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28 Cards in this Set
- Front
- Back
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Marketing mix: |
Product Price Place Promotion People Processes Physical evidence |
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Consumer goods: |
Brought frequently Consumed on one occasion Low involvement Available from many purchase locations Generally low prices Fast moving: e.g. chocolate bar |
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Consumer durables: |
Brought infrequently High involvement e.g. car, computer Brand identification Available from few purchase locations |
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Industrial product: |
Involved in the business to business community, parts that go into goods e.g. the steering wheel of a car, capital equipment e.g. tractor |
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Product and service decisions: |
Attributes: quality, feature, style and design
Branding Packaging Labeling Product and support services |
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Product line: |
Group of products that are related: function in a similar manner, sold to the same customer, marketed through same type of outlets, fall within given price ranges |
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Product line length: |
Line stretching = adding higher or lower priced products to the existing line Line filling = adding more items within the present price range |
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Product line length: Lower price and lower quality: |
e.g. supermarkets, all brought out cheaper versions of their products |
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Product line length: Higher quality and price: |
E.g. Tesco finest - extending their range |
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Product mix: |
All the product lines offered |
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Brand: |
Name, term, symbol or design (or combination) that identifies the goods or services of one seller or group, and differentiates them from those of competitors |
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Stages of experiencing the brand: |
No brand loyalty Satisfied customer Satisfied and switching cost Values the brand Devoted to the brand |
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Brands with strong equity have many competitive advantages: |
High consumer awareness Strong brand loyalty Helps when introducing new products Less susceptible to price competition |
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Major brand strategy decisions: |
Brand positioning (e.g. cheap lidl, expensive waitrose) Name and selection Brand sponsorship Brand development |
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Good name should be: |
Distinctive Lack poor foreign language meanings Suggest product qualities Suggest product benefits Easy to, pronounce, recognise, remember |
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Brand strategy: |
Manufacturer brands: e.g. hienz Store brands: e.g. Tesco finest License brands for others to produce Co-branding: companies working together |
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Brand S and development: |
Line extensions: Minor changes to existing products Brand extensions: Successful brand names help introduce new products Multibrands: Multiple product in product category New brands: New product category |
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Brands become known through: |
Advertising, the internet, word of mouth, experience |
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Brand experience: |
Is what the customer feel or experience when actually consuming the product or service |
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Brand equity: |
Is the total awareness and perceived value of the brand in the mind of the customers |
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Multibrand strategy: |
The seller develops two or more brands in the same product category |
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Corporate branding: |
Company brand and individual brand (e.g. Kellogg's cornflakes and Kellogg's Just Right) |
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Labelling: |
Identify product --> grade --> describe --> promote the product |
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Boston Consulting Group Matrix: Star |
High market growth
High market share Cash neutral Hold |
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Problem child:
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High market growth Low market share Cash absorbing Build |
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Cash cow: |
Low market growth High market share Cash generating Harvest or milk |
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Dog: |
Low market growth Low market share Cash neutral Divest |
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done |
done |
