Chapter 6- Value through Products and Brands Flashcards
what does packaging involve?
all those decisions on the kind of
container or wrapper used for the product
what is a brand?
a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers
what is branding?
the process by which companies distinguish their product offerings from the competition
what does branding permit customers to do?
to to develop associations with products, which eases the purchase decision
what are the benefits of brands (to organisations)?
- Company value & brand
equity - Consumer preference
and loyalty - Barrier to competition
- Higher profits
- Base for brand
extensions
what are the benefits of brands (to consumers)?
- Communicates features
and benefits - Reduces the risk in
purchasing - Simplifies the purchase
decision - Provides symbolic value
what does performance define?
how well your product meets your customers’ needs
what does imagery refer to?
how well your brand meets your customers’ needs on a social and psychological level.
what do customers make judgements about?
- Quality
- Consideration
- Superiority
- Credibility
what are family brand names?
Tie multiple product categories together. (e.g. Johnson & Johnson; Philips; Heinz
what are individual brand names?
Focus on a singular product category
(e.g. Procter & Gamble – Head & Shoulders - shampoo
what are combination brand names?
Combine family and individual brand names for a brand portfolio (e.g. Microsoft Teams)
what are trademarks?
Legal protection for a brand name, brand mark, or trade character is provided through the registration of trademarks
what is a brand extensions?
the use of an established brand name on a new brand within the same broad market
what is brand stretching?
when an established brand name is
used for brands in unrelated markets
what is co-branding?
where two brands are combined
what is product-based co-branding?
the linking of two or more existing brands from different companies or business units to form a product in which the brand names are visible to the consumer.
what is communications-based co-branding?
the linking of two or more existing brands from different companies or
business units for the purposes of joint communication
what us parallel co-branding?
when two independent brands join
forces to form a combined brand
what is ingredient co-branding?
where one supplier explicitly chooses
to position its brand as an ingredient of a product, such as Intel
what is a product line?
a group of products that are closely related in terms of their functions & the benefits they provide
(e.g. Dell’s range of personal computers or Samsung’s line of televisions)
what does the depth of a product line refer to?
the number of variants offered within the product line
what is a product mix?
the total set of brands
or products marketed in a company
what is portfolio planning?
managing groups of brands and product lines
