Chap 13* Flashcards
What is Brand?
name, term, sign, symbol, design, or some combination that identifies the products of one firm while differentiating them from competitors’ offerings
Branding
Is the process of creating strong identities for products and product lines
What is brand recognition?
consumer awareness and identification of a brand
What is brand preference?
consumer choice of a product on the basis of a previous experience
What is brand insistence?
consumer refusal of alternatives and extensive search for desired merchandise
Generic products
products characterized by plain labels, no advertising and the absence of brand names
Manufacturer’s brand
brand name owned by a manufacturer or other producer
Private brands
brands offered by wholesalers and retailers
Captive brands
national brands sold exclusively by a retail chain
- Target’s sale of products by Michael Graves
- kohl selling simply vera products
Family brand
single brand name that identifies several related products
-ex. Kellogs
Individual brand
single brand that uniquely identifies a product
- one company that you wouldn’t recognize that has many brands underneath them
What is brand equity?
added value that a respected, well-known brand name gives to a product in the marketplace
How are products identified? (Product identification)
names, symbols, and distinctive packaging
Brand name?
part of the brand that can be spoken
- easy to pronounce, recognize, and remember
What are visual components related to?
color, size, package, label shapes
What 3 things do packaging serve?
- PROTECTION against damage, spoilage and pilferage
- MARKETING
- COST EFFECTIVENESS ($ or $$$$ to produce)
What is a label?
carries an item’s brand name or symbol,
name and address of the manufacturer or distributor,
info about products composition and size,
recommended uses
What 2 choices do firms have when thinking of a brand name?
- Use single brand name world wide
- Tailer name to individual countries
Line extension
individual offerings that appeal to different market segments while remaining closely related to the existing product line
What does brand licensing do for a firm?
expands exposure in marketplace
Product development strategy - Market penetration
increase sales of existing products in existing markets
Product Positioning
consumers’ perceptions of a product’s attributes, uses quality and advantages and disadvantages relative to competing brands
Product development strategy - Market Development
concentrates on finding new markets for existing products
Product development strategy - Product Diversification
focuses on developing entirely new products for new markets
Product development strategy - Product Development
intro of new products into identifiable or established markets
What is cannibalization?
introducing a new product that adversely affects sales of existing products
What is the adoption process?
stages a consumer goes through in learning, trying and deciding whether to purchase again a new product
Who are consumer innovators?
People who purchase new products almost as soon as the products reach the market.
What is the diffusion process?
Process by which new goods or services are accepted in the marketplace
Early purchasers can act as ____ _____ from whom others seek advice.
opinion leaders
Another term for brand manager?
Product manager
- set prices
- develop advertising and sales promotion programs
- work with sales reps in the field
6 Steps in New Product Development
- Idea generation
- Screening
- Business Analysis
- Development
- Test Marketing
- Commercialization
What is concept testing?
method for subjecting a product idea to additional study before actual development by involving consumers through focus groups, surveys, in-store polling and similar strategies
*A company has introduced a new product in the market. The company distributes free samples of the product to people so that they can try it. This product is in the stage of ____ of brand loyalty.
brand recognition
*The strategy of attaching a popular brand name to a new product in an unrelated (or related) product category is known as ______.
brand extension
line extension
*The added value that a certain brand name gives to a product in the marketplace is called ______.
brand equity
