MKC1200 Study Guide - Final Guide: Clean Up Australia, Brand Equity, Product Differentiation
Document Summary
Explain the product life cycle: understand the concept of a product and how products are classified, understand the concept of branding, discuss brand strategy decisions, understand packaging and labelling. Explain the value of branding and understand brand equity. Product - a good, service or idea offered to the market for exchange: goods - physical tangible offerings that involve transfer of ownership from marketer to customer. Services - intangible offerings that involve experience rather than ownership. Idea - offering in the form of a concept, issue or philosophy: often the products of community organisations, charities and political parties e. g. clean up. Product depth - number of different products available in each product line. Product classification: consumer products - purchased by households and individuals for private consumption. Shopping products e. g. electrical appliances, furniture, clothing: medium to high engagement, reasonably large profit margins. Sell in high volumes: reasonable profit margins, often self-service products - emphasis on packaging.
