Chapter 7.3 Flashcards
Types of brands
-Manufacturer versus private brands
-Generic brands
-Individual brands,
-family brands and company names
National branding has 3 branding options
-C-I-F
-Company name with brand
-Individual brands
-Family brand
Company name with brand
It adds the firm’s reputation to the product.
Family brand:
this brand is assigned to an entire line or mix of product items
Individual brands
a separate brand assigned to an individual product item within a product line
Brand extension
-Using the leverage of a well-known brand name in one category to launch a new product in a different category.
-It is any effort to use a successful brand name to launch new modified products.
Brand equity
-The worth of the brand in terms of value and strength.
-It exists as a function of consumer choice in the marketplace.
Selecting a brand name
-P-I-T-T-E-D
-Position the brand name strongly in the mind of the consumer.
-It must be original and distinctive.
-They should be as short as possible.
-They must be easy to pronounce.
-Ensure the name is available.
-Don’t be too generic or too limiting.
Packaging
Activities which pertain to the design, manufacturing and filling of the wrapper with the product item, in such a way that the product item can be protected, sorted, handled, transported and identified effectively, and marketed successfully’.
Functions of packaging
P-P-S-S-S-L
-Protective function.
-Promotional function
-Storage function
-Sales function
-Service function
-Loading and transport function
Types of packaging
-Family or individual packaging
-Speciality packaging
-Reusable or collectable packaging
-Multiple packaging
-Labelling
Product support services
-Customer service
Customer service
The assistance provided to help a customer with the purchase or use of a product – a service that augments the actual product
product development
The process of developing a product, from the design and creation stages right up to the marketing of new products and introducing the product to the market.
Types of new products
-N-N-I-L-R
-New-to-the-world products
-New-to-the-marketer products
-Improved products
-Line extensions
-Repositioned products
The process of developing new products
- Idea generation
- Idea screening
- Concept testing
- Business analysis
- Product development
- Test marketing
- Commercialism
- Review of market performance
consumer adoption process
the mental processes through which an individual moves from first hearing about an innovation through to final adoption
Differences in people’s readiness to try a new product
-L-L-I-E-E
-Late majority
-Laggards
-Innovators
-Early adopters
-Early majority
Laggards
They are tradition bound, suspicious of change and adopt an innovation only when it takes on a measure of tradition itself
Late majority
They tend to be skeptical and adopt an innovation only after the majority of people have tried it
