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