Question

Pick one example product for TWO of the following Consumer Product types: Specialty products/services Shopping products/services Convenience products/services Unsought products/services For each of these products (should be TWO product examples one for each product type) describe the following brand-equity attributes in a sentence or two Brand Awareness Perceived Value Brand Associations Brand Loyalty

Marketing princeple thx a lot

Answer 1

Specialty products/services

Those products or services having unique characteristics and features because of which certain consumers are willing to make a purchase.For purchasing these products, the consumers make a lot of effort.

Example can be a Lamborghini or Ferrari. Some buyers travel great distance to purchase one of these products.

Shopping products

Those products that are less frequently purchased by the consumers.The consumers usually compare attributes such as price,quality etc with the alternatives available.It requires more time to collect information and to compare the items.Examples can be cars, furniture etc.

Convenience products/services

Those products that are more frequently bought by the consumers without much comparisons.These products will be low priced and available in more locations.It can include the daily using items such as toothpaste , detergent , food items etc.

Unsought products

Those products that the consumers does not know about or does not bother to purchase until they need them.These products are difficult to sell due to less demand and requires more promotion.

Example is life insurance policy, smoke detectors etc.

Brand awareness

It is the degree to which consumers are able to recognize a brand.It measures the ability of customers to recognize the brand name or brand image.

Perceived value

It refers to the advantages of a product over its competitors which the consumers identifies.It is the ability of a product or service to meet the needs and requirements of the consumers.

Brand association

Brand association is creating an image of the brand in the customer's mind.It is formed from the perception the customers have about a particular product or service.

Brand loyalty

It refers to the tendency of customers to purchase the same brand of product.