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142 Cards in this Set
- Front
- Back
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Brand Extension
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New product launched in a different category using the family brand.
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Example of Brand Extension
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Bic underwear
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Benefits of Brand Extension
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Immediate awareness
Image transference Reduce Costs and RIsk |
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Disadvantages of Brand Extension
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Lack of image or "brand meaning" due to no "perceptual fit"
Repercussions |
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How is perceptual fit determined?
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By attitudes about the brand transfer towards the extension.
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Best working brand extension?
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Designer Labels like Polo, they have boots, hats, bags, etc.
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Brand Licensing
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Sell the right to use our brand name to someone else. Renting the brand. (we don't make the product, or market it)
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Examples of Brand Licensing
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Harley Davidson cigarettes and Coke watches
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Example of Brand Licensing and Co Branding?
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Doritos and Looney Toones
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Co Branding (Joint Branding)
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An alliance between two brands to enhance sales of an existing product or create a new product. There is a synergy between both brands.
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The Food Category
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Most examples of Co Branding are in what category?
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Examples of Co Branding?
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Reeses Peanut Butter Puffs
Tiger Woods and Gatorade |
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Must fit on all sides. (makes sense)
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A Co Branding fit is multidimensional, meaning?
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Unsuccsusseful Co Branding
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Lance Armstrong
Tiger Woods Michael Jackson |
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Brand Schema
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Customers mind associations, feelings, images, sensations, experience and other content.. results in a brand image.
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Least
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The Extended Brand has the ____________ control over managing customers brand associations
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Extended Brand
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Failure of ______________ ignored importance of extended brand with respect to its contribution to consumers overall brand image.
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Prevent becoming Generic.
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Coke insists the wait staff ask if Pepsi is OK?
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Logo
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The distinctive lettering employed as a form of brand identifier.
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Brand Mark
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The total graphic that represents the brand name, the logo would just be a component of this.
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Bic perfume failed due to
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lack of perceptual fit.
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Arm & Hammer deoderant successful at brand extension
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because of great perceptual fit
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Marketing Performance Management
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focuses on measuring, managing, and analyzing marketing performance to maximize effectiveness and optimize the ROI of marketing.
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a dashboard
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is a multilayered performance management tool that enables organizations to measure, monitor, and manage business activity using both financial and non-financial measures.
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Marketing Dashboards are described as
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fast, easy, brief, and detailed compilation of data. Where all the metrics are collated and presented usefully.
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Layers of a good dashboard
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Executive Level - Monitors and measures performance
Operational Level - Tracks performance Tactical Level - Analyzes performance of the other two |
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Dashboard structure categories
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flow, relationships, and grouping
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flow based structure
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sequence of events or actions such as sales pipelines or stages of customer support and operational processes
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relationship structure
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relationships between entities or measures likely mathematical, geographical, organizational, or functional
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grouping structure
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hierarchy, bringing similar things together logically.
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Key Performance Indicators
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A set of quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their strategic and operational goals.
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KPI's vary between companies depending on,
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priorities and performance criteria
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KPI's which best reflect those goalss
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Company must establish its strategic and operational goals first and then choose..
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ROI
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Success and investment
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Incremental Sales
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Contribution of marketing to sales
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Engagement Score
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Online initiatives
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Social Interactions
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Social Media
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Traffic Sources
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Tracks traffic
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Cost Per Lead
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Leads per dollar spent
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Conversion
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Leads that turn to wins
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Funnel Visualization
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Perspective view
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End Action Race
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Insight into desired action "take the bait"
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SEO
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success of ranking
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Steps to create MD
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1. Align Marketing to Business Outcomes
2. Choose Metrics 3. Document the Data Chain 4. Acquire the Data 5. Validate and Review |
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Product Life Cycle Curve for "new products"
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negative through most of the introductory stage
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Elements of the Growth Phase
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Increased Revenues due to popularity and sales
Unit costs declining due to sale economies Unit costs decline from decrease in variable costs |
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Example of an Accessory Equipment
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Battery-powered hand drill
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Elements of the Mature stage
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sales are growing but have slowed
competitors have increased market share is protected through spending marketing costs increase profits erode |
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Example of Decline stage
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16 bit video game sales decline from 32 bit games being introduced
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Basic categories of the classification scheme for consumer products is divided by?
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How much effort is expended in the purchase process
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Example of Specialty Good or Product
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Candice insists on buying only Revlon cosmetics and when they are not available locally she will drive great distances to obtain them
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Management strategies for Decline Stage
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Prune out unprofitable models and sizes
Revitalize the product in some way to attract new cust. Cut all costs to the bare minimum Abandon the product |
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Example of Product Mix Width or Breadth
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Clorox adding a line of bleach free disinfectant wipes
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"core" product is most closely assoc. with
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The fundamental benefits that the product delivers to buyers
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Example of a Fad
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Tarzan merchandise becoming popular overnight, then 6 months later can be bought for a quarter at the flea market
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Characteristics of installations
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Tend to be "expensed" overtime
Tend to be capitalized on balanced sheets Relatively high cost items |
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Example of an installation
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Oil Drilling Platform
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Chihuahua from Taco Bell shirts, and merch are examples of a ____________
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Fad
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Pioneer Advantage
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Company that is first to introduce a new type of product to market often
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Brand product life cycles are more erratic because
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of marketing managers continually adjusting their marketing programs for brands as market and environmental conditions change
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Example of Growth Stage of the PLC
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Cappio creates the first canned ready coffee, Coke and Pepsi promote their own brands after seeing a market exists
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Example of Maturity Stage of the PLC
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Campbell's soups spending most of its advertising on recipes using their soups as the main ingredient.
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Elements of the Introduction Stage
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Promotional program is designed to stimulate demand
Very little direct competition Costs are high Profit curve is negative through most of the stage |
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Augmented product
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Level of product that most closely represents the "extra utility" provided by services such as credit, warranties, delivery, post-sale service, etc.
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Breadth or Width of a firm's product mix refers to
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Number of product lines carried
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Component Parts VS. Fabricating Materials
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parts undergo little or no additional processing as they are combined into a larger product. The parts are always uniquely identifiable.
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Example of Intensive Distribution
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Convenience Goods
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Example of the Maturity Stage
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Dial, surrounded by intense competition, creates a defensive positioning strategy designed to appeal to brand loyalty
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Example of successful Product Differentiation
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Big Red operating in a saturated soda market
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Example of Growth and Maturity stages
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Campbell running a TV ad showing a variety of new recipes for it's soups.
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Intro to decline stage is most likely resulted from
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Introduction of a new, substitute technology
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Total Product
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Aspect of a product that is most responsible for creating the "brand image"
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Product Mix
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All of the products offered for sale by a firm
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Elements of the Growth Stage
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profits and sales rise
numerous competitors enter the market sellers use promotion programs to stimulate demand |
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Time
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With respect to the PLC, the X-axis most closely represents what?
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Sales revenue or profit
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With respect to the PLC, the Y-axis most closely represents what?
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Manufactured or component part Example
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For purchasing anti-freeze in bulk to be placed in radiatiors in new cars prior to being shipped to dealers
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Convenience Goods of the industrial market
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Operating Supplies
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Example of a Multiple-Brand Strategy
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P&G offering Zest, Camay, Safeguard soap, all for different target customers.
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Example of when NOT to use a family brand
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Kellogg plans to market a line of CD-ROM disks
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Brand name
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The part of the brand that consists of words, letters, and/or numbers that can be vocalized
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Example of a trade character
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The charmin old man squeezing the charmin in the commercial
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Example of a Family brand
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Krups, famous for state-of-the-art coffee makers, makes small appliances such as ice cream makers and puts its name on it.
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Example of preventing generic status
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Vaseline packaging and ads always present Vaseline brand as petroleum jelly underneath it
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Advantage of using the family brand
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Makes it less expensive to introduce new related products
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Example of a bad brand name
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Duncan Hines, because it says nothing about the product
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Logo or Logotype
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The distinct letter that identifies a brand
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Example of a line extension
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Excedrin introducing new Excedrin Migraine
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Manufactures of national brands produce under private labels because
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manufacturers of national brands often cannot sell all their output under their own brands.
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Advantages of Whirlpool selling it's manufactured items at Sears under their Kenmore name
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Generate additional sales volume
Increase plant capacity Use it's production resources more effectively |
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Biggest potential drawback to co-branding
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Risk of damaging a brand name if the cooperative endeavor fails
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Cannibalization is most likely a problem with
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Flanker Brands
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Why does Kroger sell it's own fruits and veggies?
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They can sell it for a lower price than those of producers' brands and still earn satisfactory profits
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Advantages of Individual Branding for Product Lines
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Allows to target somewhat different market segments with different brands
Protects against possible 'repercussion' on the image/sales of existing product items when a new item is launches Encourages "variety seeking" among it's own products versus the competitors |
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Difficulty of using a Family Brand
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Requires great emphasis on consistent quality
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From a consumers POV, branding:
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Means getting comparable quality with each purchase
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Trademark
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A brand that is given legal protection because, under the law, it has been appropriated by one seller.
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diffusion of innovation
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the way a product spreads through a population
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high-learning product life cycle
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significant education is required, extended introductory period.
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low-learning product life cycle
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sales begin immediately, U Shaped
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Fashion product life cycle
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style of the times. introduced, decline, and return.
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fad life cycle
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rapid sales on introduction and then an equally rapid decline
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market modification strategies
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find new customers
increase a product's use create a new use situation |
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re positioning a product
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reacting to a competitors position
reaching a new market catching a rising trend changing the value offered |
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product repositioning
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changes the place a product occupies in a consumers mind relative to competitive products
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trading up
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adding value to the product through additional features or higher quality materials
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trading down
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involves reducing the number of features, quality, or price.
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brand name
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any word, device, (design,shape,color), or combination of these to distinguish a sellers good or service.
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Example of a brand name
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Gatorade
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Trade name
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a commercial, legal name under which a company does business
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Example of a trade name
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Coca-Cola
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brand personality
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a set of human characteristics associated with a brand name
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brand equity
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the added value a brand name gives to a product beyond the functional benefits provided
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Advantages of Brand Equity
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provides competitive advantage, consumers will pay a higher price for it
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Steps to creating brand equity
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develop positive brand awareness, establish a brands meaning, elicit the proper consumer responses, create a customer brand connection
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Picking a Good Brand Name
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should suggest product benefits
name should be memorable, distinctive, and positive no legal restrictions should be simple |
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multiproduct branding (family branding)
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company uses one name for all products in it's class
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Example of subbranding
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Gatorade G2
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private branding
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when it manufacturers products but sell them under a brand name of a wholesaler or retailer. Popular because of high profits for manufacturers and resellers.
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mixed branding
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under it's own name and that of anothers
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packaging
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component of the product that refers to any container in which it is offered for sale and on which label information is conveyed
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label
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integral part of the package and typically identifies the product or the brand, who made it, when it was made, how it is to be used, and package contents and ingredients
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warranty
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statement indicating the liability of the manufacturer for product defeciences
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express warranty
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written statements of liabilities
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limited-coverage warranty
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specifically states bounds of coverage, and noncoverage
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full warranty
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no limits on coverage
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implied warranty
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assign responsibility for product deficiencies to the manufacturers
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fighting brand
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chief purpose is to counteract competition
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inventory cost
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The cost of paying the person to provide the service along with any needed equipment
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Typical ways services can be classified
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profit or nonprofit. delivery by person or equipment.
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idle process capacity
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when a service provider is available but there is no demand for the service
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physical environment is important to the delivery of services because
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it provides physical evidence, and thus helps convey an image to the consumer
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What creates challenges for service providers?
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Inseparability (can't do two things at once), and perishability
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Inventory Costs of Services
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Paying a person to provide a service, costs associated with equipment needed to provide a service
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inconsistency of services example
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a restaurant depending on chefs, waiters, who alter the output uniformity
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Influence a customers expectation for customer service?
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promotional experience
past experiences word-of-mouth |
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Customers experience is influenced by
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the way an organization deliver's the service today
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What is likely to occur to services of the US economy?
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Increased attention to cross cultural implications for services, more emphasis on the global marketing of services
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intermediaries involved in distribution are rare because of
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inseparability of service's
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Organizational Promotional Programs emphasize
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availability, location, quality, service, and physical representation
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other customers
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influence service outcome for customers and should be part of the people element of the service
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impression management
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management of the physical environment for services
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