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Module 6

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MKT 100
Paul Finlayson

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 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 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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