Definitions: Product

Idea:

Concept, issue or philosophy offered to the market.

The Product Life-cycle

• New product development • Introduction • Growth • Maturity • Decline

Branding Strategies

Manufacturer brands: Brands owned by producers and clearly identified with the product at the point of sale. Private label brands : Brands owned by resellers, such as wholesalers or retailers, and not identified with the manufacturer. Generic brands : Products that only indicate the product category.

Product item

a particular version of a product

Product line

a set of product items related by characteristics such as end use, target market, technology or raw materials

Product mix

the set of all products that an organisation makes available to customers.

Brand equity, loyalty

Brand equity: Added value that a brand gives a product. Brand loyalty: Customer's highly favourable attitude and purchasing behaviour towards a brand.

Brand image, brand name

Brand image : The set of beliefs that a consumer has regarding a particular brand. Brand name: Part of a brand that can be spoken, including words, letters and numbers.

Brand mark, trademark

Brand mark: The part of a brand not made up of words — it often consists of symbols or designs. Trademark: A brand name or brand mark that has been legally registered so as to secure exclusive use of the brand.

Brand metrics :

Brand metrics : Measure the value of brands and include: brand assets, stock price analysis, replacement cost, brand attributes, and brand loyalty.

Brand‐extension:

Brand‐extension: Giving an existing brand name to new product in a different category.

New Product Development

1. Idea generation 2. Screening 3. Concept evaluation 4. Marketing strategy 5. Business analysis 6. Product development 7. Test marketing 8. Commercialisation

Brand:

A collection of symbols such as a name, logo, slogan and design intended to create an image in the customer's mind that differentiates a product from competitors' products.

Product:

A good, service or idea offered to the market for exchange.

Good:

A physical (tangible) offering capable of being delivered to a customer. •

Total product concept

Describes the core product, expected product, augmented product and potential product in order to analyse how the product creates value for the customer.

individual and family branding

Individual branding: A branding approach in which each product is branded separately. Family branding: A branding approach that uses the same brand for several of the organisation's products.

Service:

Intangible offering that does not involve ownership.

Branding Control

Licensing: The brand owner permits another party to use the brand on its products. Franchising: Agreement to use an established business model. Benefits: coordinated promotional activity, reduced risks and effort. Co-branding : Use of two or more brand names on the same product.

Consumer products

Purchased by households and individuals for their own private consumption. Shopping, convenience, specialty, unsought

Business to business products

Purchased by individuals and organisations for use in the production of other products or for use in their daily business operations. Part and materials, equipments, supplies and services