Ch 8, 10, 11, 12, 16,17 notes

Types of consumer products convenience inexpensive

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Types of consumer products Convenience Inexpensive, little shopping effort Shopping More expensive, comparison Specialty Search extensively Unsought
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Unknown or not looking for it Product Item Specific version of a product that can be designated as a distinct offering among an organization product Product Line Group of closely-related product items Care about profits, Product Mix All products that an organization sells Width Soups, sauces, frozen entrees, etc. Depth Kinds of soup, sauces, etc. (chicken noodle, alfredo) Benefits of product line Advertising Economies Package Uniformity Standardized components Cap sizes, size of tubs Efficient sales and distribution Full range of choices Equivalent quality Adjustments
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Product Modification Need previous product Style Quality Planned obsolescence The practice of modifying products so those that have already been sold become obsolete before they actually need replacement. Product Repositioning Changing Demographics Decline Sales Changes in social environment Product line extension or contraction Symptoms of overextension Some products have low sales or cannibalize sales of other items Resources are disproportionately allocated to slow-moving products Items have become obsolete because of new product entries Stimulus generalization Branding Brand Name Can be spoken, letters, words, and numbers Brand Equity Value of brands
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Product identification image Repeat Sales New Product Sales Brand Mark Elements that can not be spoken Global Brand Branding Strategies Brand Manufacturer brands Brand name of a manufacturer Ex. Cars Advantages of manufacturer brand Heavy consumer ads by manufacturers Attract new customers Enhance dealer’s prestige Rapid delivery, carry less inventory If dealer carries poor quality brand, customer may simply switch brands and remain loyal to dealer Private Generic Advantages of private brand
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Earn higher profits on own brand Less pressure to mark down price Manufacturer can become a direct competitor or drop a brand/reseller Ties customer to wholesaler or retailer Wholesalers and retailers have no control over the intensity of distribution of manufacturers’ brands Captive Sold only at one retailer ; retailer puts there name on it. Looks like separate company but it is not. Offers good sides from private and manufacturer Advantages of captive No evidence of store’s affiliation Manufactured by third party Sold exclusively at the chain Can ask price similar to manufacturer’s brands Individual Brand Using different brand names for different products Family Brand Marketing several different products under the same brand name J&J Co-Branding Ingredient
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Made using another company parts Ex Intel inside dell computer Cooperative Receive equal treatment Complementary Promote 2 brands with one package Trademarks Generic Happens when a brand dominates an industry and name starts to refer to entire class of prduct.
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