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MKTG 5200
Chapter 7: Branding and Positioning
| Term | Definition |
|---|---|
| brand | a combination of name, symbol, term, or design that identifies a specific product |
| brand name | the words, letter, and/or numbers of a product |
| brand mark | a product's unspoken symbols, figures, or design; good for product placement |
| Most firms consider their corporate brands to have | equal importance as individual product-related brands |
| some advantages of branding | - product awareness - product identification - comparison shopping - shopping efficiency - risk reduction - product acceptance - enhanced self image - enhanced product loyalty |
| manufacturer brands | name brand products produced by a non-store company |
| private-label brands | products owned by the merchants that sell them and sold to increase their profit margins; sometimes called store brands |
| advantages of selling manufacturer brands | - reduced costs - built in loyalty - lower inventory - less risk |
| advantages of selling private-label brands | - increased profits - less competition - total control of the 4 Ps - customer loyalty to the merchant |
| individual branding | the marketing of products under a different brand name; useful in market segmentation and doesn't ruin branding for other products should it fail |
| family branding | the marketing of products using the same name or part of the brand name on every product |
| cobranding | using multiple brands on one product |
| brand licensing | a contractual agreement in which a company lets another one use its brand on noncompeting products for a fee; common with toys that license popular TV and film characters |
| brand loyalty | a positive attitude toward a brand that causes customers to have a consistent preference for it over competitors |
| brand recognition | a degree of brand loyalty derived from simply knowing a brand exists |
| brand preference | a degree of brand loyalty that shows a liking for a product but a willingness to substitute it if it's not available |
| brand insistence | a degree of brand loyalty that shows a strong desire for a product and an unwillingness to substitute it |
| brand equity | the marketing and financial value a brand has to a firm; tied to name awareness, brand loyalty, brand quality, and other attributes |
| brand associations | the images, attributes, and/or benefits tied to a brand that give it a certain personality; usually takes years to develop, but not always |
| To protect their brands, companies must stay on top of-- | enforcement of patents and trademarks, as well as monitoring of competitive behavior for signs of potential brand infringement that can confuse or deceive customers |
| the importance of packaging in marketing | protection, storage, convenience, product modifications, and/or repositioning |
| differentiation | distinctions between a firm's product offerings, setting it apart from competitive offerings |
| positioning | the creation of a product's image and its real or perceived differentiation in the minds of target customers |
| perceptual map | a visual representation of customer perceptions and preferences |
| strategy canvas | a visual tool for demonstrating the firms' relative position in terms of the competitive factors that are important to the target market |
| the basic issues of positioning strategy | indicating the products that have similar positioning and the existence of voids in the current mindscape of a product category |
| the bases for differentiation | product descriptors and customer support services |
| the contexts of product descriptors | product features, advantages, and benefits |
| stages of the product life cycle | - development (cash outflow, risking resources) - introduction (implementation, promotion, distribution) - growth (establishing position, achieving financial objectives, retention, pricing) - maturity (possible new rivals) - decline (renew or divest) |
| the general goals of the maturity stage | - generate cash flow - hold market share - steal market share - increase share of customer |
| harvesting | an approach that gradually reduces marketing expenditures and uses a less resource-intensive marketing mix |
| divesting | the withdrawal of all marketing support from a product |
| strategies to considering during the decline stage | - market segment potential - product positioning - firm's price and cost structure - rate of market deterioration |
| product features | technical and factual descriptors of a good or service |
| common marketing activities during the introduction stage | - attracting customers - product trials - strengthening channel relationships |
| limitations to the product life cycle | - most products not surviving developing - successful products never dying - does not describe the life cycle of a brand or firm - varying lengths of time depending on a firm's actions |
Created by:
Sunny_the_Muse
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