MKTG Exam 2 Study Guide 6 7 8 9 10

Product item product line product mix and their

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“Product item”, “product line”, “product mix,” and their adjustment. Brand and branding strategies. Packaging, labeling and warranty. What is a Product? Anything that that a person receives in an exchange. Product can be Physical objects 15
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Services Places Persons Organizations Ideas Core and Augmented Product Total Product = Core Product + Augmented Product Core Product – essential benefit received from the product (similar for all products in the category) Augmented Product – supplementary benefits (auxiliary dimensions) received that often differentiate one brand from another EXAMPLE: Goodyear Aquatred Tire Core: Augmented Dimensions: EXAMPLE: Close-Up Toothpaste Core: Augmented Dimensions: Product Types Consumer products Business products – see Ch. 8 Classifying Consumer Products Convenience product Inexpensive, little shopping effort. Shopping product More expensive, requires comparison shopping, less distribution Two types of shopping products: homogeneous and heterogeneous Specialty product Buyers are reluctant to accept substitutes, search extensively. Unsought product Unknown product, or known but not actively seeking. Designing the 4Ps Different types of consumer products require different marketing mix. The focus for Convenience product: distribution Shopping products Homogeneous: price Heterogeneous: product, promotion, etc. Specialty product: product Unsought product: promotion & selling Product Items, Lines, Mixes Product item is the basic and distinct offering among a firm’s products. A product line is a group of closely related product items. Product mix is the set of all products that a particular firm offers. 16
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Measuring Product Mix Product mix width The number of product lines carried by the company. Product line depth The number of product items in a product line. Different product lines may have different depths. Adjustments to Product Items, Lines, and Mixes Product Modification – quality, function, style Product Repositioning (Ch. 7) Product Line Extension or Contraction Product Category Extension – adding a new Product Line to the mix Product Line Extension Adding more items to an existing product line to compete more broadly in the market. The new items may have new flavor, forms, colors, added ingredients, or package sizes, and usually target different segments. Examples: Dannon added fat-free yogurt and a large, economy-size yogurt to its yogurt line. Quaker added Instant Quaker Oatmeal. Minute Maid added calcium-fortified juice, Ruby Red Grapefruit Blend, to attract health- conscious baby boomers. P&G added Pantene Pro V Anti-Dandruff to its line of shampoos. Benefits of Product Lines Advertising economies Package uniformity Standardized components Efficient sales and distribution Equivalent quality Product Category Extension Adding (or subtracting) an entire product line to compete in a new market The new product line or category can be closely related or different Cranberry sauces to cranberry-based juices is a logical and closely related new category Harley Davidson motorcycles to Harley Davidson bicycles is less closely related BIC cigarette lighters to BIC perfume is quite different Brands and Branding Brand is a name, term, symbol, or design, or a combination of these to identify a product.
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