MS - product strategies (branding) Flashcards
‘the total product concept’
When people talk about products, they refer to what a company produces, such as motor vehicles or entertainment
intangibles that come with these products are also important and can be used to differentiate one businesses product from that of its competitors
with mass-produced products, it is one differences in the intangible benefits that product competition is based
refers to the tangible and intangible attributes a product possesses.
Tangible features are features that can be seen that include design, colour, size and range
Intangible features are features that are perceived, the way services are provided
product strategies
Product strategies in marketing can follow these categories of tangible and intangible attributes
Packaging is the means by which the tangible features of the product ate communicated to the consumer
means by which the intangible features of the product ate communicated to the consumer.
brand and branding
A brand is a distinguishing name or logo used to identify and differentiate a business products from those of competitors
Branding is the process of creating, maintaining, strengthening or changing a brand
A powerful marketing strategy that can be used to influence and manage the way people perceive and respond to your brand and thereby influence their buying decisions
branding strategies
Generic (simple, plain such as home brand or no frills) black and gold
Family (all products made by the business use the same brand name or logo) virgin
Individual (each product is given its own brand name or logo) unilever
benefits of family branding
It helps to identify products and encourage repeat purchases
Family branding can help gain economies of scale in marketing (i.e the promotion used on one product can assist in promoting all products under the brand)
Family branding gives new products a link to already established items encouraging customers to try them (reduce perceived risk)
benefits of individual branding
When individual branding is pursued for multiple products, then it allows a corporation to position its brands in several different ways
It also allows the business to create products of various quality levels within the same business
The failure of a single brand will not hurt the local, national, or global reputation of the company
