MKTG 3000 Lecture Notes - Lecture 14: Umbrella Brand, Aldi, Implied Warranty
Class Update:
-Quiz on Chapters 10,11, and 12 closes Sunday October 16th at 11pm
-no discussion next week
-start working on part two of project
-
I. Product modifications
a. Change in one or more characteristics of the product
b. Elimination of the original product form the product line
c. Usually an upgrade
d. Why a product modification?
i. People’s eeds hage
ii. Common in technology
iii. Most famous product modification was coke (not famous)
1. Coke was responding to pepsi
2. Brand is as important as the quality.
3. If you manage your brand well enough, you can recover from almost
anything
4. Marketing lesson: when you modify your project, you have to make sure
you understand the attitude of current users
5. Need to ake sure you are’t goig to rui loyalty of the produt
e. Different types of modifications
i. Quality
1. Changes in material or production processes related to a products
dependability and durability
ii. Functional
1. Change in versatility, convenience, effectiveness or safety
II. Brands
a. Benefits
i. Brands are valuable assets
b. Brands live in the hearts and minds of consumers
i. ON THE TEST
ii. Brands evoke emotions
c. Family branding
i. Economy of scale in advertising
d. Basic vocab of brands
i. Brand name= that part of a brand that can be spoken, including letters, words
and numbers
ii. Brand mark: elements of a brand that cannot be spoken (symbol)
iii. Grand equity: the value of company and brand names
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