Ch. 11

Various Brand Elements firm use:

-Brand names -logos -symbols -characters -slogans -jingles -distinctive packaging

Competitive brands add value for the consumer by:

-Signifying a distinct level of quality -Identifying unique features and attributes that are easy to distinguish

Types of Consumer Products:

1. Specialty 2. Shopping 3. Convenience 4. Unsought

Competitive brands add value for the consumer by

1.) Identifying unique features and attributes that are easy to distinguish 2.) Signifying a distinct level of quality

-Consumer is not willing to expend any effort to evaluate prior to purchase -Common beverages, bread, or soap

Convenience Product/Services

A firm's own corporate name used to brand its product line and products. i.e: Kelloggs, Special K, Fruit Loops

Family Brand

Increase Breadth

Firms often add new product lines to capture new or evolving markets and increase sales

Example of Brand Extension

Ritz, in addition to it's crackers begins to sell Ritz-in-a-can cheeses. (Since cheese would be a new product line)

Example of Brand Extension

Ritz, in addition to it's crackers, begins to sell Ritz-in-a-Can cheeses.

Brand Loyal Consumers provide an important source of ________ for firms.

Value

Components of Augmented product.

Warranties, Product Support

Example of Product Line Extension

Coke, in addition to its existing diet coke flavors, introduces chocolate-flavored diet coke.

________ products/services are exemplified by products such as sodas and candy bars because most consumers who purchase them usually use limited decision making.

Convenience

Example of Brand Extension

Crest sells toothpaste toothbrushes mouthwash

The number of products within a product line is a firm's product line:

Depth

The strategy in which marketers change a brand's focus to target new markets, or realign the brand with changing market preferences, is known as:

Brand Repositioning

When a company changes a brand's status in the marketplace. Includes changes to the marketing mix such as product, place, and promotion. Keep up with consumer wants and needs Focus on consumer, other businesses or the public.

Brand Repositioning (rebranding)

Which of the following are components of an actual product.

Brand name, Feature/Design

Differentiate its product offerings from those of its competitors. A company lives or dies based on brand awareness. "Protect this house" *Under Armour*

Branding

Brand Ownership is a type of

Branding strategy

Selling products across many different product lines. These companies have significant _____ in their product mixes.

Breadth

The product mix reflects _______ and ________ of the company's product lines.

Breadth/Depth

-Practice of marketing two or more brands together, on the same package, promotion, or store. -Can enhance consumers consumers' perceptions of product quality -Taco Bell & Pizza hut in the same store. -Creates Risk to fail when there are disputes or conflicts of interest

Co-Branding

Products are complex with multiple components._______ defines the basic problem-solving benefits that consumers are seeking.

Core Customer Value

Typically who determines the product or service's value in relationship to that of its close competitors

Customers

Branding enables a firm to do all the following except:

Eliminate advertising spending

Kellog sells a variety of products under it's own corporate name to brand all of it's product lines, this is known as

Family

Increase Depth

Firms might add items to address changing consumer preferences or to preempt competitors while boosting sales. Taco bell adding new varieties of Doritos Locos Tacos to appeal better to consumer who enjoy spicy foods or love cool ranch flavor.

>Can be used for promotion >Must comply with general and industry specific laws and regulations. -ingredients -where the product was made -directions for use -safety precautions >Communication Tool

Product labeling

Groups of associated items that consumers tend to use together or think of as part of a group of similar products or services.

Product lines

A complete set of all products and services offered by a firm is called:

Product mix -Product mix typically consist of product lines.

Number of product lines offered by a firm; also known as variety.

Product mix breadth

Jack and his wife were in need for a new mattress. They compared mattresses at a few local stores learning about different brands, before making a purchase. In Jack's case a mattress is most likely a ____ good.

Shopping

Products are complex with multiple components. ______ refers to attributes like the brand name, features/design, quality level, and packaging.

The actual product.

Products are complex with multiple components. ______ refers to the nonphysical aspects of the product, such as financing and support.

The augmented product.

Examples of communication media that firms use to create brand awareness include:

Publicity and Advertising

The goal behind spending millions on promotion, advertising, and other marketing efforts is:

-To build consumer loyalty -To create more brand awareness

Competitive Brands add value for the customer by:

1.) Identifying unique features and attributes that are easy to distinguish 2.) Signifying a distinct level of quantity

Components of a Product

>The actual product: -brand name -features/design -quality level -packaging >Associated Services - Augmented Product: (non-physical) -product warranties -financing -product support -after-sale service

Example of communication media that firms use to create brand awareness include:

Advertising, Publicity

Retailer/ Store Brand

Also known as national brands, have famous manufacturer's such as: Coca Cola and Nike

Manufacturers Brand

Also known as private label brands, sold exclusively by the retailer.

The set of assets and liabilities linked to a brand that add to or subtract from the value provided by a product or service is _______ equity.

Brand

The mental link customers make between a brand and it's key product attributes is known as:

Brand Association

Measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand names, slogans etc.) in the firm's communications to the consumers.

Brand Awareness

Occurs when brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold.

Brand Dilution

The value of a brand. The sets of assets and liabilities linked to a brand that add or subtract from the value provided by the product or service.

Brand Equity

The use of the same brand name for new products being introduced to the same of new products.

Brand Extension

Contractual agreement between firms, whereby one firms allows another to use its brand name, logo, symbol, or characters in exchange for a negotiated fee. Effective form of attracting visibility for the brand thereby building brand equity through overexposure i.e a beer company located in Europe could lease its brand name to an American brewer

Brand Licensing

Occurs when a consumer buys the same brand's p/s's repeatedly over time rather than buying from multiple suppliers within the same category.

Brand Loyalty

Decrease Depth

From time to time, it is also necessary to delete products within a product line to realign the firm's resources

Best example of a convenience product/service.

Gasoline. because most consumers do not go out of their way to shop around for gas.

The use of individual brand names for each of a firm's products.

Individual Brands

Label must comply with laws and regulations and must included:

Ingredients Where the product was made Directions for use Safety Precautions

>The use of the same brand names within the same product line >Increase in a product lines depth. i.e - Kellogg's Eggo syrup & Frito lay markets both chips and dips under Frito. When people buy the chips they tend to buy the dip as well this increases overall sales.

Line Extension

Branding includes:

Logos Slogans

The complete set of all products and product lines offered by a firm is called its product assortment, or product _________.

Mix

The product ________ is the complete breadth and depth of all products offered by a firm.

Mix

Types of ________ are Primary & Secondary. They add consumer value.

Packaging

The relationship between a p/s's Benefits and Costs.

Perceived Value

The number of categories within a product line.

Product line depth

______________ products/services are typically consumer durables like a dryer or refrigerator. Buyers spend a fair amount of effort and time to make comparisons before purchasing and usually do not know which one or which brand they will buy in advance of the process.

Shopping

-Consumers will spend a fair amount of time comparing alternatives -New sneaks (store to store shopping)

Shopping Product/Services

Prom gown for susan using comparisons

Shopping p/s

Decrease Breadth - (Removing a slice from the loaf)

Sometimes it is necessary to delete entire product lines to address changing market conditions or meet internal strategic priorities.

Debbie getting botox from a highly qualified doctor, she makes an appointment with parsons since she considers the selection to be a __________ good/service.

Specialty

_______ product/services are those such as an Apple iPod, Harley Davidson, or Starbucks latte for the which the consumer shows a fairly strong preference and loyalty and will go out of the way to find that specific brand.

Specialty

-Customers express strong preference -Designer apparel, luxury cars -Road bike enthusiast interested in Trek madone 7

Specialty Products/Services

Primary Packaging

Such as the toothpaste tube, from which we seek convenience in terms of storage, use, and consumption.

Secondary Packaging

The wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners; can contain additional product information that may not be available on the primary package.

Victoria secret partnership with NFL (licensed brand extension)

Top Licensed Brand Extension

Brands are legally protected through:

Trademarks and Copyrights

-Consumers do not normally think of buying these items -Require a lot of marketing effort -Require various forms of promotion -New-to-the-World p/s

Unsought Products/Services