test 3 study guide marketing

test 3 study guide marketing - MKTG 350 Test 3 Study Guide...

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MKTG 350 Test 3 Study Guide Chapter 10 Product mix is the complete set of all the products offered by the firm o Marketers convert core customer value into an actual product. Attributes such as the brand name, features/design, quality level, and packaging o associated services for product assortment financing, product warranty, product support o Product types- Specialty- customers show such a strong preference that they will expend considerable effort to search for the best suppliers Convenient- are those products or services for which the consumer is not willing to spend any effort to evaluate prior to purchase Shopping- which consumers will spend a fair amount of time comparing alternatives, such as furniture, apparel, fragrances, appliances, and travel alternatives Unsought- are products consumers either do not normally think of buying or do not know about Product line - groups of associated items that consumers tend to use together or think of as part of a group of similar products o associated terms product line breadth- number of product lines product line depth- number of categories within a product line Augmented services- include the nonphysical aspects of the product, such as product warranties, financing, product support, and after-sale service. The amount of associated services varies depending on the product. SKU Brand- Brands add value to merchandise and services, for both consumers and sellers, beyond physical and functional characteristics or the pure act of performing the service Branding- provides a way for a firm to differentiate its product offerings from those of its competitors. o Brand name-spoken component of branding; describes the product/service characteristics and can be composed of words invented (ex. Comfort inn describes the hotel; apple doesn’t describe the laptop) o URL (uniform resource locators)- location of pages on the internet, which often substitutes for the firm’s name (ex. Yahoo) o Logos/symbols- visual branding elements that stand for corporate names or trademarks. Symbols are logos without words. o Characters- brand symbols that can be human, animated, or animal (ex. Pillsbury doughboy)
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o Slogan- short phrases used to describe the brand or persuade consumers about some characteristics of the brand (ex. Dunkin donuts “America runs on Dunkin) o Jingles/sounds-audio messages about the brand that are composed of words or distinctive music (ex. Intel inside slogan) Value of branding (hint: not an essay) o Facilitate purchasing- Brands are often easily recognized by consumers, and because they signify a certain quality level and contain familiar attributes, brands help consumers make quick decisions, especially about their purchases o Establish loyalty- Over time and with continued use, consumers learn to trust certain brands. (Pepsi drinkers don't drink Coke) As a result of this loyalty, these companies can maintain great depth in their product lines
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This note was uploaded on 12/12/2011 for the course MKGT 350 taught by Professor Mrs.worsham during the Fall '10 term at South Carolina.

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test 3 study guide marketing - MKTG 350 Test 3 Study Guide...

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