Marketing principles update..

Week of 2/24

During this class we covered product concepts, branding and trademarking. A product is the starting point Of a marketing mix. There are two types of products, business products and consumer products. There are four different types of consumer products. 1. Convenience products- these are inexpensive items which require little shopping effort. 2. Shopping products- these items require comparison shopping and are more expensive. 3. Specialty products- see are particular items that consumers search for extensively and are reluctant to accept substitutes. 4. Unsought products- these are products unknown to the potential buyer or a known product that the buyer doesn't actively seek. Product items are specific versions of a product. The product line is closely related items. A product mix is all products the company offers. The benefits of a product line include simplified marketing since the products are related, package uniformity, and standardized components. The functions of product packaging are to contain and protect the product, promote the item, storage, use and convenience, and to facilitate recycling/reduce environmental damage. Branding/brand name is a term, symbol, or design that designates or specifies the product. Brand mark is a visual image of the brand. Brand equity is the value of the brand. Trademark, is the exclusive right to use the brand. Many parts of the brand and associated symbols qualify for trademark protection and trademark rights comes from use rather than registration. The mark has to be continuously protected, and the rights continue as long as the mark is being used. The final piece we covered was product warranties. A warranty is a confirmation of the quality or performance of the good or service. An expressed warranty is a written guarantee, and an implied warranty is an unwritten guarantee that the product is fit for the purpose which it was sold for.