Midterms Flashcards
an item or service produced and offered by the company for sale in the market
Product
An entity like logo, symbol, or
name used by the companies, to make
their products identifiable.
Brand
_________ and ____________ their
connection and relationships with
customers, which is what brands are all
about
Improving, strengthening.
Process of creating a distinct identity for a business in the minds of your target audience
and the general population.
Branding
Trademark
Brand name
Customers perception of the brand.
Brand image
Is the practice of planning, developing, maintaining, and monitoring a brand to create a strong and positive image in the minds of consumers and stakeholders
Brand Management
to ensure that a brand is perceived favorably, differentiates itself from competitors and builds lasting relationships with customers
Brand Management
SET OF TOOLS used by a company to create a brand image.
Brand Identity
The LEVEL OF FAMILIARITY consumers has with a particular brand.
Brand Awareness
Ability of consumers to RECOGNIZE AN IDENTIFYING CHARACTERISTICS of one
company versus a competitor
Brand recognition
Consumers FIRST PURCHASE of a brand
Brand Trial
Consumers ACCEPTING AND INCORPORATING a brand into their purchasing behavior and consumer identity.
Brand Adaption
A marketing strategy where TWO BRANDS COLLABORATE
Co- Branding
A strategy where a company creates NEW PRODUCT CATEGORY under its WELL-KNOWN BRAND NAME
Brand Extension
Focuses on developing and
improving products, align with
customers need and market
trends.
Product Management
Concentrates on building and
maintaining a brand’s image,
reputation, and customers
relationships.
Brand Management
defines your product’s unique value proposition, target customers, and competitive advantages.
Competitive strategy
high-level plan describing what a business hopes to accomplish with its product and how it plans to do so
Product Strategy
reduction or elimination of
government power in an industry
Deregulation and Privatization
permanent reduction of a
company’s labor force by removing
unproductive workers or divisions.
Downsizing
practice of hiring a party outside a
company
Outsourcing
process of changing and improving
the design of a product, service or
system etc
Re-engineering
The process of bringing about new ideas, methods, products, services, or solutions that have a positive significant impact and value.
Innovation
a person who does the advertising,
promotion, brochures, website, and lead generation
Trappings
a plan by the owners
to describe how the company will grow in the future
Substance
A tool that can help you to analyze what your company does best now, and to devise a successful strategy for the future.
SWOT Analysis
is a management method whereby an organization can assess major external factors that influence its operation
in order to become more competitive in the market.
Pest analysis
the act of giving or taking one thing in
return for another
Exchange
is an economy’s ability to produce particular goods at a lower opportunity cost than its trading partners
Comparative Advantage
is an exchange involving a good
or service conducted between at least two different countries.
International Trade
when companies compete to sell
goods and services on an international scale.
Global Competition
Forces are used to identify and analyze an
industry’s competitive forces.
Porter’s five forces
a simple and intuitive way to
visualize the levers a management team can pull when considering growth opportunities.
Ansoff Matrix
Existing market, New Product
Product Development Strategy
Existing market, Existing Product
Market penetration Strategy
New market, Existing Product
Market Development Strategy
New market, New Product
Diversification Strategy
A product strategy where businesses offer products or services that are unique from their competitors
- features, price, quality, or other aspects
Differentiation Strategy
very similar to what other companies offer
and compete mainly on price.
Commodity Products
offer unique features or
benefits that set them apart from the competition.
Differentiated Products
appeal to a specific group of customers
and often come with a higher price tag.
Niche Products
- bringing about new ideas, methods,
products, services, or solutions that have a significant positive impact and value.
Innovation
the qualitative benefit that a user gets from a
particular product in satisfying needs, solving problems, and achieving goals.
Value
occurs when organizations
market many variations of the same products
Product Proliferation
- Intangible activities
Service
the process of imagining, creating, and
iterating products that solve users’ problems or address specific needs in a given market
Design
involves a business method focusing on gaining a competitive edge by reducing costs across the organization.
Cost Leadership Strategy
This means ensuring that the products you produce are of the highest possible quality (premium) and meet the needs of your target market.
Quality Strategy
Reliable
Service strategy
Appealing
Physical Product Strategy
User-friendly
Luxury Product Strategy
An effective product strategy starts with a focus on the right type of product.
Focus Strategy
The ‘market’ is the place where Adam Smith’s ‘invisible hand’ achieves an equilibrium between demand and supply.
Invisible Hand
an economic concept that relates to a
consumer’s desire to purchase goods and services and willingness to pay a specific price for them.
Demand
refers to the willingness
and ability of consumers to purchase goods at different prices.
Effective Demand
effective demand is the point of equilibrium where aggregate demand equals aggregate supply.
Keynesian Economics
the maximum level of
demand for a product or service that could be
achieved under optimal conditions.
Potential demand
It represents the upper limit of how
much of a product or service
consumers would buy if there were
no barriers such as price,
availability, or competition.
Potential demand
potential demand for something that remains dormant because it is unavailable, consumers don’t have the money, or they don’t know it is available
Latent demand
economic activities offered by one party to
another.
- time-based performances
- action of serving, helping or benefiting of
another for economic exchange
Service
are generally inexpensive,
non-durable, frequently purchased and used goods. They are often non-durable ones.
Convenience goods
infrequently purchased consumer
goods that demand time, planning, effort, and resources from customers
Shopping goods
incur special purchasing efforts, and
the items possess special features.
Specialty goods
‘Pure’ services:
- Intangibility
- Inseparability
- Variability
- Perishability
- Impossibility of ownership
the process creating a distinct identity for a business in the minds of your target audience and the general population
Branding
a form of identification or badge of origin
Brand name
is where your product or service fits
into its market, what features make it unique and why it’s better than competitors’ offerings.
Product Positioning
