Textbook Notes (363,065)
Canada (158,171)
Marketing (881)
MKT 100 (485)
Asif Salam (24)
Chapter 9


4 Pages
Unlock Document

Ryerson University
MKT 100
Asif Salam

CHAPTER 9: BRANDING Complexity of Products core customer value basic problem solving benefit that consumers are seeking  Mkters convert CCV into actual product brand name, features, design, quality lvl, packaging associated services/augmented product non physical attributes of prod. (warranties, financing, prod. support, after-sale service) Types of Products consumer products used as personal use. SPECIALTY goods SHOPPING goods -luxury cars, legal/medial professionals, designer -furniture, apparel, fragrances appliances, travel apparel alternatives -consumers devote lots of time to search for best -consumers spend fair amnt of time comparing alternatives suppliers CONVENIENCE goods UNSOUGHT goods -beverages, soap, bread (commodity items) -consumers don’t normally think of buying/know about -no effort to purchase -GPS systems, medicine Product Line Decisions product mix  complete set of all products offered by a firm product lines  groups of associated items (oral care, personal care, household care etc) - Colgate product category  assortment of items that consumer see as reasonable substitutes for one another (toothpaste, whitening products, toothbrushes, floss etc) – Colgate brand name, term, design, symbol or any other features that are distinct from other (toothbrush brands: 360, Motion Whitening, Massager, Navigator) product mix breadth # of product lines, variety offered by firm product line depth # products within a product line SKU individual items within each product category , the smallest unit available for inventory (stock keeping units) control CHANGE PRODUCT MIX BREADTH  Increase Breadth o add new product lines to capture new/evolving markets, increase sales, compete in new venues o True Religion, now lifestyle brand (apparel, belts, swimwear, fragrances)  Decrease Breadth o sometimes necessary to delete entire product lines to address changing market conditions/meet internal strategic priorities o SC Johnson sold off products in their skincare line (Aveeno) to Johnson&Johnson, no longer in skin care business, but remain strong in home cleaning (Pledge, Windex, Glade, Saran, Ziploc) CHANGE PRODUCT LINE DEPTH  Increase Depth o add new products w/in a line to address changing consumer preferences/pre-empt competitors while boosting sales o Band-Aid has over 40 products to heal cuts  Decrease Depth o Necessary to delete product categories to realign resources o Pros Cons  refocus mkting efforts on more profitable  not taken lightly, investments are usually items made in these products  makes more competitive with rivals  free up resources for future acquisitions CHANGE # SKUs  addition/deletion of skus in existing categories to stimulate sales/react to consumer demand  fashion manufacturers/retailers change skus every season (diff colour fabric/flared jeans/lower waistline) Branding What Makes a Brand?  brand name, urls, logos, symbols, characters, slogans, jingles VALUE OF BRANDING FOR CUSTOMERMARKETER Brands…. .. Facilitate Purchasing  enable consumers to differentiate on another / make quick decisions  easily recognized by consumers, signify certain quality lvl, contain familiar attributes  Honda (know what it is, lvl of quality/enginerring,status,cost) Establish Loyalty  overtime consumers learn to trust certain brands  maintain great depth in product lines, consumers are willing to buy other brands w/in their prod. mix Protect from Competition/Price  more established/loyal consumers = no competitive pressure on price/retail lvl competition  Lacoste (golf shirts) Reduce Marketing Costs  brand sells itself Lululemon – people just know are Assets  legally protected through trademarks/copyrights unique ownership for firm  want “pure” / counterfeit merchandise affects firms (Rolex)  Tiffany & Co. iconic blue box, recognizable, high-quality items Impact Market Value  Have direct impact on company’s bottom line  Value of brand is calculated by assessing earning potential over next 12 mnths BRAND EQUITY set of assets/liabilities linked to a brand that +/- from value provided by product Brand AWARENESS  measures how many consumers in mkt are familiar w/ brand and what it stands for/have opinion  being aware of brand helps facilitate purchase, decision making process easier  repeated exposure of brand elements: name. logo, symbol, character, packaging, slogan  communication: advertising, promo, personal selling, sponsorship, event mkting  brands synonymous w/ product itself: Kleenex tissue, Clorox bleach, Xerox copiers, Band-Aid bandages PERCEIVED VALUE  relationship btw/ product’s benefits and its costs  consumers could be aware but have negative opinion of its value/reputation  ++ perceiv
More Less

Related notes for MKT 100

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.