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20 Cards in this Set
- Front
- Back
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What Makes a Brand? |
Brand Name URLs Logos and symbols Characters Slogans Jingles/Sounds |
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Value of Branding |
Facilitate Purchasing Establish Loyalty Protect from competition Reduce marketing costs Are assets Impact Market Value |
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4 Components of Brand Equity |
Awareness Perceived Value Loyalty Associations |
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Benefits of Brand Loyalty |
Consumers are often less sensitive to price, Marketing costs are lower, firm is insulated from competition |
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Branding Strategies |
Multiproduct, Multibranding, Private Branding, Mixed Branding |
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Multiproduct Branding |
e.g. Toro - makes snowblowers, lawnmowers, garden hoses, sprinker systems |
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Multibranding strategies |
e.g. Proctor & Gamble - Tide - Cheer - Ivory Snow - Bold |
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Private Branding Strategies |
Sears - Kenmore Appliances - Craftsman tools - Diehard batteries |
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Mixed branding strategies |
Michelin - michelin tires - sears tires Epson makes - epson printers - IBM printers |
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Multiproduct Branding |
e.g. Sony Walkman, sony ericsson, sony style, playstation etc |
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Why do companies create new products? |
Consumers demand them (rising expectations) - preferences constantly change Companies face intense competition - faster development of PLC - new products provide competitive advantage |
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Reasons why products fail |
- insignificant point of difference - incomplete market and product definition - too little market attractiveness - poor execution of the marketing mix - poor product quality on critical factors - bad timing - no economic access to buyers |
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Stages in the new product process |
1. New-product strategy development 2. Idea generation 3. Screening and evaluation 4. Business analysis 5. Development 6. Market testing 7. Commercialization |
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Using the Diffusion of Innovation Theory |
Factors Affecting Product Diffusion RelativeAdvantage CompatibilityObservability ComplexityTrialability |
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Benefits of good market research |
1) lowers costs 2) effective allocation of time and resources 3) better understanding of products, consumers and markets 4) internal development of the workforce 5) selling of the idea will be easier |
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exploratory research |
focus on the discovery of ideas and insights (secondary data) - research conducted by someone else - widely available, inexpensive, good quality - syndicated data -> bought from an external source (primary data) - focus groups/depth interviews |
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descriptive research (conclusive) |
information collection can be statistically inferred on a population |
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causal research (conclusive) |
cause and effect relationship between variables |
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Problems with survey questions |
Leading, Ambiguity, Unanswerableness, Two Q in 1, non-exhaustive, non-mutually exclusive |
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Benefits of being an international player |
Increased marketing size, Greater returns on major capital investments, greater economies of scale, competitive advantage through location |
