Exam # 2 Review

Exam # 2 Review - Exam # 2 Review Product life cycle...

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Exam # 2 Review Product life cycle Describes the stages a new product goes through in the marketplace: 1. introduction 2. growth 3. maturity 4. decline Brand and product manager description and responsibilities Manages the marketing efforts for a close-knit family of products or brands Responsibilities: developing and executing a marketing program for the product line described in an annual marketing plan and approving ad copy, media selection, and package design Value The ratio of perceived benefits to price Value = (perceived benefits/price) Legal and regulatory components of pricing Branding Basic decision where an organization uses a name, phrase, design, or symbols, or combination to identify its products and distinguish them from those of competitors Brand equity Added value a given brand name gives to a product beyond the functional benefits provided Trademark Identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it Good brand name list 1. name should suggest the product benefits 2. name should be memorable, distinctive and positive 3. name should fit the company or product image 4. name should have no legal or regulatory restrictions 5. name should be simple and emotional Product adoption profiles (figure 11-5, p. 295)
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Exam # 2 Review - Exam # 2 Review Product life cycle...

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