MKT 3401 Test 2

MKT 3401 Test 2 - Study Guide, Test 2 Components of a...

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Study Guide, Test 2 Components of a Product: - Product itself - Packaging - Warranties - Service After Sale (SAS) - Branding/Company Niche 1. Branding/Company Niche (3 levels) - Master-branding- referring to an item by a brand name o EX: “I want a Coke” o Can become negative because if there is a bad experience with a similar product but referred to by a Master Brand Bad connotation 2. Branding Strategies: - Positioning - ABC’s - Personality - the appearance and character a company uses to advertise - Affiliation - association of environment and people EX: Motel 6: o Positioning- lowest cost o Personality- “ we’ll leave the light on for you”, an easy going, apathetic character o Affiliation- for hard working travelers, around good people 3. Functions of Packaging - Contain and Protect: o Reduce spoilage/ breakage o Reduce theft/ stolen material - Storage - Facilitate Recycling: o Eco-friendly - Promote Product: o Size o Shape o Color- is a source identifier o Smell- things become unique, trigger mechanism o Labeling 4. Four Functions of Labeling: - Informative- the types of info found on labels
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o Construction o Instructions - tells you how to use the product Wording can lead to success Complex product must have simple directions to be successful Bi-lingual manuals o Nutritional Lifestyle changes can influence brands to change products EX: Atkins diet and the bread industry o Reduce Cognitive Dissonance - Persuasive Nature of a Label: o EX: 33% MORE!! 0 Trans Fat! 5. Four Key Elements of the Promotional Mix: - Advertising - the paid method we use to get our product in front of a segment of the market who will hopefully be most likely to buy the product Two types of advertising, Product and Institutionalized o Television: Creativity has come in and advertisers have come up with new
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MKT 3401 Test 2 - Study Guide, Test 2 Components of a...

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