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22 Cards in this Set
- Front
- Back
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Product Life- Cycle Strategies |
1.) Modifying the Product 2.) Modifying the Market 3.) Repositioning the Product |
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Branding |
in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitiors |
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Value of Branding for Buyer and Seller |
Costumers: recognizing competing products by distinct trademarks allows them to be more efficient |
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Brand Equity |
the added value of a brand name gives to a product beyond the functional benefits provided 1. Provides Competitive Advantage 2. Consumers are often willing to pay a higher price for a product with brand equity |
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Types of Brands |
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Brand Positioning(definition) |
is a marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer |
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Brand Name Selection |
1. The name should suggest the product benefits 2. The name should be memorable, distinctive, and positive 3. The name should fit the company or product image 4. The name should have no legal or regulatory restrictions 5. The name should be simple and emotional 6. The name should have favorable phonetic and semantic associations in other languages |
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Branding Policies |
1. Individual Branding 2. Family Branding 3. Brand Extension |
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Co-Branding |
the pairing of two brand names of two manufactures on a single product |
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Brand Licensing |
a contractual agreement whereby one company (licensor) allows its brand name(s) or trademark(s) to be used with products or services offered by another company (licensee) for a royalty or fee |
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Packaging |
refers to any container in which it is offered for sale and on which label information is conveyed |
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Labeling |
An integral part of the package and typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients |
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Creating Brand Equity |
1. Develop Positive brand awareness and association based on the product 2. Establish a brands meaning in the eyes of customers (functional & abstract) 3. Elicit the proper consumer responses to a brand's identity and meaning 4. Create a consumer-brand connection evident in an intense, active loyalty relationship between consumers and the brand |
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Branding Strategies |
1. Multiproduct 2. Multi-branding Strategy 3. Private Branding Strategy 4. Mixed Branding Strategy |
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Multiproduct Branding |
a company uses one name for all its products in a product class; family/corporate branding |
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Multibranding Strategy |
involves giving each product a distinct name |
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Private Branding |
often called private labeling or reseller branding, when it manufactures products but sells them under the brand name of a wholesaler or retailer |
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Mixed Branding Strategy |
where a firm markets products under its own name(s) and that of a reseller because the segment attracted to the reseller is different from its own market |
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Product Modification |
involves altering one or more of a product's characteristics, such as its quality, performance, or appearance, to increase the product's value to customers and increase sales |
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Modifying the Market |
strategies with which a company tries to find new customers, increase a product's use among existing customers, or create new use situations |
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Repositioning the Product |
reposition to bolster sales; changes the place a product occupies in a consumer's mind relative to competitive products; changing one or more of the four marketing mix elements |
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Four Marketing Mix Elements |
1. Reacting to a Competitor's Position 2. Reaching a New Market 3. Catching a Rising Trend 4. Changing the Value offered |
