MKTG 2800 Lecture Notes - Lecture 11: Brand Licensing, Brand Equity, Competitive Advantage
4 Sep 2016
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Document Summary
Chapter 11 mangaing successful products, services, and brands. Product life cycle: describes the stages a new product goes through. Introduction sales grow slowly, profit is minimal: primary demand desire for the product class, secondary demand the preference for a specific brand. Product manager manages the marketing efforts for a close-knit family of products or brands. Product modification: altering one or more of a product"s characteristics, such as quality, performance or appearances to increase the product"s value to customers and increase sales. Market modification: company tries to find new customers, increase a product"s use among existing customers or create new use situations. Branding: an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors. Brand name: any word, device or combination of these used to distinguish a seller"s products or services. Trade name: a commercial, legal name under which a company does business.
