UWEC Marketing 330 - Exam 3

Integrity of a Brand

A brand is a promise to achieve certain results, experience, or act. Ex: Coffee in US = in China

Private Brand

A brand name owned by a wholesaler or a retailer

Tagline/Slogan

A catchy advertising message about how you want to be perceived

Product Life Cycle

A concept that provides a way to trace the stages of a product's acceptance, from its introduction (birth) to its decline (death)

Positioning Statement

A corporate statement that defines the benefit of your product or service to your target audience and states how you are different from competitors

Logo

A graphic mark or symbol commonly used by commercial enterprises, organizations, and even individuals to aid and promote instant public recognition

Product Line

A group of closely related product items "Vertical" size is dependent on the number of items in the line adding more products to a line allows a company to compete more broadly in an industry

Brand

A name, term, symbol, design, or combo of the latter that ID's a seller's products and differentiates them from competitors

Brand

A set of associations that linked to a person, product, a division, or a company

Product Item

A specific version of a product that can be designated as a distinct offering among an organization's products

Service

An intangible product that often involves human or mechanical

Unsought Products

Consumer products that the consumer doesn't know about or doesn't normally think about buying no search price irrelevant

Effective Brand Components

Easy to pronounce Describes the product Legally protectable

Product Mix

Every product that an organization sells "Width" of the product mix is how many product lines an organization offers. The more product lines the more diversified and less risk there is

Products

Everything, both favorable and unfavorable that a person receives in an exchange

Typical Label Components

ID's the product/brand Who made it Where it was made When it was made How to use it Package Contents/Ingredients

What are the 4 Supplemental Features

Installation Delivery Training Financing

4 aspects of Services

Intangibility Inseparability Perishability Heterogeneity

4 Stages of a Product

Introduction Growth Maturity Decline What stage a product falls in depends on the market and the marketing mix

Packaging

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

Family Branding

Marketing several different products under the same brand name

Specialty Products

Products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make an effort to purchase require extensive research generally high prices no ready substitutes

What are the components of Packaging

Protect Promote Facilitate Storage and Convenience

Supplemental Features

Provide the added value or attributes in addition to a products core utility or benefit and help to differentiate the product brand from another

Business Products

Purchases for further processing or for conducting business

Manufacturer's Brand

The brand name of a manufaturer

Core Product

The products fundamental utility or main benefit and addresses the basic need of the customer

Shopping Products

These are consumer products and services that the customer compares carefully on suitability, quality, price, and style more extensive research available substitutes less frequent purchases no brand loyalty low inventory turn over

Convenience Product

These are consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort generally inexpensive many retail outlets heavy brand promotion

Co-Branding

Two or more well known brands are combined with each other expecting the other brand name to strengthen purchase intentions

Individual Branding

Using different brand names for different products

Maturity Stage

declining sales growth saturated markets extending product lines stylistic changes heavy promotions marginal competitors leave prices and profits fall niche markets emerge

Benefits of Branding

exclusive rights premium prices identification trade leverage encourages repeat purchases and more

Introductory Stage

high failure rate little competition frequent modification limited distribution high marketing/production costs negative profits intensive personal selling

Growth Stage

increasing rate of sales entrance of competitors prices fall initial healthy profits market consolidation widen distribution development costs recover

Decline Stage

long run drop in sales large inventories of unsold items elimination of all nonessential marketing

Services Differentiate

product technology -> cost competition -> quality -> service

Brand Equity

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

Personal Brand

what comes to mind when people think of you, what makes you stand out or be unique

Brand Extensions

when an organization uses one if its existing brands to brand a new product in a different product category