MKTG 345 - Chapter 10

brand name should

-Suggest the product's benefits and qualities -Be easy to pronounce, recognize, and remember -Be distinctive -Be extendable -Translate easily into foreign languages -Be capable of registration and legal protection

branding strategy

-multiproduct/branding strategy - multibranding strategy - private branding strategy - mixed branding strategy

packaging and labeling create customer value and competitive advantage:

1. communication benefits 2. functional benefits 3. perceptual benefits

creating brand equity

1. develop positive brand awareness 2. establish a brand's meaning 3. elicit the proper response 4. create intense brand loyalty

Three Aspects of the Product Life Cycle:

1. the length of the product life cycle 2. shape of the product life cycle 3. rate of consumer adoption

For the effective management of services, the ________ are often supplemented by the additional components of people, the physical environment, and the process

4Ps

Communication

Nutritional and dietary information

multibranding

a branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment

private branding

a branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer( Ex: Walmart with Great Value )

mixed branding

a branding strategy where a firm markets products under its own name(s) and that of a reseller because the segment attracted to the reseller is different from its own market

trade name

a commercial, legal name under which a company does business (Ex: Coca-Cola)

packaging

a component of a product that refers to any container in which it is offered for sale and on which label info is conveyed

brand licensing

a contractual arrangement whereby one company (licensor) allows its brand name (s) to be used with products or services offered by another company (licensee) for a royalty or fee

brand personality

a set of human characteristics associated with brand name

trading up

adding value to the product (or line) through additional features of higher-quality materials

label

an integral part of the package that typically identifies the product or brand, who made it, where and when it was made, and how it is to be used, and package contents and ingredients

brand name

any word, device (design, shape, sound, or color), or combination of these used to distinguish a seller's goods or services

fad product

as soon as they are cool, they are out

A product manager is sometime called a(n) _______ manager.

brand

The set of human characteristics, such as physical traits associated with a brand, make up the

brand personality.

Due to the fact that services are intangible and more difficult to describe, ________ is very important because it is a means of differentiation and helps to convey an image of quality.

branding

For its _______________, an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors. (one word)

branding

Efforts to influence consumer demand for a service with changes in marketing mix elements is known as _______ management.

capacity

The integration of the marketing mix with efforts to influence consumer demand is known as

capacity management.

When Nestle or McDonald's modify their packaging to use more recyclable material, they are responding to

environmental concerns.

laggards

fear of debt, neighbors and friends are information sources

During the decline stage of the product life cycle, firms will typically have lower sales as well as

fewer competitors.

In the ______ stage of the product life cycle, the product gains acceptance, demand and sales increase, and there are more competitors.

growth

trademark

identifies that a firm has legally registered its brand name or trade name so the firm as exclusive use, therefore preventing from using it

psychological

image, cultural differences

Management of the physical environment for services is sometimes known as ________ management.

impression

decline stage

industry/product sales drop, environmental changes, deletion, harvesting

maturity stage

industry/product sales slow, profit declines, product differentiation, fewer competitors. EX: soft drinks, breakfast cereals

The life cycle and consumers; diffusion of innovation

innovators (2.5%) early adopters (13.5%) early majority (34%) late majority (34%) laggards (16%)

capacity management

integrates the service component of the marketing mix with efforts to influence consumer demand

The _______ stage of the product life cycle for a new product occurs when it is released for purchase by its intended target market

introduction

product modification

involves altering one or more of a product's characteristics, such as its quality, performance, or appearance, to increase the product's value to customers and increase sales

off-peak pricing

involves charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service

The physical environment is important in the delivery of services because

it provides physical evidence, and thus helps convey an image to the consumer.

Which two of the following are ways that a product life cycle curve can vary?

its characteristic shape and characteristic length

early adopters

leaders in social setting, slightly above average education

The product _______ ________ curve can vary in its shape and length and by the rate at which consumers adopt products.

life cycle

A graph can to be used to show the changes in sales revenue and profit over the stages of the product

life cycle.

The product life cycle is

made up of the stages a product goes through in the marketplace, from introduction to decline.

Services marketing differs from that of tangible goods, and many have adopted a strategy to

manage an additional three Ps, on top of product, price, place, and promotion.

Public service announcements, a form of publicity, are frequently used by ________ services because they are free.

nonprofit

low-learning product

not nearly as much time in the introduction stage

_____________ refers to any container in which a product is offered for sale and on which label information is conveyed (one word).

packaging

_______________ and labeling provide opportunities to create communication, functional, and perceptual benefits to customers. (one word)

packaging

usage

particulaar product is incompatible with things you already have

Brand _______, common among successful and established brands, is a set of human characteristics that are associated with the brand name.

personality

risk

physical, economic, or social

Because services are intangible and there may be few other available cues for the customer to judge, they frequently use ________ as an important indicator of a service's quality.

price

A ______ manager is responsible for developing and executing a marketing program for a product line, and some may also develop new products. (one word)

product

product/brand manager responsibilities

product life cycle, new product development, marketing program implementation, data analysis

late majority

skeptical; below average social status

introduction stage:

stimulate trial, primary demand, selective demand, skimming strategy, penetration pricing

market modification

strategies by which a company tries to find new customers, increase a product's use among existing customers, or create new use situations

Easy Off, Glass Plus, Cling Free are good brand name because they

suggest the product benefits.

Today, ________ is being used to deliver services beyond the provider's physical locations.

technology

________ increases the possible distribution of many services including banking, travel services, and entertainment.

technology

brand equity

the added value a brand name gives to a product beyond the functional benefits provided

product repositioning

changes place product occupies in consumer's mind - reacts to a competitor's position - reaches a new market - catches a rising trend - changes the value offered

product life cycle

describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline

When P&G added vitamins to its Pantene shampoo and conditioner formulas, it used _________ to revamp the brand.

product modification

seven p's of services marketing

product, price, place, promotion, people, physical environment, process

trading down

reducing a product's number of features, quality, or price

product class

the entire product category or industry ex: prerecorded music

product form

variations of a product within the product class ex: cassettes, CDs, music streaming

innovators

venturesome, higher educated, use multiple information sources

valuing brand equity

- provides a financial advantage - brands can be bought and sold

branding

A marketing decision in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors.

Branding can include which of the following?

A product name Packaging design Unique symbols, like a logo

Modifying the product

Altering one or more of a product's characteristics to increase its value to customers and increase sales.

data analysis

CDI - Category Development Index BDI - Brand Development index these help you identify what are strong and weak segments and helps provide direction

Repositioning the product

Changing the place a product occupies in a consumer's mind relative to competitive products, sometimes by changing marketing mix elements to bolster sales.

Which of the following are strategies to modify the market?

Increase a product's use among existing customers Find new customers Create new use situations

Which two of the following criteria are often used in naming successful brands?

Emotional names Names without legal restrictions

Multiproduct branding is also called which two of the following?

Family branding Corporate branding

Perceptual

Graphics to convey a brand's positioning

Packaging refers to which two of the following?

It has a label on which information is conveyed. It is any container in which a product is offered for sale.

Key characteristics of the maturity stage are which two of the following?

Marketing costs increase to gain new buyers Intense competition on price occurs

A trip to a Disney theme park reveals a careful integration of all service activities to connect with customers at each opportunity, which is an example of which P in services?

People

The online retailer Zappos.com requires employees to complete a four-week customer loyalty program in delivering its "WOW" service, which is an example of which P in services?

People

Functional

Refrigerator-compatible storage

Which of the following are the primary ways to manage a product through its life cycle?

Repositioning the product Modifying the market Modifying the product

Which of the following are reasons that service marketers rely heavily on branding?

Strong branding makes introduction of new services easier. Branding helps convey an image of quality. Branding is a means of differentiation.

Modifying the market

Trying to find new customers, increase a product's use among existing customers, or crease new use situations.

multiproduct branding

a branding strategy in which a company uses one name for all its products in a product class (ex: Johnson and Johnson) 1. product line extensions 2. subbranding 3. brand extension 4. co-branding

Product repositioning means changing the product position in the

consumer's mind.

An example of a company connecting with customers in its package redesign strategy is

creating a resealable package in response to consumer habits.

During the ________ stage of the product life cycle, a company often minimizes promotion.

decline

early majority

deliberate, many informal social contacts

Shape of the product life cycle:

generalized life cycle, high-learning product, low-learning product, fashion product, and fad product

Typically speaking, during the introduction stage sales are ______ and profit is ______.

growing slowly; minimal

high-learning product

have to teach people how to use it

At the ________ stage of the product life cycle, most consumers who would buy the product are either repeat purchaser of the item or have tried and abandoned it, making it more challenging to acquire new customers

maturity

A firm can reposition its product by changing one or more of the marketing ________ elements

mix

Product bundling is one approach that may be used in a product ________ strategy to increase a product's value to customers.

modification

With ________ branding, a company uses one name for all its products in a product class.

multiproduct

value

no incentive to change

Nonprofits like public schools and hospitals often use ________ in the form of public service announcements to disseminate their messages

publicity

co-branding

putting 2 brands together

Pricing is an important indicator of ________; customers may worry about a ________

quality; $100 surgery

The growth stage of product life cycle is characterized by more competition and a ________ in sales.

rapid increase

growth stage

rapid sales growth, more competitors, repeat purchasers, new features, broad distribution

fashion product

things come in and out all the time

the life cycle and consumers; barriers to adoption

usage, value, risk, and psychological

Market modification strategies include finding new customers, increasing product ______, and creating a new use situations.

use