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