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Marketing 501 Homework

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1.Explain and give an example of these terms in your own words.

Product differentiation, Product line and product mix, Branding, Co-branding, Packaging

Product differentiation is the process of separating a product or service from others, making it more appealing to a specific target market. Companies differentiate products or services from competitors' products and services as well as the companies own products and services. Methods of product differentiation include product form, features, customization, performance, conformance, durability, reliability, reparability, and style (371) (372). An example of product differentiation would be different laundry detergents Tide, Cheer and Gain all made by Procter and Gamble. Automobiles, commercial buildings, and furniture also would be products capable of product differentiation (372). Product line is a group of closely related products that preform a similar function. They are sold to the same costumer groups and are marketed through the same outlets or channels, or fall within a given price range. It can consist of different brands, single family brands or an individual brand (380). For example, a cosmetic company's makeup. Another example would be life insurance (380). A product mix or product assortment, refers to the total number of items that a company offers to its customers for sale and can consist of various product lines (380). A company’s product mix will have a certain width which is how many different product lines the companies carries. Length or the total number of items in the mix. Depth how many variants are offered of each product in the line. And the consistency or how closely related the product lines are (380). For example, a company may sell multiple lines of products. Michelin has three different product lines: tires, maps and restaurant rating services (380). Branding is the method of

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