A ________ is a firms total product offering designed to satisfy a group of target customers.

All the different products a company sells.

Firm's total product offering designed to satisfy a single need or desire of a group of target customers 

A concept that explains how products go through 4 distinct stages from birth to death:

1. Introduction
2. Growth
3. Maturity
4. Decline

Product Life Cycle Stages

Intro: Gain awareness. few competitors, one product, skimming or penetration pricing, inform and educate, limited distribution Growth: Stress differentation. More competitors, more product versions, Price is Galin market share, more outlets Maturity: maintain brand loyalty. many competitors, full product line, defend market share; profit, reminder oriented, maximum outlets Decline: harvesting deletion. reduced competition, best sellers, stay profitable, minimal promotion, few outlets

Introduction Stage (Product Life Cycle)

Gain awareness. few competitors, one product, skimming or penetration pricing, inform and educate, limited distribution

Growth Stage (Product Life Cycle)

Stress differentation. More competitors, more product versions, Price is Galin market share, more outlets

Maturity (Product Life Cycle)

maintain brand loyalty. many competitors, full product line, defend market share; profit, reminder oriented, maximum outlets

Product life cycle: decline stage

• Period of phaseout for product and little money is spent in promotional mix
• Rate can be rapid when product is replaced by an improved or lower cost product or slow if there is a loyal group of customers

a name, term, symbol, or any other unique element of a product that identities one firms products and sets it apart from competition
(Jolly Green Giant Logo- Trade character, Nabisco Logo- Brand Mark)

the legal term for

• a brand name,
• brand mark,
• trade character.
  

Brand Importance:

• Band is more than just what the product represents
• The best brand builds an emotional connection with the consumer
• Brand Equity

• The value of the brand name and associated symbols
  
• (over & beyond what is associated w/ the generic version)
  
• Includes: Brand Awareness, Perceived Quality, Brand Associations, and Brand Loyalty.
  

New Products w/ the same brand

Horizontal Brand Extension

Used when an existing brand name is extended to a new product or service, either in a similar product or service class or in a category completely new to the firm.
IE: Harley Davison Perfume

1. Core Product (Basic Benefits)
2. Actual Product (Characteristics that deliver core benefits)
3. Augmented (Additional benefits beyond core)

List the (3) Product Layers:

Consists of all the benefits the product will provide the consumers

includes brand name, quality level, packaging, design, and features
-Specifically the characteristics that provide you the core benefit

Includes additional product attributes, benefits, or related services that distinguish the product from the competitors.

1. Connivence 2. Shopping 3. Specialty 4. Unsought

How a consumer product is classified affects which products consumers buy & the marketing strategies used.
Consumer products are based on Product, Price, Place Promotion, Brand Loyalty of Consumers, Purchase Behavior of Consumers

Specifically list the 4 types of consumer product.

items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort

a product that requires shopers to do some comparison shopping before making a purchase.

compares many alternatives, lots of time and effort involved in searching, and consumer has a good idea of the brand he or she will buy in advance

Unsought Goods and Services

Products consumers aren't aware of or haven't thought of buying until they need them - car-towing service, funeral services, renters insurance 

• Product Item= Ipod
  
• Product Line = iPods, iPhones,
  
• Product Mix = iPods, iPhones, Macs Laptops, desktop MacBooks
  

Marketing Reasons for New Product Failures:

• Insignificant Points of Difference
• Incomplete Market and Product Protocol
• Not Satisfying customer needs on critical factors
• Bad Timing
• Too Little Market Attractiveness
• Poor Product Quality
• Poor Executing of the Marketing Mix
• No economical Access to Buyers

Organizational Intertia is a major reason for New Product Failures

• "Groupthink" In task force & Committee Meetings
• Avoiding the NIH problem

1. New Product Strategy Development
2. Idea Generation
3. Screening and Evaluation
4. Business Analysis
5. Development
6. Market Testing Commercialization

There are seven stages in the new product process leading to success: List 1-7

• Measurable
  
• Clear / Unambiguous
• Feasible
  

Effective Product Related Objectives must be __________, _______________, & ___________.

Product Modification

• "Overall the ability of the product to provide the benefits customers want" (Level of Quality / Consistency of Quality)
  
• Other characteristics may include:
• Degree of pleasure, durable, reliable, precision, versatile, satisfies needs, ease of use, product safety, degree of pleasure

• Marketers need to keep giving consumers new reasons to buy products in the MATURE STAGE
  
• This may be accomplished by:
• Finding New Uses for an existing product
• Moving into New Markets
• Increasing usage among existing Markets

Branding Decisions:

• Branding
• Brand Personality
• Brand Value
• Brand Equity
• Other Brand Assets (patents, trademarks, channel relationships, and creative marketing staff)

Set of human characteristics associated with the brand name

Refers to the sale or replacement value of a brand

Contributes to brand value to the extent that it contributes to more positive financial outcomes for the company 

• Ask a small number of consumers to rate the brand on about 10 different personality dimensions
• Ask consumers "if the brand were to come alive as a person what would it be like / what would it do / where would it live / what would it wear / whom would it talk to"
• 
  

Ways to determine "Brand Personality"

A Good Brand Name:

• Name should suggest product benefits
• Should be memorable, distinctive and positive
• Name should fit the company or product image
• Name should have no legal or regulatory restrictions
• The name should be simple and emotional

Experience Economy

• Companies that are service innovators who have been able to "perform" services that provide for unique authentic Experiences:
• Authenticity:
• Customization
• Personal Interaction
• Social Opportunities
• Brand Reputation

a brand that a group of individual products or individual brands share

National or Manufacturer Brands 

Brands that are owned by the manufacturer of the product 

Brands that are owned and sold by a certain retailer or distributor

• Target a price sensitive segment by offering no frills product at a discount.
  
• Commodities
  
• Popularity and acceptance has declined.
  
• Consumers question the quality and origin
• Retailers have found better profit potential and brand equity with manufacturer and store brands.
  

private label (retailer) brands

-Compete effectively with multinational brands. -Often, premium store brands are perceived by local markets as high-quality, on par with multinational brand. -Retailer brands are also innovative and high quality -Appeal to consumer during economic downturns -*they have greater appeal as consumers today demand high quality at lower prices.

Manufacturer Brands: kellog's, ford, sony Private Distributor Brands: kenmore appliances (Sears), kirkland (costco) Generic Brands: peanut butter, dog food, kitty litter Family Branding: use same name- coke, diet coke, coke zero Individual Branding: uses different labels. EX: procter and gamble sells Tide, Bold, and Era detergents

1. Intangibility
2. Perishability
3. Variability
4. Inseparability

What are 4 characteristics of Service?

inability of services to be touched, seen, tasted, hear, or felt in the same manner that goods can be sensed.
Marketers try to overcome this by providing physical cues to reassure the buyer. These cues might be a "look" at the facility, its logos, stationary, etc.

• A characteristic of service that Makes it impossible to store it for later consumption

The characteristics of a service that mean that even the same service performed by the same individual for the same customer can vary

The impossible-ness of separating the production of a service from the consumption of the service.

• Service encounter is the interaction between the customer and the service provider.

emphasizes producing standardized products at a low per-unit cost for consumers who are price sensitive

Focused-Differentiation
(Porter)

offer products that are of unique and superior value compared to those of competitors and to target a narrow market

keep the costs of a product below those of competitors and to target a narrow market

Differentiation Definition (Porter)

attributes that are widely valued by consumers that  your product possess to set it apart from the competition

Porters Generic Strategies:

1. Cost Leadership
2. Cost Focus
3. Differentiation
4. Differentiation Focus

Which of the following refers to a products overall ability to satisfy customers expectations?

What are the four types of brands?

Is the customers perception of the product's overall ability to satisfy their needs?

When creating product objectives marketers should consider the long term implications of product decisions?