Chapter 11 Flashcards
- introduction
- growth
- maturity
4.decline
what is this ?
the product life cycle
a function of marketing that uses techniques to increase the perceived value of a product line or brand over time
what is this ?
brand management
oversees and is accountable for every aspect of the brand with a focus on driving incremental sales via brand building activities
what is this ?
brand manager
customers SUBJECTIVE and INTANGIBLE assessment of the brand, ABOVE and BEYONE its OBJECTIVELY PERCEIVED VALUE
what is this ?
brand equity
- master brand approach (GOOGLE-google maps, google drive, google photos)
- endorsed brand strategy (Marriott- courtyard by Marriott, residence inn by Marriott, Fairfield by Marriott)
- individual brand architecture strategy (Proctor & Gamble- crest, old spice, tide)
types of brand architecture
If you only remember 3 things…1
every product has a LIFE CYCLE, and the goal of the brand manager is to help EXTEND THE CYCLE and help transition the products through the stages
describes the stages a new product goes through in the marketplace
what is this ?
product life cycle
high initial price
is used in what strategy ?
skimming strategy
to discourage competitive entry, a company can price low
what strategy is this ?
penetration pricing
people who tried the product, were satisfied and bought again
what is this ?
repeat purchasers
when a company retains the product but reduces marketing costs
what is this ?
harvesting
is a style of the times
what is this ?
fashion product
experiences rapid sales on introduction and then an equally rapid decline
what is this ?
fad product
refers to the entire product category or industry, such as prerecorded music
what is this ?
product class
pertains to variations of a product within the product class
what is this ?
product form
a product diffuses, or spreads, through the population
what is this ?
diffusion of innovation
- usage barriers (the product is not compatible with existing habits)
- value barriers (the product provides no incentive to change
- risk barriers (physical, economic, or social)
- psychological barriers (cultural differences or image)
what are these ?
factors that affect whether a consumer will adopt a new product or not
altering one or more of a products characteristics, such as quality, performance, or appearance, to increase the products value to customers and increase sales
what is this ?
product modification
the sale of two or more separate products in one package
what is this ?
product bundling
strategies by which a company tries to find new customers, increase a products use among existing customers, or create new use situations
what is this ?
market modification
changes the place a product occupies in a consumers mind relative to competitive products
what is this ?
product repositioning
adding value to the product through additional features or higher quality materials
what is this ?
trading up
involves reducing a products number of features, quality, or price
what is this ?
trading down
reducing the package content without changing package size and maintaining or increasing the package price
what is this
downsizing or shrinkflation
a marketing decision in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors
what is this ?
branding
any word, device (design, sound, shape, or color), or combination of these used to distinguish a sellers products or services
what is this ?
brand name
identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it
what is this ?
trademark
a set of human characteristics associated with a brand name
What is this ?
brand personality
the reason why a brand exists, the place it has in consumers lives, the solution it provides to consumers, and the brands role in making society better off
what is this ?
brand purpose
a contractual agreement whereby one company allows its brand name or trademark to be used with products or services offered by another company for a royalty or fee
what is this ?
brand licensing
a branding strategy in which a company uses one name for all its products in a product class
what is this ?
multiproduct branding
the practice of using a current brand name to enter a new market segment in its product class
what is this ?
product line extensions
combines a corporate or family brand with a new brand to distinguish a part of its product line from others
what is this ?
subbranding
the practice of using a current brand anew to enter a different product class
what is this ?
brand extension
paring two or more strong brand to facilitate the marketing of a joint product or service for their mutual benefit
what is this called ?
co-branding
occurs when consumers no longer associate a brand with a specific product or service or start thinking less favorably about the brand
what is this ?
brand dilution
a branding strategy that involves giving each product a distance name when each brand is intended for a different market segment
what is this ?
multibranding
other multi brand companies introduce new product brands as defensive moves to counteract competition
what is this ?
fighting brands
a branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer
what is this ?
private branding
(also called private labeling or reseller branding)
a branding strategy where a firm marketing products under its own name and that of a reseller because the segment attracted to the reseller is different from its own market
what is this ?
mixed branding
a component of a product that refers to any container in which it is offered for sale and on which table information is conveyed
what is this ?
packaging
an integral part of packaging 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 this ?
label
