Marketing Chapter 10Product – 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 servicesFinancingProduct warrantyProduct SupportConsumer 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 itskey 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 inNorth 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 breadthFirms 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