Chapter 6 – Product and Brand Strategy
Summary
This chapter has been concerned with a central element of marketing management – product strategy.
The first part of the chapter discussed some basic issues in product strategy, including product definition
and classification, product quality and value, product mix and product lines, branding and brand equity,
and packaging. The product life cycle was discussed as well as the product audit. Finally, three methods
of organizing for product management were presented. Although product considerations are extremely
important, remember that the product is only one element of the marketing mix. Focusing on product
decisions alone, without consideration of the other marketing mix variables, would be an ineffective
approach to marketing strategy.
Key Terms and Concepts
Brand: A name, term, design, symbol, or any other feature that identifies one seller’s good or service as
distinct from those of other sellers. The legal term for brand is trademark.
Brand Equity: The set of assets (or liabilities) linked to the brand that add (or subtract) value. The value
of these assets is dependent upon the consequences or results of the market place’s relationship with the
