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Module 6

5 Pages
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Department
Marketing
Course Code
MKT 100
Professor
Paul Finlayson

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Module 6 Brand Management and Product Development
Brand: a set of associations linked to a name, mark or symbol associated with a product or
service, much like a reputation
Brand Equity: the value of the brands name, its worth as an asset to the company, also
called good will
Hard to get brand equity from baby boomers , boomer children, all grew up with
conveniences, hard to impress
Brand loyalty: the repeated purchase of the same brand of product or service over time
Categories of brand loyalty:
oEmotional Loyalty: Good will, positive word of mouth, unique, memorable
and reinforcing experiences
oIdentity Loyalty: an expression of self
oDifferentiation Loyalty: perceived superior features and attributes, loyalty
can be lost if found out that its not true
oService contract loyalty: continued loyalty earns them special treatment
or that the seller is trying very hard to keep the customer loyalty
oConvenience loyalty: based on buying convenience
High brand loyalty leads to more distribution reach and distributor support
Brand reputation built in a primary market helps a brand when entering a
secondary market (called brand extension)
Brand Recognition awareness, loyalty, quality, emotion
Brand Preference customers are committed to buy further purchase
Brand Awareness the product name comes into the mind first, when thinking about a
product category
www.notesolution.com
Brand Association the use of favorable images, celebrates, geographic regions
Co-Branding using a product, to improve the other products image
Brand name, logo, and trademark Tactics
It should be attractive, memorable, communicate the positioning of the product and
distinguish from other products
Trademark: a brand that is given legal protecting and grant solely ownership
National Brand
oA product name same as the manufacturers name
Private Brand
oA product name same as the sellers name (Staples)
Generic Brand
oWhen a product lost it exclusive claim because all of the products have
become generally known by the brand name. (Jell-O, Vaseline, Kleenex)
Product Development Best Practice
Listening to distributors and retailers is not always a good idea if they are not
customer-oriented
Good grips:
oUnderstand customer product use and benefits sought
oPractice in design
oPractice in funding the project
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Description
Module 6 – Brand Management and Product Development Brand: a set of associations linked to a name, mark or symbol associated with a product or service, much like a reputation Brand Equity: the value of the brands name, it’s worth as an asset to the company, also called good will Hard to get brand equity from baby boomers , boomer children, all grew up with conveniences, hard to impress Brand loyalty: the repeated purchase of the same brand of product or service over time Categories of brand loyalty: o Emotional Loyalty: Good will, positive word of mouth, unique, memorable and reinforcing experiences o Identity Loyalty: an expression of self o Differentiation Loyalty: perceived superior features and attributes, loyalty can be lost if found out that it’s not true o Service contract loyalty: continued loyalty earns them special treatment or that the seller is trying very hard to keep the customer loyalty o Convenience loyalty: based on buying convenience High brand loyalty leads to more distribution reach and distributor support Brand reputation built in a primary market helps a brand when entering a secondary market (called brand extension) Brand Recognition – awareness, loyalty, quality, emotion Brand Preference – customers are committed to buy further purchase Brand Awareness – the product name comes into the mind first, when thinking about a product category www.notesolution.com Brand Association – the use of favorable images, celebrates, geographic regions Co-Branding – using a product, to improve the other products image Brand name, logo, and trademark Tactics It should be attractive, memorable, communicate the positioning of the product and distinguish from other products Trademark: a brand that is given legal protecting and grant solely ownership National Brand o A product name same as the manufacturers name Private Brand o A product name same as the sellers name (Staples) Generic Brand o When a product lost it exclusive claim because all of the products have become generally known by the brand name. (Jell-O, Vaseline, Kleenex) Product Development Best Practice • Listening to distributors and retailers is not always a good idea if they are not customer-oriented • Good grips: o Understand customer product use and benefits sought o Practice in design o Practice in funding the project www.notesolution.com o Practice in maximizing distribution reach and seeing to the distribution channel o Practice in minimizing the opportunities for me-too rivals through patent protection while quickly covering all the major distribution channels Product Development as a Filtering Process***(Ask) • Product development as a filter, Stage Gate Best
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