Class 8: Product Management Flashcards
definiton of branidng
name, term, sign, symbol or design that identifies a brand
what is a brand
the meaning that surrounds the brand, it ties to a personality, it is revenue generating idea
storytelling: the brand tells a story! so what are you saying with the logo?
brand perspective: buyer
marketing is about exchange!
Gives personality, helps find products with desired benefits, reduces info search costs, suggests quality, reduces risk for us!
brand from sellers perspective
marketing is about exchange! this is the storytelling component!
basis of product story, gives legal protection, heps segment markets (different brands for different income classes), symbol of ongoing promise
Brand Name purpose
- suggest product beenfits (mr clean)
- distinctive and positive (apple/blackberry)
- Fit company and product image (Duracell battery)
- Be simply and Creative!
easy to pronouncne, recognize. remember, translate
brand PERSONALITY
sum of all attributes of. abrand and the emotions it inspires in the minds of consumers!!!
coke: traditional, pepsi: young!
bmw: sporty, volve: safe
Brand represtnation: registered trademarks
a word, phrase, symbol, or design that identifes distringues the source of a good!! (coke bottle)
logo!
icons/mascots (m&m personality)
BK example: things like the logo, trademarked phrases like WHOPPER
Brand positioning
SOMETHING TO ASK ABOUT: what is the differnece between attribute and value? is attribute a smaller potion of value?
what unique position do we want to be in? companies posiiton themselves in the minds of consumers
- attribute: bk- advertising on the attribute of choice
- value: creating value for burger king customers!
- application
- user class: targeting consumers
- competitor: directly going after competitors to position yourself
displaying the brand
-> packaging as a container (physical/disclosure)
-> Packaging as brand strategy
(brand exposure/brand position)
-> sustainable packaging
(marketing requirements vs societal expectations)
brand sponsorship!
- National/manufacturers Brand: extensive recognition
- CReated and owned by resellers: house branding like no name brands
- cobrand: applying established brand names to a single product (extended reach, things like collab products like reese oreos)
brand devlopment
ANSOFF matrix
- line extensions: new forms, colors, flavors etc within existing prodcut line (PRODUCT DEVELOPMENT); does with an exisitng product line (focusing on the length of EXISTING line and depth of line)
- Brand extensions: leveraging the brand through new products in A NEW PRODUCT LINe; creating a NEW LINE
Brand Equity
THIS IS WHAT ALLOWS BRANDS TO EXPAND THEIR BRANDS AND CREATE BRAND EXTENSIONS!!!!! no brand equity= no brand extension
set of assets/liabilites linked to brands name and symbol!!
brand equity is assocaited with> awareness, asosciation, loyalty
brand awareness
likelehiood a brand will be recognized by potential customers and correctly associated with a particular product
MOST BASIC ELEMENT IN THE CHOICE SET!!! (that one diagram)
NECESSARY BUT NOT SUFFIECIENT CONDITON FOR BRAND EQUITY
Brand associaiton
subjective thoughts and images of a brand that suggest if a brand is good or not
conceptualizion: attributes/benefits, favoralitibiity, uniqueness, strength
Brand loytalty
END GOAL!!!!! OF BRAND EQUITY
degree to which a customer is postiive towards a brand!!
contributors to loyalty: habit and history, identification with brand and buidling emotional relationships
DETRACTORS TO LOYALTY: brand parity, ocmpretitive promotional activity, customer factors
how to asses brand equity?
Use Interbrand!
how to get the brand to market
distribution channel!!!
distribution channel
FOCUS ON THE P OF PLACE!
how yo uget product to the customer!!!
Intermediaraies of distirbutivon
collecton of companies responsibel for getting products from producers to concumers
manufacturers, brokers, wholesalers, retailers
required channel functions
- transactional: contacting, risk etc.
- logisitcs: physical distribution adn warehousing
- facitlitating: research and finance
TO MEMORIZE ABOUT PLACE!! DISTRIBUTION!!! MEMORIze the channel length visual!!!!
Direct channel: directly to consumers
REtailer channel: producer-> retailers-> consumers
wholesalers channel: wholesaler > retailer > consumers
Agent.broker channel: Publisher > brokers/agents > wholesalers > retailers > consumers
marketing intermediarias
in a competitive economic system marketing intermiedais scale operaton and offer producer more than it can achieve on its own
DELIVERING UTILITY
manufactuirng : form
itnermeidaries: time, place, possession
these are the utiliities relevant to the two groups
types of channels
Direct: no intermediaraies between producer and end consumer (either you do all of it uyourself or go to conusmer)
Indirect: one or more intermediaries
1. conventional: separate businesses!!
2. administered: independant channel memebers COOPERATING!!!!! with one whoelsaler (like home hardware!)
3. Contractual: tightly coordinaed with formal procedurs (franchises)
4. Corporate: high degree of vertical integration!
