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ADM2320 Notes.docx

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Department
Administration
Course
ADM2320
Professor
All Professors
Semester
Fall

Description
1Chapter 9 Productanything that is of value to a consumer and can be offered through a voluntary marketing exchangeincludes services ideas people goods organizations people communitiesProduct AssortmentProduct Line DecisionsProduct assortment product mixthe complete set of all products offered by a firmProduct linesgroups of associated items such as those that consumers use together or think of as part of a group of similar items Product categoryan assortment of items that the customer sees as reasonable substitutes for one another Brandthe name term design symbol or any other features that identify one sellers good or service as distinct from those of other sellers Product line breadththe number of product lines or variety offered by the firmProduct line depth The number of categories within a product lineStock keeping units SKUsindividual items within each product category the smallest unit available for inventory controlCategory depth the number of stock keeping units SKUs within a categoryChange Product Mix BreadthIncreaseto capture new or evolving markets increase sales and compete in new venues Decrease to address changing market conditions or meet internal strategic priorities Change Product Mix DepthIncrease to address changing consumer preferences or preempt competitors while boosting sales or to serve new target segments Decrease to delete product categories to realign resources Change Number of SKUsto stimulate sales 2to react to consumer demand Branding brand names logos symbols characters slogans jingles distinctive packagingValue of Branding for the Customer and the Marketer1Brands Facilitate Purchasing easily recognizable by consumers and signify a certain quality level familiar attributes Help consumers make quick decisions2Brands Establish Loyalty over time and with continued use consumers learn to trust certain brands3Brands Protect from Competition and Price Competition4Brands Reduce Marketing Costs the brand sells itself5Brands are Assetscan be legally protected through trademarks and copyrights and thus constitute a unique ownership for the firm Firms sometimes have to fight to keep their brands pure pg 244Ie Rolex needs to fight to keep replicas off the black market6Brands Impact Market ValueBrand Equity the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service 1Brand awareness measures how many consumers in a market are familiar with the brand and what it stands for created through repeated exposures of the various brand elements brand name logo symbol character packaging or slogan in the firms communications to consumerscreated through repeated exposures of the various brand elements logo symbol packaging brand namecommunicated through advertising and promotions personal selling sponsorship and event marketing publicity and public relations PR2Brand association The mental links that consumers make between a brand and its key product attributes can involve a logo slogan or famous personalityoften result from advertising and promotion 3created through positive consumer emotions such as fun friendship good feelings family gatherings and parties 3Brand personality Refers to a set of human characteristics associated with a brand which has symbolic or selfexpressive meanings for consumers4Perceived value The relationship between a product or services benefits and its cost5Brand Loyalty occurs when a consumer buys the same brands product or service repeatedly over time rather than buying from multiple suppliers within the same categorybrandloyal customers are less sensitive to pricefirms sometimes reward loyal customersCRM customer relationship management programs such as points at subway advance notice of sale itemsmarketing costs decrease with loyal customers because customers do not need the extra push to buy the product Branding Strategiesthe majority of brands marketed in Canada are manufacturer brands Brand Ownership Strategies1manufacturer brands national brandsbrands owned and managed by the manufacturer Nike2generica product sold without a brand name typically in commodities markets No Name 3store or private label brands developed and marketed by a retailer and available only from that retailer LifeShoppersNaming Brands and Product Line1corporate or family brandthe use of a firms own corporate name to brand all of its product lines and products2individualthe use of individual brand names for each of a firms products3corporate and product line brandthe use of a combination of family brand name and individual brand name to distinguish a firms productsChoosing a Name1the brand name should bedescriptive suggestive of benefits and qualities associated with the product
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