Marketing Chapter 10 Product anything that is of value to a consumer and can be offered through a voluntary marketing exchange Core Customer Value the basic problem solving benefits that consumers are seeking Associated Services the non physical attributes of the product including product warranties financing product support and after sale service Augmented Product see associated services Financing Product warranty Product Support Consumer Products products and services used by people for their personal use Specialty Products Services products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers Shopping products Services those for which consumers will spend time comparing alternatives such as apparel fragrances and appliances Convenience Products Services those for which the consumer is not willing to spend any effort to evaluate prior to purchase Unsought Products Services products or services consumers either do not normally think of buying or do not know about Product Mix see product assortment The complete set of all products offered by a firm Product Lines groups of associated items such as those that consumers use together or think of as part of a group of similar products Breadth number of product lines offered by a firm also known as variety Depth the number of categories within a product line Brand Equity the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service Licensed Brand an agreement allows one brand to use another s name image and or logo for a fee Brand Awareness measures how many consumers in a market are familiar with the brand and what it stands for created through repeated exposures of the various brand elements brand name logo symbol character packaging or slogan in the firm s communications to consumers Perceived Value the relationship between a product s or service s benefits and its cost Green Products an ecologically safe product that may be recyclable biodegradable more energy efficient and or have better pollution controls Brand Associations the mental links that consumers make between a brand and its key product attributes can involve a logo slogan or famous personality Brand personality refers to a set of human characteristics associated with a brand which has symbolic or self expressive meanings for consumers Brand Loyalty occurs when a consumer buys the same brand s product or service repeatedly over time rather than buying from multiple suppliers within the same category Manufacturer Brands National Brands brands owned and managed by the manufacturer Private Label Brands brands developed and marketed by a retailer and available only from that retailer also called store brands Private label products now account for almost 20 percent of the purchases in North America and close to 30 percent in Europe Premium Brands a branding strategy that offers consumers a private label of comparable or superior quality to a manufacturer brand Generic Brands no frills products offered at a low price without any branding information Copycat Brands mimic a manufacturer s brand in appearance but generally with lower quality and prices Exclusive co brand developed by a national brand vendor and retailer and sold only by that retailer Family brand a firm s own corporate name used to brand its product lines and products Individual Brand the use of individual brand names for each of a firm s products Brand Extension the use of the same brand name for new products being introduced to the same or new markets Line Extension the use of the same brand name within the same product line and represents an increase in a product line s depth Brand Dilution occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold Co Branding the practice of marketing two or more brands together on the same package or promotion Brand Licensing a contractual arrangement between firms whereby one firm allows another to use its brand name logo symbols or characters in exchange for a negotiated fee Brand Repositioning rebranding a strategy in which marketers change a brand s focus to target new markets or realign the brand s core emphasis with changing market preferences Primary Package the packaging the consumer uses such as the toothpaste tube from which he or she typically seeks convenience in terms of storage use and consumption Secondary Package the wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners can contain additional product information that may not be available on the primary package A firm can delete entire product lines to address changing market conditions this is also known as decreasing breadth Firms add items to their product lines to address changing consumer preferences For example an ice cream company might add low fat offerings to its existing ice cream flavors This is an example of increasing depth