research problem Observation researarch Openended question primary data Scanner based research Secondary data survey research Chapter 10 Co branding Family branding Generic product name Individual branding Product modification Universal product code UPCs