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Chapter 10

Chapter 10 Textbook Notes.docx

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McMaster University
Stephen Charko

Chapter 10: Developing and Managing Brand and Product Strategies Managing Brands for Competitive Advantage… •Brand: name, term, sign, symbol, design, or some combination that identifies the products of one firm while differentiating them from the competition's o Brand Loyalty • Measured in 3 stages 1. Brand Recognition: consumer awareness and identification of a brand 1. Brand Preference: consumer reliance on previous experiences with a product to choose that product again 1. Brand Insistence: consumer refusal of alternatives and extensive search for desired merchandise o Types of Brands: • Generic Products: products characterized by plain labels, no advertising, and the absence of brand names • Manufacturers' Brand (National Brand): brand name owned by a manufacturer or other producer  Hewlett-Packard, Sony, Pepsi-Cola, Dell, Heinz • Private Brand (Private Label): brand offered by a wholesaler or retailer  President's Choice, Sam's Choice • Captive Brand: national brands that are sold exclusively by a retail chain  Craftsman, Kenmore • Family Brand: single brand name that identifies several related products  KitchenAid name is on all their appliances • Individual Brand: single brand that uniquely identifies a product itself  PepsiCo (Quaker, Pepsi, Aunt Jemima, etc.) o Brand Equity: added value that a respected, well-known brand name gives to a product in the marketplace • A firm builds brand equity sequentially on four dimensions of brand personality:  Differentiation, refers to a brand's ability to stand apart from competitors  Relevance, refers to the real and perceived appropriateness of the brand to a big consumer segment 1. Esteem, a combination of perceived quality and consumer perceptions about the growing or declining popularity of a brand 1. Knowledge, refers to the extent of customers' awareness of the brand and understanding of what a good or service stands for o Brand Management • Brand Manager: marketer within an organization who is responsible for a single brand • Category Management: product management system in which a category manager - with profit and loss responsibility - oversees a product line Product Identification… •Brand Name: part of a brand consisting of words, numbers, or letters that can be spoken and that identifies and distinguishes a firm's offerings from those of its competitors • Brand Mark: symbol of pictorial design that distinguishes a product • Trademark: brand for which the owner claims exclusive legal protection o Trade Dress: visual components that contribute to the overall look of a brand • A package serves 3 major objectives: i. Protection against damage, spoilage, and pilferage i. Assistance in marketing the product i. Cost effectiveness o Label: branding component that carries an item's brand name or symbol, the name and address of the manufacturer or distributor, information about the product, and recommended uses • Universal Product Code (UPC): numerical bar code system used to record product and price information • Brand Extension: strategy of attaching a popular brand name to a new product in an unrelated product category • Brand Licensing: firm's authorization of other companies to use its brand names New-Product Planning… • Product Developm
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