Chapter 6 Flashcards
TCO
Total Cost of Ownership
What is TCO?
total amount of time and money spent to acquire, use, and dispose of an offering.
What is offering?
products and services designed to deliver value to customers
Define Successful branding strategy?
creates consumer recognition of what the brand (signified by its name, picture, design, symbol, and so forth) means (again, the brand promise)
TCO Approach
the time and effort related to owning the product
Kinds of offerings?
- Convenience offerings
- Shopping offerings
- Specialty offerings
- Unsought offerings
brand manager
responsible for all business decisions regarding offerings within one brand
product manager
responsibility for a particular product or product line-
make decisions, such as which offerings to include, advertising selection, and others.
category manager
responsibility for business decisions within a broad grouping of offerings
market manager
responsible for business decisions within a market. (geographic market or region; a market segment, such as a type of business; or a channel of distribution. )
vertical market managers
oversee B2B products sold to a particular industry
Define logo
brand mark used to identify a brand
What is a brand?
a name, picture, design, or symbol, or combination of those items, used by a seller to identify its offerings and to differentiate them from competitors’ offerings
