Lecture 3 Flashcards
Tactical launch decisions - Product
what are tactical launch decisions
4ps
What are the 2 components of Product in tactical launch decisions
packaging and branding
what functions should packaging have
display and promote product
protect product
provide information
attract target audience
sustainable
what is a brand
name, term, symbol, deisgn or any other feature that a firm uses to identify its products or services and differentiate them from others
what are criteria for brand name selection
good fit with customer
should contain indication of function, origin of brand value
trademark and domain names available
no negative associations
easy to spell, pronounce and remember
what are 3 strategies of CPG companies when it comes to branding
new brand
brand extension
co branding
which 2 types of extensions are there in brand extensions
category and line
what are category extensions
extension of existing brand in a new category
what are 2 types of branding in category extensions
direct branding and subbranding
what is direct branding
same brand name in different categories
what is subbranding
use brand name + subbrand name which tells you something about products
what are line extensions
same category but new product
what are advantages of direct branding
reinforce parent brand equity
reduce marketing costs
positive reactions on stock market
what are disadvantages of direct branding
brand image dilution
can have negative spill over
what are advantages of sub branding
different positioning
better consumer evaluations compared to direct branding
what are disadvantages of sub branding
brand image dilution (less than direct branding)
subbrand may be overshadowed by parent brand
restricts future expansion of subbrand
what are advantages of creating a new brand
choose most appropriate targeting & positioning
avoiding negative spill over
opportunity to create new brand equity
avoiding cannibalization
what are disadvantages of creating a new brand
requires a lot of resources
high degree of uncertainty
customers may not realize the brand is from a particular company
when to use a new brand name
new product has low fit with companies existing brands
innovative products
highly leveraged brands in portfolio, to prevent overextensions
high advertising budget
when not to use new brands
when product is natural extension of existing brand
existing brand has strong equity and consumer trust in the category
limited marketing resources
What are 2 types of co branding
same and multiple company co branding
co-branding advantages
combining competences and reputations
shared investment
shared equity
broaden audience reach
co branding disadvantages
one brand can overshadow the other
success depends on the fit between brands and products
when to use co branding
when it has mutual benefits
what are 2 ways of naming next generation products
brand name continuation and coming up with a new name
what do consumers expect with brand name continuation
improvements to existing features
what do consumers expect with a new brand name
fundamentally different features
more risk
potentially more rewarding
