Branding (Chapter 9) Flashcards
Product management
Systematic and usually team-based approach to coordinating all aspects of a products’ strategy development and execution.
Product line
A firm’s total product offering designed to satisfy a single need or desire of target customers.
Product line length
Determined by the number of separate items within the same category.
Stock-keeping unit (SKU)
A unique identifier for each distinct product.
Cannibazliation
The loss of sales of an existing brand when a new item in a product line or product family is introduced.
Product mix
The total set of all products a firm offers for sale.
Product mix width
The number of different product lines the firm produces
Product quality
The overall ability of the product to satisfy customer expectations.
Internal customers
Other employees with whom employees interact with the attitude that all activities ultimately impact external consumers.
Internal customer mind-set
An organizational culture in which all organization members treat each other as valued customers.
ISO 9000
Criteria developed by the International Organization for Standardization to regulate product quality in Europe.
Six Sigma
A process whereby firms work to limit product defects to 3.4 per million or fewer.
Product Life Cycle (PLC)
Concept that explains how products go through four distinct stages from birth to death: introduction, growth, maturity and decline.
Intro stage
First stage of the PLC, in which slow growth follows the introduction of a new product in the marketplace.
Growth stage
Second stage in PLC, during which consumers accept the product and sales rapidly increase.
Maturity stage
3rd and longest stage in PLC, during which sales peak and profit margins narrow.
Decline stage
Final stage in PLC, during which sales decrease as customer needs change.
Brand
A name, a term, a symbol, or any other unique element of a product that identifies one firm’s product(s) and sets it apart from competition
Trademark
Legal term for a brand name, bran mark, or trade character; trademarks legally registered by a gov’t obtain protection for exclusive use in that country.
Brand Equity
The value of a brand to an organization.
Brand meaning
The beliefs and associations that a customer has about the brand
Brand storytelling
Compelling stories told by marketers about brands to engage consumers.
Brand extensions
A new product sold with the same brand name as a strong existing brand.
Sub-branding
Creating a secondary brand within a main brand that can help differentiate a product line to a desired target group.
Family brand
Brand that a group of individual products or individual brands share.
National/Manufacturer brands
Brands that the product manufacturer owns.
Private-label brands
Brands that a certain retailer or distributor owns and sells.
Generic branding
Strategy in which products are not branded and are sold at the lowest price possible.
Licensing
Agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time.
Cobranding
Agreement between two brands to work together to market a new product.
Ingredient branding
A type of branding in which branded materials become “component parts” of other branded products.
Package
The covering or container for a product that provides product protection, facilitates product use and storage, and supplies important marketing communication.
Universal Product Code (UPC)
Set of black bars or lines printed on the side or bottom of most items sold in grocery stores and other mass-merchandising outlets that correspond to a unique 10-digit number.
Brand manager
Individual who is responsible for developing and implementing the marketing plan for a single brand.
Product category managers
Individuals who are responsible for developing and implementing the marketing plan for all the brands and products within a product category.
Market manager
Individual who is responsible for developing and implementing the marketing plans for products sold to a particular customer group.
Venture teams
Groups of people within an organization who work together to focus exclusively on the development of a new product.
