Chapter 11 and 12 (Product:Branding) Vocabulary with Definitions

Chapter 11 and 12 (Product:Branding) Vocabulary with Definitions

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Chapter 11: Product/Branding 1. Brand equity : set of assets and liabilities linked to a brand that could add to or subtract from the value provided by the products or service. o Brand is a firm's asset. Can build, manage, and harness o Firms spend millions of dollars on promotion, ads, & other marketing efforts through PLC. Marketing expenditures allocated carefully can result in greater brand recognition, awareness, perceived value, & consumer loyalty which all enhance brand equity 2. Perceived value : relationship b/w product's benefits and its cost 3. Brand associations : mental links consumers make b/w brand and its key attributes o Toyota Prius is known for being stylish and environmentally friendly o State Farm links its slogan with family o Hallmark slogan associates with love and family image 4. Family brand : Kellogg's uses its family brand name on its cereal brands 5. co-branding : 2 or more brands on same package, promotion, or store o Yum Brands combines 2 or more of its restaurant chains into one store space 6.
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