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    A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. A brand is a distinctive product offering created by the use of a name, symbol, design, packaging, personality or some combination of these intended to differentiate it from its competitors. Strong brands add tangible value to a company through the resulting sales and profit they bring.

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    A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. A brand is a distinctive product offering created by the use of a name, symbol, design, packaging, personality or some combination of these intended to differentiate it from its competitors. Strong brands add tangible value to a company through the resulting sales and profit they bring.

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    WEEK 6 - Product and Brand Management - ANSWERS

    Uploaded by

    Cristina Oltean
    A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. A brand is a distinctive product offering created by the use of a name, symbol, design, packaging, personality or some combination of these intended to differentiate it from its competitors. Strong brands add tangible value to a company through the resulting sales and profit they bring.

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    WEEK 6: PRODUCT AND BRAND MANAGEMENT

    QUESTION 1 What is a product?

    ANSWER GUIDE A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes physical objects, services, persons, places, organizations and ideas. (Kotler 1984) Intangibility, Inseparability, variability, perishability

    What are the characteristics of services? What are the 3 additional marketing mix elements used for managing services? What is a brand?

    People, Physical Evidence and Process

    A distinctive product offering created by the use of a name, symbol, design, packaging, personality or some combination of these intended to differentiate it from its competitors Enhance company value, affect perceptions, act as barrier to competition, gain high profits, aids consumer decision making, builds trust etc. The measure of the strength of a brand in the marketplace. Strong brands add tangible value to a company through the resulting sales and profit they bring A concept that charts the life of a product by plotting sales and profit over time Introduction, Growth, Maturity, Decline

    Why are strong brands important?

    What is meant by brand equity?

    What is the Product Life Cycle?

    What are the 4 key stages of the product life cycle? List 3 characteristics of the first stage List 3 characteristics of the third stage

    Product unknown, slowly rising sales, high costs, little profit Sales growth slows, sales peak and curve flattens, margins reduce, increased expenditure on competing for share, Focus on building/developing brand loyalty

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