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Chapter 10 11 12 Marketing review

Chapter 10 11 12 Marketing review - Marketing Principles...

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Marketing Principles Spring 2008 Instructor: Ann Roe Chapters 8, 10/11 and 12 Review Sheet CHAPTER 10/11 Define product—remember, good and bad…. – anything that is of value to a consumer and can be offered through a voluntary marketing exchange Define, discuss and provide examples of product item, product line, and product mix. Product mix – complete set of all prudcts offered by a firm. Ex. Colgate-Palmolive’s assortment of toothpaste, soap, dish soap, laundry detergent, and pet nutrition. Product line – groups of associated items, such as items that consumers use together or think of as part of a group of similar products. Ex. Oral care part of Colgate What are the benefits associated with product lines? People loyal to a company will buy the different products in their lines that go together Define product mix depth and width. Increasing width, adding a new category to capture evolving markets (Porsche Cayenne) Increasing depth – firms add new product lines or categories to address changing consumer preferences or preempt competitors while boosting sales. Goals associated with increasing depth and or width. Firms expand their product lines when it’s easy to enter a market or they see oppurtunity What are the purposes of branding? Provides a way for a firm to differentiate its product offerings from those of its competitors Define brand. - brand names, logos, symbols, characters, slogans, jingles, and even packaging are brand elements firms use. Chosen to be easy for consumers to recognize and remember Benefits of branding. brands facilitate purchasing brands establish loyalty brands protect from competition and price competition reduce marketing costs (sells itself) brands are assets (legally protected trademark, unique ownership) brands impact market value –earning potential over next 12 months What is brand loyalty- why might it be changing for today’s generations?
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