MKT 510 Chapter Notes - Chapter 12: Backtracking, Brand Equity, Brand Awareness

• School: Ryerson University
• Department: Marketing
• Course: MKT 510
• Professor: Ida Berger

Document Summary

Chapter 12: introducing and naming new products and brand. Ma(cid:374)(cid:455) seek to (cid:271)uild (cid:862)po(cid:449)e(cid:396)(cid:863) o(cid:396) (cid:862)(cid:373)ega(cid:863) (cid:271)(cid:396)a(cid:374)ds that esta(cid:271)lish a (cid:271)(cid:396)oad (cid:373)a(cid:396)ket footp(cid:396)i(cid:374)t, appealing to multiple customer segments with multiple products all underneath one brand umbrella. At the same time, marketers are also realizing that too many product variations can be counter- productive, and ill-advised brand proliferation may actually repel consumers. A(cid:374)soff"s p(cid:396)odu(cid:272)t/(cid:373)a(cid:396)ket e(cid:454)pa(cid:374)sio(cid:374) g(cid:396)id: also called the growth matrix. Although existing products can further penetrate existing customer markets or push into additional ones, new-product introductions are often vital to the long run success of a firm. For most firms, the question is not whether to extend the brand, but when, where, and how to extend it. Increases the probability of gaining distribution and trial: the potential for increased consumer demand for a new product introduced as an extension may convince retailers to stock and promote it.