Published on March 7, 2014
Name, term, sign, symbol, design, or some Combination that identifies the products of one firm While differentiating them from the competitions.
Marketing is more then selling and pricing The business must identify & satisfy customers needs wants and demands in order to make profit, Marketing is about gain and retain customer. Satisfying customer needs and build long term relationship with them Marketing is about creating for customer value
people or institutions with sufficient purchasing power, authority, and willingness to buy specific segment of consumers most likely to purchase a particular product
Create value for customers and build customer relationships Understand the marketplace and customer needs and wants Design a customerdriven marketing strategy Construct a marketing program that delivers superior value Capture value from customers in return Build profitable relationships and create customer delight . Capture value from customers to create profits and customer equity
• That part of a brand that can be spoken, including letters, words, and numbers. Brand Mark Brand Equity • The elements of a brand that cannot be spoken. • The value of company and brand names. • Awareness, quality, loyalty, patent and trademark.
Consumer awareness and identification of a brand. Consumer reliance on previous experiences with a product to choose that product again. Consumer refusal of alternatives and extensive search for desired merchandise.
Product Tangibles Functional benefits attributes labeling packaging
Products characterized by plain labels, no advertising, and the absence of brand names. Brand name owned by a manufacturer or other producer. national brands sold exclusively by a retail chain. Example: Target’s sale of products by Michael Graves Family brand Examples: Sony, Pepsi, Dell brands offered by wholesalers and retailers. name that identifies several related products. uniquely identifies the item itself.
Added value that a respected, well-known brand name gives to a product in the marketplace. Strong brand equity increases recognition, contributes to quality perceptions, reinforces loyalty, and facilitates expansion into foreign markets.
Product management system in which a category Manager with profit and loss responsibility oversees a product line. Helps category buyer identify opportunities for growth, set performance targets, and create marketing strategy.
Part of a brand consisting of words or letters that form a name that identifies and distinguishes a firm’s offerings from those of its competitors. symbol or pictorial design that distinguishes a product. Brand for which the owner claims exclusive legal protection. Gives firm exclusive legal right to use brand name, brand mark, and any slogan name or product name appreciation. visual cues in branding that create an overall look.
An excellent name or symbol in one country may be a poor choice in another. Some sounds are common to most languages, such as o, k, and short a, so names such as Coca-Cola and Texaco tend to work well worldwide.
Can powerfully influence buyers’ decisions. Protects against damage, spoilage, and pilferage. Assists in marketing the product. Must be cost-effective. Includes labelling that carries an item’s brand name or symbol and other marketing and legally required information. .
Strategy of attaching a popular brand name to a new product in an unrelated product category. Development by Mattel of Barbie-branded high-end clothing and accessories for women from their teens through their 30s
Authorizing other companies to use a firm’s brand name. Brand’s owner receives royalties, typically four to eight per cent of wholesale revenues. Can hurt a brand if the licensed product is poor quality or ethically incompatible with the brand. Another risk is overextending the brand.
Seeking a larger market share in a market in which organization already has an offering Attempts to increase present buyer’s usage or consumption rates of the offering Attracting buyers of competing offerings Stimulating product trial among potential consumers
Introducing its existing offerings to markets other than those that the organization is currently serving. Carefully considering competitor strengths and weaknesses and competitor retaliation potential Modification of the basic offering Different distribution outlets Change in sales effort and advertising
develop totally new offerings enhance the value to customers of existing offerings broaden the existing line of offerings by adding different sizes, forms, flavours, etc.
Development or acquisition of offerings new to the organization and introducing those offerings to publics not previously served by the organization. Growing trend in recent years High-risk strategy because both the offering and market served are new to the organization
refers to consumers’ perceptions of a product’s attributes, uses, quality, and advantages and disadvantages relative to Market development concentrates on finding new markets for existing products.
introduction of new products into identifiable or established markets. focuses on developing entirely new products for new markets. introducing a new product that adversely affects sales of existing products.
Stages that consumers go through in learning about a new product, trying it, and deciding whether to purchase it again. individuals first learn of the new product, but they lack full information about it. they consider the likely benefits of the product. they make trial purchases to determine its usefulness. decide whether to use the potential buyers begin to seek product regularly information about it
People who purchase new products almost as soon as the products reach the market. Process by which new goods or services are accepted in the marketplace.
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