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Chapter 1

Chapter 1 - Brands and Brand Management

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Department
Marketing
Course
MKT 510
Professor
Ida Berger
Semester
Fall

Description
Chapter 1 – Brands and Brand Management Lecture on: September 6, 2012 What is a Brand? - Brand: name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition - Brand elements: different components of a brand that identify and differentiate it. Example: name, logo, symbol, etc. - Brands versus products: o Product: anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want o We can define five levels of meaning for a product:  Core benefit level  Generic product level  Expected product level  Augmented product level: additional product attributes, benefits, or related services that distinguish the product from competitors  Potential product level: includes all the augmentations and transformations that a product might ultimately undergo in the future o A brand is more than a product, because it can have dimensions that differentiate it in some way from other products designed to satisfy the same need Why do Brands matter? - For consumers, and for manufactures: refer page 7 - Search goods: like groceries, consumers can evaluate product attributes by visual inspection - Experience goods: like tires, cannot be easily evaluated through inspection. Experience and actual product trial is necessary - Credence goods: like insurance coverage, consumers may rarely learn product attributes. Brands are an important signal of quality and other characteristics - Brands can reduce the risks in product decisions: o Functional risk: the product does not perform up to expectations o Physical risk: the product poses a threat to the physical well-being or health of the user or others o Financial risk: the product is not worth the price o Social risk: embarrassment o Psychological risk: affects the mental well-being of user o Time risk: failure of the product results in an opportunity cost of finding another satisfactory product Can everything be branded? - A brand is something that resides in the minds of consumers - The key to branding is that consumers perceive differences among brands in a product category - Commodity: a pr
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