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
