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The influences in a society that changedemographics and people’s attitudes, beliefs,and lifestyles
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
Demographic- Increased Ethnic Diversity in the USA
80% of all population growth in the next 20 years is expected to come from African-American, Hispanic and Asian communities
Minority population will increase to 50% by 2050
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.
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
The identity and reputation of a specificproduct, service or business
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)
Occurs when a consumer buys the sameproduct or service repeatedly over time to the exclusion of other alternatives
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 $$$$!!!
A contractual arrangement whereby one firmallows another to use it’s brand name, logo,symbol, or characters in exchange for a fee
The image and “feelings” associated with the brand