Marketing 200-10

Describe marketing uses of branding.

A brand is a name, term, or symbol that identifies and differentiates a firm's products. Established brands encourage customer loyalty and help new products succeed. Branding strategies require decisions about individual, family, manufacturers', and private brands.

Define the term product

A product is anything, desired or not, that a person or organization receives in an exchange. The basic goal of purchasing decisions is to receive the tangible and intangible benefits associated with a product.

Classify consumer products.

Consumer products are classified into four categories: convenience products, shopping products, specialty products, and unsought products. Convenience products are relatively inexpensive and require limited shopping effort.

Discuss global issues in branding and packaging.

In addition to brand piracy, international marketers must address a variety of concerns regarding branding and packaging, including choosing a brand name policy,

Describe how and why product warranties are important marketing tools. cont'd

In contrast, an implied warranty is an unwritten guarantee that the good or service is fit for the purpose for which it was sold. All sales have an implied warranty under the Uniform Commercial Code.

Define the terms product item, product line, and product mix.

A product item is a specific version of a product that can be designated as a distinct offering among an organization's products. A product line is a group of closely related products offered by an organization. An organization's product mix includes all the products it sells.

Describe how and why product warranties are important marketing tools.

An express warranty is a written guarantee. Express warranties range from simple statements—such as "100-percent cotton" (a guarantee of quality) and "complete satisfaction guaranteed" (a statement of performance)—to extensive documents written in technical language.

Describe marketing uses of packaging and labeling. cont'd

It also serves the critical function of differentiating a product from competing products and linking it with related products from the same manufacturer. The label is an integral part of the package,

Describe marketing uses of packaging and labeling.

Packaging has four functions: containing and protecting products; promoting products; facilitating product storage, use, and convenience; and facilitating recycling and reducing environmental damage. As a tool for promotion, packaging identifies the brand and its features.

Define the terms product item, product line, and product mix. 2

Product mix width refers to the number of product lines an organization offers. Product line depth is the number of product items in a product line. Firms modify existing products by changing their quality, functional characteristics, or style. Product line extension occurs when a firm adds new products to existing product lines.

Define the term product cont'd

Tangible aspects include packaging, style, color, size, and features. Intangible qualities include service, the retailer's image, the manufacturer's reputation, and the social status associated with a product. An organization's product offering is the crucial element in any marketing mix.

Classify consumer products cont'd

heterogeneous products appeal to consumers because of their distinct characteristics. Specialty products possess unique benefits that are highly desirable to certain customers.

everything, both favorable and unfavorable, that a person receives in an exchange

product