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Week 6_Branding Product vs. Services.pdf - 11/02/2015...

  • Monash University
  • MKC 1200
  • ChefMonkeyPerson433
  • 5
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11/02/20151MKC1200 – Principles of MarketingWeek 6Branding & Product vs. ServicesPresentation sub headingto be inserted hereCOMMONWEALTH OF AUSTRALIACopyright Regulations 1969WARNINGThis material has been reproduced andcommunicated to you by or on behalf of MonashUniversity pursuant to Part VB of the CopyrightAct 1968 (the Act).The material in this communication may besubject to copyright under the Act. Any furtherreproduction or communication of this material byyou may be the subject of copyright protectionunder the Act.Do not remove this noticeChapter 7, 8 & 9 of the prescribed text2head2rightUnderstand the concept of brandinghead2rightExplain the value of branding and understand brand equityhead2rightDiscuss brand strategy decisionshead2rightUnderstand the concept of a product and how productsare classifiedhead2rightUnderstand the nature and unique characteristics ofservicesLearning Objectives:3What is a Brand?head2rightBrand– A name, term, design, symbol or other feature thatidentifies one marketer’s product as distinct from those of othermarketershead2rightBrand Name– The part of a brand that can be spoken –including letters, words and numbershead2rightBrand Mark– The part of a brand not made up of words, suchas a symbol or designhead2rightTrademark– Legal designation of exclusive use of a brandhead2rightTrade name– Full legal name of organisation4The Value of Branding – To Buyershead2rightHelps facilitate consumer purchases by identifying specificpreferred products that satisfy their needshead2rightWithout brands, product selection would be quite random andbased mostly on pricehead2rightProvides a form of self-expression and statushead2rightSymbolises a level of product quality in the customer’sperceptionhead2rightReduces the risk of purchase of ‘competitive’ but inferior orinadequate products5The Value of Branding – To Sellershead2rightIdentifies and differentiates a firm’s products from competingproductshead2rightFamiliarity with the name and perceived qualityhead2rightFacilitates the promotion of all same-brand productshead2rightHelps in the introduction of new productshead2rightFosters the development of brand loyalty – repeat purchasinghead2rightLeading to more stable market share, and less reliance onprice-cutting to attract customers6
11/02/20152Brand Equityhead2rightBrand equity– the marketing and financial value associatedwith a brand’s strength in a market7(Figure 7.1, Pride 2e, p.223)Major Elements of Brand Equityhead2rightBrand awareness– the extent to which a brand is recognised

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