marketing

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marketing
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2013-04-10 02:08:26
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  1. Sociocultural Forces
    The influences in a society that changedemographics and people’s attitudes, beliefs,and lifestyles
  2. Demographic- U.S. Population
    Continues to grow BUT is growing at a slower rate.

    Continues to grow OLDER. The number of people 65 & up is expected to double by 2050.

    A major shift towards southern and westernStates
  3. Demographic- Increased EthnicDiversity in the USA
    80% of all population growth in the next 20 years is expected to come from African-American, Hispanic and Asian communities

    Minorities now represent 25% of the population and it is forecast to be 50% by 2050
  4. Demographic- Single Adults onthe Rise
    Single men living alone comprise 11% of all U.S. households. Up from 3.5% in 1970.

     Single women living alone comprise 15% of all U.S. households. Up from 7.3% in 1970.
  5. Cultural Trends in the USA
    A more environmentally conscience society that seeks to buy “green” products

    A time-poor society that seeks products thatcan save them time

    A more health-conscience society that seeks exercise and healthier food
  6. Brand
    The identity and reputation of a specificproduct, service or business
  7. 6 Values of Branding for the Customer & the Marketer
    Facilitate Consumer Purchasing

    Establish Loyalty (Brand Loyalty)

    Protect from Price Competition

    Reduce Marketing Costs

    Differentiate from competition

    Are Assets that impact a company’s market

    value (Brand Equity)
  8. Brand Loyalty
    Occurs when a consumer buys the sameproduct or service repeatedly over time to the exclusion of other alternatives
  9. Brand Equity
    The marketing and financial value associated with a brand’s strength (or weakness) in a market

    Positive brand equity creates value beyond the functional value of the product

    Strong brand equity can mean BIG $$$$!!!
  10. Brand Licensing
    A contractual arrangement whereby one firmallows another to use it’s brand name, logo,symbol, or characters in exchange for a fee
  11. Brand Personality
    The image and “feelings” associated with the brand
  12. Trademark
    A legal designation of exclusive use of a brand.

    May include the brand name, logo, or otherwritten, verbal or visual things thatdistinguish it from competitors

    About 150,000 new trademarks areregistered with the U.S. Patent andTrademark Office each year
  13. Manufacturer vs Private Label
    1) Manufacturer Brands – Brands initiated by producers. AKA: “National Brands”

    2) Private Label Brands – Brands initiated and owned by resellers. However, they are NOT manufactured by the reseller. Also called“store brands” and “house brands”.Increasing in popularity; represents 16% of sales in the USA.
  14. Private Label Stategies
    Premium Brands- Offer comparable or superior quality to the national brand, often at a slightly reduced price.

    Copycat Brands – Imitate the manufacture’sbrand in appearance & packaging but aresold at a lower price.

    Exclusive Cobrands – A brand that isdeveloped by a manufacturer exclusively fora select retailer.
  15. Brand Extension
    Using an existing brand to brand a newproduct in the same or different markets
  16. Brand Dilution
    When Brand Extension “overextends” and adversely affects consumer perceptions of the brand.
  17. Cobranding
    The practice of marketing two or more brands together on the same package or promotion.
  18. Brand Architecture
    How you package the various brands &segments of your business into a single,understandable entity.
  19. Corporate Brands
    Brands that represent the “Parent”corporation.
  20. Family vs Individual Branding
    1. Individual branding – keeping each brand separate. Ie: Sara Lee makes multiple brands like Hanes Underwear, L’eggs pantyhose, Ball Park franks, and Jimmy Dean sausage

    2. Family Branding- Putting all brands under the same umbrella – ie: Kellogg’s Corn Flakes, Rice Krispies, Special K, etc.

    Family-Endorsed Branding- Individual brands that have the strong and visible endorsement of their “parent” company. Ie: Kellogg’s Pop-Tarts, Eggo, & Cheez-Its are individual brands with “Kellogg’s” on the package.
  21. Pros of Individual Branding
    Pros

    Insulates products from failures of other brands

    Maybe best if products vary widely in type,targeting, and/or quality

    Better protects
  22. Cons of Individual Branding
    By far the most costly and risky

    May requires thatyou also build a“corporate brand”as well
  23. Pros of Family Branding
    By far the leastexpensive approach

    Good if yourproducts have asimilar focus

    Good for buildingBrand Equity for the Parent Company
  24. Cons of Family Branding
    Could lead to“Brand Dilution”'

    Bad experience witha product in one area could negatively effect other products
  25. Pros for Family-Endorsed Branding
    Allows for building a separate identity with the added help of the family brand.

    May allow for awider variety ofproducts with lessrisk of Brand Dilution
  26. cons for Family-Endorsed Branding
    More expensivethan family branding
  27. Eight Steps of The Branding Process
    • 1. Brand Architecture
    • 2. Market Research
    • 3. Positioning
    • 4. Develop Brand Identity
    • 5. Develop name, logo, & tagline
    • 6. Launch your brand
    • 7. Manage, leverage, & protect your brand
    • 8. Realign your brand (if necessary)
  28. The Brand Identity Statement
    Defines what your brand stands for and serves  as the steering wheel for your entire branding strategy.

    Wraps together the company’s mission, value,and promise with the Brand Personality Statement, Positioning, and Targeting.

    The Brand Identity Statement is the “Mission
  29. Defining Your Brand-The Base
    Mission Statement

    Vision Statement

    Business Promise
  30. The Mission Statement
    A statement of the organization’s scope, often identifying its customers, markets, products,technology, and values
  31. Vision Statement
    Defines your company’s long-term aspirations
  32. Business Promise
    Summarizes the positive difference you deliver to all who deal with your company

    Internally, your business promise should be included in your Product Innovation Charter(PIC)

    Externally, it could be the basis of yourtagline (in step 5)
  33. Brand Personality
    The image and “feelings” associated with the brand
  34. Define your Brand Personality
     After reviewing your mission, vision, promise and promise statements, write a one sentence Brand Personality statement.

     Think of ways to describe your personality such as fun, sophisticated, sexy, practical etc.
  35. 5 things The Brand Identity Statement should Include:
    • 1. What you offer and what is the primarybenefit(s) your product delivers
    • 2. Who you are targeting
    • 3. How you are positioned relative to yourcompetition
    • 4. Your business promise
    • 5. Your Brand Personality Statement
  36. Types of Names
    Owners Name(s)- Rarely develop into strong brands without significant marketing $’s. Celebrity names are an exception to this rule

    Abbreviation names (ie: IBM, AOL)- Exudes no personality and/or benefit. Require significant marketing $’s to establish

    Geographically Anchored- Conveys the benefit of being “local. Often blur into other names with the same geographic handle. 

    - Borrowed Interest & Fabricated Names- ( Apple, Starbucks, Google, Microsoft)-

    Are very unique & easy to recall. Require lots  of marketing $’s to establish.

    Descriptive NamesConvey the nature of the brands offeringsand/or business promise
  37. 6 characteristics The Best Names…..
    •  Reflect your chosen brand personality
    •  Are descriptive of your offering
    •  Create an association to the meaning of yourbrand
    •  Are easy to say & spell
    •  Are unique & memorable
  38. Key Concept: Integrated Marketing Communication (IMC)
     Coordination of promotional efforts for maximum consistency, branding, & persuasive impact.
  39. Your Logo
    Your IMC starts with your logo. The logo and colors you select will be a part of your advertising & packaging years to come.
  40. Logo Colors Should….
    •  Reflect your brand personality
    •  Differ from your major competitors
    •  Use a maximum of three colors
    •  Also look good in black & white
  41. What is a Tagline?
    A phrase that accompanies your brand nameto quickly translate your positioning & identitystatements to consumers
  42. Three Core Branding Elements
    1. Reputation Management- Working to in sure that customers have positive experiences &spread good word-of mouth. (Includes good customer service, warranties, public relations, etc.)

    2. Positioning - Seeing that your brand is properly positioned in the consumers mind  relative to the competition (better, faster,cheaper, or different)

    3. Face of the Brand – The name, logo, tagline,advertising, website, etc.

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