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Chapter

Module 6 Notes

6 Pages
124 Views
Winter 2011

Department
Marketing
Course Code
MKT 100
Professor
Paul Finlayson

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Module 6: Brand Management and Product Development
Section 1: Brand Management
Brand: a set of associations linked to a name , mark or symbol associated with a
product or service , much like a reputation
To ease the fears of consumers, stick to brand names
Brand Equity: the value of the brands name, its worth as an asset to the company
Also called good will
The connection between superior product and service design processes and brand
equity is strong
Advertising of a product is nothing without a superior product to start with
Brand equity is generated by cumulative, clever innovation in product quality and
product value
Hard to get brand equity from baby boomers , boomer children, all grew up with
conveniences, hard to impress
Brand Loyalty
Learning through experience , learning through observation, gives a shortcut to pick
a brand you like
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
www.notesolution.com
oConvenience loyalty: based on buying convenience
Emotional loyalty varies between product category
Loyalty depends on your personality (ex great stock in family and friendships)
High brand loyalty leads to more distribution reach and distributor support
Leveraging Brand Reputation
Brand reputation built in a primary market helps a brand when entering a
secondary market (called brand extension)
Can extend brand reputation by licensing the brand to another manufacturer and
earn a royalty
Brand name extension is effective when it is applied to a product that is
complementary to the original
Brand Mismanagement
Even strong brands can lose their focus and not do well, brand mismanagement
Brand name, logo, and trademark Tactics
Four important characteristics to good brand name, trademark or logo
oIt should attract attention
oIt should be memorable
oIt should help communicate the positioning/benefit of the product
oIt should distinguish the product from competing brands
Help with memory associations
Buyers choose products based on their perceptions of the benefits
Keep changing logo, hurt this link
Section 2: Product Development Best Practice
Listening to distributors and retailers is not always a good idea if they are not
customer-oriented
www.notesolution.com

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Description
Module 6: Brand Management and Product Development Section 1: Brand Management Brand: a set of associations linked to a name , mark or symbol associated with a product or service , much like a reputation To ease the fears of consumers, stick to brand names Brand Equity: the value of the brands name, its worth as an asset to the company Also called good will The connection between superior product and service design processes and brand equity is strong Advertising of a product is nothing without a superior product to start with Brand equity is generated by cumulative, clever innovation in product quality and product value Hard to get brand equity from baby boomers , boomer children, all grew up with conveniences, hard to impress Brand Loyalty Learning through experience , learning through observation, gives a shortcut to pick a brand you like 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 its 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 www.notesolution.com
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