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Chp 11 Marketing
Chp 11 Marketing Lecture Notes Pt 4
| Question | Answer |
|---|---|
| Branding | Is a marketing decision by an organization to use a name, phrase, design, or symbols, or combination of these to identify its products and distinguish them from those of competitors |
| Brand Name | Is any words, device, or combonation of these used to distinguish a sellers goods or services |
| Brand Personality | Set of human characteristics associated with a brand name |
| Brand Equity | Added value a given brand name gives to a product beyond the functional benefits provided |
| The criteria for selecting a good brand name are: | Name should suggest the product benefits, name should be momorable, distinctive, and positive, name should fit the company or product image, name should have no legal or regulatory restirctions, names should be simple, emotional |
| Multiproduct Branding | Branding strategy in which a company uses one name for all its products in a product class (family or corporate branding) |
| Advantages to multiproduct branding: | Capitalize on brand equity, makes line extensions possible, results in lower advertising and promostion costs |
| Line Extensions | Is the practice of using a current brand to enter a new market segment in its product class, risk might comes at the expense of other items in the company, works best when it provides icremental revenue |
| Subbranding | Combines a corporate or family brand with a new brand, risk is to many uses for one brand name can dilute the meaning of a brand for consumers |
| Multibranding | Is a branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment |
| Fighting Brands | New brands that are defensive moves to confront and counteract competitors brrands |
| Private Branding | Is a branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer |
| Mixed Branding | Branding strategy where a firm markets products under its own names and that of a reseller because the segment attracted to the reseller is different from its own market |
| Packaging | Is a component of a product that refers to any container in which it is offered for sale and on which label information is displayed |
| Label | Is an integral part of the package that 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 |
| What is the customers first exposure to a product | Package and label and both are an expensive and improtant marketing strategy |
| Communication Benefits | Information on the label conveyed to the consumer, such as directions on use and what the product is made off. |
| Functional Benefits | Packaging often plays an important functional role, such as storage, convenience, protection |
| Perceptual Benefits | Packaging and labeling also creates perception in the consumers mind; color, shape,etc. |
| There are 3 aspects of teh product service element of the marketing mis that warrant special attention: | Exclusivity, Branding, Capacity Management |
| Exclusivity | A major difference between products and services is that services cannot be patented |
| Branding | Because services are intangible and therefore difficult to describe |
| Capacity Management | Integrates the service component of the marketing mix with efforts to influence consumers demand |
| Price | Referred to in various ways be different services, hospital (charges), lawyers (fees), hotels (rates) |
| Off-Peak Pricing | Consists of charging different prices during different times of the day or days of the week to reflect variations in demand for the services |
| Publicity | Major role in promotional strategy of nonprofit services and some professional organizations |
| What is the difference between a line extension and a brand extension | Line Extension: uses curent brand name to enter a new market segment in its product class, Brand Extension: using a current brand name to enter a completely different product class |
| Explain the role of packaging in terms of perception | A packages shape, color, and graphics convery a brands positioning and builds brand equity |
| How do service businesses use off-peak pricing | They charge different prices during different times of day or days of the week to reflect variations in demand for the service |
Created by:
kkolsch