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What is a product?
- Everything you receive in an exchange.
- A tangible product
- A service
- An Idea
- A person
- An org
- After Sale service,
- delievery and credit
- Brand Name,
- quality level
What is a Brand?
A name term, symbol, design or combination thereof that identifies a seller’s product.
What is a bran name?
Part of brand that can be spoken.
What is a brand mark?
symbol, example nike swoosh
What makes up brand equity?
- High Awareness
- Perceived Quality
- Brand Loyalty
What is Brand Extension?
- Using a brand for a new product in a new category.
- +instant recongiiton at lower cost
- -may changing meaning of brand
- -doesnt always work
What is an example of Brand Protection?
Trademark: can be registered with the us patenet and trademark office. Exclusive right to use a brand or part of brand.
infringement is mainly judged by likelihood of confusion.
Apple has trademarks to Apple tech, is it okay for an "Apple" restaurant to open?
Example of unprotected brands becoming generic product names?
What is co-branding?
- Combining Brands,
- two or more brands on same product,
- Jack Daniel's TGI Friday Sauce.
Why do co branding?
- Take advantage of complimentary benefits of two brands,
- expand into new categories
BUT requires complicated legal licensing agreements
What is an example of Manufacturers brand item?
owned and managed by producer
What is an example of Private Brands?
Sam's Choice, Up and Up
brand owned and managed by a retailer or wholesaler
What are functions of Packaging?
- Protect and contain product
- promote product
- facilitate storage, use and convenience
- Facilitate recycling and reduce environmental damage
What decisions go into packaging
- Environmental impact
What are functions of labeling?
- Identify product
- describe/provide info
- promotes product
- subject to labeling regulations
Firm has to balance what it must and can say with what will attract customers.
How can companies change a product?
- can change
What is a product mix?
All products a company sells
What is product line?
- group of closely related products
- example shampoos, toothpastes
What is an SKU
- Stock Keeping Unit,
- a unique product item
What is an example of Product Mix Width?
Width of the product mix so a company can sell Soups, sauces, frozen entrees, beverages,
What is an example of product line depth?
Its the depth of a product line, so a company can sell soup, but the depth is what types of soup, so chicken, mushroom, tomato, etc
How do we adjust the product mix strategy?
Product line extension: to meet competition, adapt, could cause cannibalization.
Product Line Contraction: focus on few core products, minimize cannibalization
Increase Product mix width: adding product categories to take advantage of growth markets
Decrease product mix width: product category may no longer fit company strategy. adjust to overall decline in a particular market.
What is individual Brand strategy?
- Unique brand names for every product. Ex P&G
- but its costly
good if you target different segments and carry a wide range of products
What is family brands strategy?
- Same brand for all company's product. Ex Method.
- More cost efficient
- Limited if you target different segments and carry a wide range of products.