ch6.2 - BUSI 1004 Marketing Instructor: QIU Cheng Overview...

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Branding and Managing Product Life Cycle 6.2 6.2 BUSI 1004 Marketing Instructor: QIU Cheng 2 Overview Managing Product Life Cycle Managing Product Life Cycle Product & Product Decisions Product & Product Decisions New Product Development Process New Product Development Process More on Product Decisions More on Product Decisions Services Marketing Branding Strategy 3 Brand and Brand Equity b Brand is the name, term, sign, or design, or a combination of these, that identifies the maker or seller of a product or service. Brand vs. Trademark Brand vs. Trademark b In the mind of consumers, brand represents a collection of perceptions—everything that the product or service means to consumers. 4 Brand and Brand Equity b Brand equity is the positive differential effect that knowing the brand name has on customer response to the product or service. e.g., willingness to pay more, more favorable product evaluation, loyalty, greater interest in new products launched under the brand name — strong and profitable customer relationships
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5 Brand and Brand Equity “If every asset we own, every building, and every piece of equipment were destroyed in a terrible natural disaster, we would be able to borrow all the money to replace it very quickly because of the value of our brand…The brand is more valuable than the totality of all these assets.” a former CEO of McDonald’s 6 Branding Decisions New brands
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ch6.2 - BUSI 1004 Marketing Instructor: QIU Cheng Overview...

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