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Marketing > More slide notes > Flashcards

More slide notes Flashcards

1
Q

Lanham Act

A

Protect it or lost it

You must protect your trademarks

Some countries allow counterfiting

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2
Q

4 branding options

A

Family brand

Individual (free standing) brand

Licensing

Generic

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3
Q

Manufacturer Brands

A

Also called national brands

Created/owned by producers

Attract business to stores

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4
Q

Dealer Brands

A

Also called private brands or private labels

Created/owned by intermediaries

Creates higher margins

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5
Q

FTC = Label rules

A

FTC ACT of 1914 held that false, misleading or deceptive labels or packages constitute unfair competition

Both federal and state laws regulate labeling

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6
Q

FDA regulates food and drug labels

A

Open dating (expiration codes)

Nutritional labels

Nutritional labeling and education act of 1990 - requires sellers to provide detailed nutritional info

FDA also regulates terms like low-fat, high fiber and light

Hot issues: serving sizes, nutrition and gmo labeling

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7
Q

Environmental packaging

A

Recyclable materials

Biodegradable materials

Compact packaging

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8
Q

Ethical issues of packaging

A

Display packaging

True to size packaging

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9
Q

3 types of convenience products

A

Staples

impulse

emergency

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10
Q

2 types of shopping products

A

homogeneous

heterogeneous

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11
Q

product

A

need-satisfying offering of a firm

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12
Q

Components of a product

A

Excellent service

Physical good with the right features

useful instructions

convenient package

trustworthy warranty

familiar name

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13
Q

service

A

not physical - they are intangible

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14
Q

Quality

A

A product’s ability to satisfy a customer’s needs or requirements

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15
Q

Consumer Product classes

A

Convenience products

Shopping products

Specialty products

Unsought products

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16
Q

Business product classes

A

Installations

Accessory equipment

Raw materials

Component parts and materials

Maintenance, repair, and operating supplies

Professional services

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17
Q

Conditions favorable to successful branding

A

The product is easy to label and identify by brand or trademark

The product quality is easy to maintain and the best value for the price

Dependable and widespread availabilty is possible. When customers start using a brand, they want to be able to continue using it

Demand is strong enough that the market price can be high enough to make the branding effort profitable

There are economies of scale. if the branding is really successful, costs should drop and profits should increase

Favorable shelf locations or display space in stores will help. This is something retailers can control when they brand their own products

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18
Q

5 levels of brand familiarity

A
  1. rejection
  2. non-recogniton
  3. recognition
  4. preference
  5. insistence
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19
Q

Characteristics of a good brand name

A

Short and simple

Easy to spell and read

Easy to recognize and remember

Easy to pronounce

Can be pronounced in only one way

Can be pronounced in all languages

Suggestive of product benefits

Adaptabele to packaging/labeling needs

No undesriable imagery

Always timely

Adaptable to any advertising medium

Legally available for use (not in use by another firm)

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20
Q

How do you protect a brand name?

A

U.S. common law and civil law protect the rights of trademark and brand name owners

Lanham act - spells out what kinds of marks can be protected and the exact method of protecting them

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21
Q

4 different approahces to branding

A

family brand

individual brand

lisecenced brand

generic products

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22
Q

Battle of the brands

A

The competition between dealer brands and manufacturer brands, is just a question of whose brands will be more popular and will be in control

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23
Q

Packaging can enhance the product

A

Can make the product easier or safer to use

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24
Q

Warranty

A

Explains what the seller promises about its product

It may actually reduce the responsibility a producer would have under common law

Must be clearly written

Warranties lessen consumer risk

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25
Q

product assortment

A

the set of all product lines and individual products that a firm sells

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26
Q

product line

A

a set of individual products that are closely related

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27
Q

individual product

A

a particular product within a product line

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28
Q

Branding

A

The use of a name, term, symbol, or design - to identify a prodcut

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29
Q

brand name

A

a word, letter, or a group of words or letters

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30
Q

Trademark

A

includes only those words, symbols, or marks that are legally registered for use by a single company

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31
Q

service mark

A

the same as a trademark except that it refers to a service offering

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32
Q

Brand familiarity

A

Means how well customers recognize and accept a company’s brand

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33
Q

Brand rejection

A

Means that potential customers wont buy a brand unless its image is changed

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34
Q

Brand nonrecognition

A

Means final consumers dont recognize a brand at all -even though intermediaries may use the brand name for identification and inventory control

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35
Q

Brand recognition

A

Means that custoemrs remember the brand

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36
Q

Brand preference

A

Which means that target customers usually choose the brand over other brands, perhaps because of habit or favorable past experience

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37
Q

Brand insistence

A

Means that customers insist on a firm’s branded product and are willing to search for it

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38
Q

brand equity

A

the value of a brand’s overall strength in the market

39
Q

family brand

A

the same brand name for several products

40
Q

licensed brand

A

a well-know brand that sellers pay a fee to use

41
Q

individual brands

A

seperate brand names for each product when its important for the products to each have a seperate identity

42
Q

generic products

A

products that have no brand at all other than identification of their contents and the manufacturer or intermediary

43
Q

Manufacturer brands

A

brands created by producers

44
Q

Dealer brands

aka private brands

A

Brands created by intermediaries

45
Q

Packaging

A

involve promoting, protecting, and ehnancing the product

can be important for both sellers and customers

46
Q

Universal product code (UPC)

A

To speed handling of fast-selling products, government and industry representatives have developed a universal product code that identifies each prouct with readable by electronic scanners

47
Q

Federal Fair Packaging and Labeling Act

A

Requires that consumer goods be clearly labled in easy-to-understand terms to give consumers more information

48
Q

Magnuson-Moss Act

A

Says that producers must provide a clearly written warranty if they choose to offer any warranty

49
Q

Consumer products

A

meant for the final consumer

50
Q

Business products

A

Products meant for use in producing other products

51
Q

Convenience products

A

Products a consumer needs but isn’t willing to spend much time or effort shopping for

52
Q

Staples

A

Products that are bought often, routinely, and without much thought

53
Q

Impulse products

A

Products that are bought quickly and unplanned because of a strongly felt need

54
Q

Emergency products

A

Products that are purchased immediately when the need is great

55
Q

Shopping products

A

Products that a customer feels are worth the time and effort to compare with competing products

can be homogeneous or heterogeneous

56
Q

Homogeneous shopping products

A

Shoppig products the customer sees as basically the same and wants the lowest price

57
Q

Heterogeneous shopping products

A

Shopping products the customer sees as different and wants to inspect for quality and suitability

ex. furniture, clothing, and membership in a spa

58
Q

Specialty products

A

Consumer products that the customer really wants and makes a special effort to find

59
Q

Unsought products

A

Products that potential customers dont yet want or know they can buy

60
Q

New unsought products

A

products offering really new ideas that potential customers dotn know about yet

61
Q

Regular unsought products

A

products- like gravestones, life insurance and encyclopedias that stay unsought but not unbought forever

62
Q

derived demand

A

the demand for business products derives from the demand for final consumer products

63
Q

expense item

A

a product whose total ost is treated as a business expense in the year it’s purchased

64
Q

capital item

A

a long-lasting product that can be used and depreciated for many years

65
Q

installations

A

Such as buidlings, land rights, major equipment - important capital items

66
Q

Accessories

A

Short-lived capital items - tools and equipment used in production or office activities

67
Q

Raw materials

A

Unprocessed expense items - such as logs, iron, ore, and wheat - that are moved to the next productino proces with little handling

68
Q

Farm products

A

Grown by farmers

69
Q

Natural products

A

products that occur in nature

70
Q

Components

A

Processe expense items that become part of a finished product

71
Q

Supplies

A

Expense items that do not become part of a finished product

3 types: 1. maintence, 2. repair, and 3. operating supplies

72
Q

Professional services

A

Specialized services that support a firm’s operations

usually expense items

73
Q

New-Product Development Process

A
  1. Idea generation
  2. screening
  3. idea evaluation
  4. development
  5. commercialization
74
Q

PSSP Hierarcy of Needs

A

Physiological needs

safety needs

social needs

personal needs

75
Q

product life cycle

A

Describes the stages a really new product idea goes through from beginning to end

  1. market introduction
  2. market growth
  3. market maturity
  4. sales decline
76
Q

Market introduction

A

Sales are low as a new idea is first introduced to a market

77
Q

Market growth

A

Industry sales grow fast - but industry profits rise and then start falling

78
Q

Market maturity

A

Occurs when industry sales level off and competiton gets tougher

79
Q

Sales decline

A

New products replace the old

80
Q

Fashion

A

The currently accepted or popular style

Fashion-related products tend to have short life cycle

81
Q

Fad

A

An idea that is fashionable only to certain groups who are enthusaistic about it

82
Q

New product

A

One that is new in any way for the company concerned

83
Q

Federal Trade Commission (FTC)

A

The federal government agency that policies antimonololyy laws

84
Q

Consumer Product Safety Act

A

Set up to encourage safety in product design and better quality control

85
Q

concept testing

A

getting reactions from customers about how wll a new-product idea fits their needs

86
Q

Product managers or brand managers

A

Manage specific products - often taking over the jobs formerly handled by an advertising manager

87
Q

Total quality management (TQM)

A

The philosphy tha everyone in the organization is concerned about quality, throughout all of the firm’s actitivies, to better serve customer needs

88
Q

Pareto chart

A

A graph that shows the number of times a problem cause occurs, with problem causes ordered from most frequent to least frequent

89
Q

fishbone diagram

A

visual aid that helps organize cause and effect relationships for things gone wrong

90
Q

empowerment

A

means giving employees the authority to correct a problem without first checking with management

91
Q

Can a product enter in any phase of the life cycle?

A

A given firm may introduce or drop a specific product during any stage of the product life cycle

92
Q

New Product Development Process

A

Idea generation

Screening

Idea evaluation

Development

Commercialization

93
Q

2 things a new product development process tries to do

A
  1. move quickly
  2. avoid expensive new-product failures
94
Q
A

Marketing (15 decks)

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