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Lecture

Marketing Chapter 10.docx

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Department
Commerce
Course
COMMERCE 2MA3
Professor
Ambika Badh
Semester
Fall

Description
Chapter 10 – Developing and Managing Brand and Product Strategies Brand  Brand – name, term, sign, symbol, design or some combination that identifies the products of one firm while differentiating them from the competitions. Brand Loyalty  Brand recognition – consumer awareness and identification of a brand, the firm’s first objective for newly introduced products  Brand preference – when buyer’s rely on previous experience with product while making a product choice  Brand insistence – ultimate stage of brand loyalty when consumers refuse alternatives and extensive search for desired merchandise Types of Brands  Generic products – products characterized by plain labels, no advertising and the absence of brand names  Manufacturer’s brand – brand name owned by a manufacturer or other producer, producers are using their name  Private brands – brand offered by a wholesaler retailer, retailer use their own name  Captive brands – national brands that are sold exclusively by a retail chain, exclusive products in a chain outlet  Family brands – single brand name that identifies several related products, e.g. Johnson and Johnson (baby products)  Individual brands - single brand that uniquely identifies a product itself, particular item is listed Brand Equity  Equity - added value that a respected, well-known brand name gives to a product in the marketplace  If there is a good brand equity and quality, you get maximum competitive advantage Category and Brand Management  Brand management – traditionally, companies have assigned the task of managing a brand’s marketing strategies to a brand manager  Category management – product management system in which a category manager – with a profit and loss responsibility – oversees a product line Brand Identification  Brand names – part of a brand consisting of words, numbers, or letters that can be spoken and that identifies and distinguishes a product  Brand mark – symbol or pictorial design that distinguishes a product  Trademark – brand for which the owner claims exclusive legal protection to protect his or her product Chapter 10 – Developing and Managing Brand and Product Strategies  Trade dress – visual components that contribute to the overall look of a brand Developing Global Brand Names and Trademarks  Global brand – any brand which earns more than 20% of their revenue outside the home country  Can be difficult due to cultural and language variation  Names and symbols may not translate well in other cultures  May use a single brand name worldwide or use altered versions to adapt to cultures and languages of individual nations Packaging  Protection against damage, spoilage and pilferage  Assistance in marketing the product  Cost-effective packaging Labeling  Label – branding component that carries an item’s brand name or symbol, the name and address of the manufacturer or distributor, information about the product and recommended uses.  Universal product code (UPC) – numerical bar code system used to record product and price information  Radio-frequency identification (RFID) – electronic chips that carry encoded product identification  Laser coding – putting laser marks or tattoos on products Brand Extensions and Licensing  Brand extension – strategy of attaching a popular brand name to a new product in an unrelated product category, it
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