Principles of marketing Chapter 11, 12 &, 13

what is a brand name
is the part that it is spoken. It could be letters, words, and numbers
What is brand mark
it is the part that it is not spoken. it is not made up of words, such as a symbol or design
Types of brand
Manufacturer, private and genetic
manufacture
initiated by its producer
private
initiated and owned by a reseller
genetic
indicating only a product category no brand
what is brand licensing?
an agreement whereby a company permits another organization to use its brand on other products
Advantage of brand licensing
the name of your company will be on every promotion the make and it will add extra revenue to your company
How to select a brand name
Easy to say, spell, recall. it needs to indicate a major benefit-suggest in positive way products use. Special characteristics to recognize it.
Fanciful
is the most protected brand
Functions of packaging
protect the product, convenience, promotion, quality
Consideration of Packaging
cost, design consistency, promotion role, tamper-resistant
Brand equity
it is the marketing and financial value associated with a brand strength in the market
what is a product
A good, a service, or an idea received in an exchange
4 classifications of products
Convenience of the product, specialty products, unsought products, and shopping products.
Convenience of the product
Relatively inexpensive,
Frequently purchased items
Buyers exert minimal purchasing effort
Shopping Products
More extensive search
Available substitutes
Less frequent purchase
Specialty Products
Require extensive search
Are generally higher price points
Have no ready substitutes
Unsought Products
No search
Price not important
Purchased compelled
Promotion ?
Product item
specific version of a product. EXAMPLE: Tide and Gain
Product Line
A group of closely related product items viewed as a unit
Product Mix
The total products that an organization makes
Width
is the number of line they offer
Depth
is the number of item on each line
Why Some Products Fail
Failure to match product to needs
Failure to send right message
Technical/design problems
Poor timing
Overestimate market
Ineffective promotion
Insufficient distribution
Introduction stage
profit are in the negatives. expending a lot of money of doing research, promotion, and advertisement
Growth Stage
Profit goes up. we drop the prices
Maturity Stage
sales peak and begins to decline
Decline stage
sales rapidly decrease and profits decline
how do consumers adopt new products
awareness, interest, evaluation, trial, and adoption
80/20 rule
80 percent of its profits from the top 20 percent of its customer base.
how to improve a product with product modification
Quality Modifications
Functional Modifications
Aesthetic Modifications