Final Study Guide (Completed) - BUAD 307 Principles of...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
BUAD 307 Principles of Marketing – Final Exam Review Towns Material Covered: Textbook chapters 11-16 Harvard Business Review article “The Buzz on Buzz” Lecture slides Videos (The Persuaders, Is Wal-Mart Good for America, The Merchants of Cool) Managing Products, Services & Brands Product Lifecycle – know the stages of the product life cycle as well as how to diagram it (including stages, profit, sales) and be familiar with what marketing objectives might apply at each stage. Stages of product lifecycle—Introduction, growth, maturity, and decline. Profits peak in growth stage because of competition and aggressive pricing Be familiar with ways to manage products through the life cycle stages Product modification- altering a product’s characteristics, such as quality, performance, or appearance to increase and extend the products sales. Market modification- company tries to find new customers, increase product’s use amongst existing customers, or create new use situations. Product repositioning- changing the place a product occupies in a consumers mind relative to other products. Reacting to competitor’s position Reaching a new market Catching a rising trend Changing the Value Offered—Trading up (additional features), Trading Down (reducing number of features, quality, or price) Be familiar with the categories of product adopters 1. Innovators—Venturesome; higher educated; use multiple information sources 2. Early adopters—Leaders in social setting; slightly above average education 3. Early majority—Deliberate; many informal social contacts 4. Late majority—Skeptical; below average social status 5. Laggards—Fear of debt; neighbors and friends are sources of information Know the concept of branding, including constructs like brand name, personality, equity etc. Branding—organization’s use of a name, phrase, design, symbol, or combination of these to identify and distinguish its products
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Brand name—Any word, device (design, shape, color), or combination of these used to distinguish a seller’s goods or services Brand personality—Set of human characteristics associated with a brand name Brand equity—Added value a given brand name gives to a product beyond the functional benefits provided Be familiar with what constitutes a good brand name and various branding strategies Suggest product benefits Memorable, distinctive, and positive. Fit the company and product image. Have no legal restrictions Be simple Multiproduct branding strategy—One name for all products Multibranding strategy—Manufacturer gives each product a distinct name Private branding strategy—Manufactures product but sells them under the brand name of wholesaler or retailer Mixed branding strategy—Firm markets products under its own name and that of a reseller because segment attached to reseller is different from own market Be able to explain the importance of packaging Generally customer’s first exposure to product
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern