Marketing Chapter 11

decrease breadth

Delete entire product lines to address changing market conditions or meet internal strategic priorities.

decrease depth

Delete products within a product line to realign the firm's resources.

increase breadth

Firms add new product lines to capture new or evolving markets and increase sales.

increase depth

Firms may add items to address changing consumer preferences or preempt competitors while boosting sales.

brand associations

The mental links that consumers make between a brand and its key product attributes, such as logo, slogan, or famous personality.

perceived value

The relationship between a product's or service's benefits and its cost.

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.

associated services

the non-physical attributes of the product including product warranties, financing, product support, and after-sale service (also called augmented product)

breadth

An aspect of product mix that represents a count of the umber of product lines offered by a firm.

depth

An aspect of the product mix that represents the number of products within a product line.

augmented product

Another name for associated services, it includes the nonphysical aspects of the product including product warranties, financing, product support, and after-sale service.

product

Anything of value to a consumer and can be offered through a voluntary marketing exchange.

actual product

Includes the brand name, features, design, packaging, and quality level

brand awareness

Measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it.

specialty products/services

Products or services toward which the customer shows a strong preference and for which they will expend considerable effort to search for the best suppliers

unsought products/services

Products and services that consumers either do not normally think of buying or do not know about at all.

consumer products

Products and services used by people for their personal use.

core customer value

The basic-problem solving benefits that consumers are seeking. What is it that customers are buying?

product mix

The complete set of all products and services offered by a firm.

product line

The groups of associated items that consumers tend to use together or think of as part of a group of similar products or services.

convenience products/services

Those products and services for which the consumer is not willing to spend any effort to evaluate prior to purchase.

shopping products/services

Those products or services for which consumers will spend a fair amount of time comparing alternatives, such as apparel, fragrances, and appliances.

brand loyalty

When a consumer buys the same brand's product or service repeatedly over time rather than buy from multiple suppliers within the same category.