BK_Chapter012_Expanded

BK_Chapter012_Expanded - CHAPTER 12 Developing and Managing...

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Discuss how companies develop strong identities for their products and brands. Identify and briefly describe each of the new- product development strategies. Describe the consumer adoption process. Chapter Objectives Developing and Managing Brand and Product Categories CHAPTER 12 1 2 4 7 8 Identify the different types of brands. Explain the strategic value of brand equity. Explain the benefits of category and brand management. List the stages in the new- product development process. Explain the relationship between product safety and product liability. 5 3 6 0
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CHAPTER 12 Developing and Managing Brand and Product Categories MANAGING BRANDS FOR COMPETITIVE ADVANTAGE Brand Name, term, sign, symbol, design, or some combination that identifies the products of one firm while differentiating them from the competition’s. • Brands have a powerful influence on consumer behavior. 0
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CHAPTER 12 Developing and Managing Brand and Product Categories BRAND LOYALTY • Measured in three stages: Brand recognition Consumer awareness and identification of a brand. Brand preference Consumer reliance on previous experiences with a product to choose that product again. Brand insistence Consumer refusal of alternatives and extensive search for desired merchandise. TYPES OF BRANDS • Brands classified in a number of ways. Generic products Products characterized by plain labels, no advertising, and the absence of brand names. 0
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CHAPTER 12 Developing and Managing Brand and Product Categories Manufacturer’s Brands versus Private Brands Manufacturer’s brand Brand name owned by a manufacturer or other producer. • Examples: Sony, Pepsi, Dell. • Private brands—brands offered by wholesalers and retailers. • Account for one of every five items sold in the United States. Captive Brands • National brands sold exclusively by a retail chain. • Example: Target’s sale of products by Michael Graves . Family and Individual Brands Family brand Single brand name that identifies several related products. • Individual brand—uniquely identifies the item itself. 0
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CHAPTER 12 Developing and Managing Brand and Product Categories BRAND EQUITY Brand equity Added value that a respected, well-known brand name gives to a product in the marketplace. • Strong brand equity • Increases likelihood customers will recognize firm’s product or product line. • Can contribute to buyers’ perceptions of product quality. • Can reinforce customer loyalty and repeat purchases. • Facilitates expansion into international markets. • Built sequentially on four dimensions: differentiation, relevance, esteem, and knowledge. 0
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CHAPTER 12 Developing and Managing Brand and Product Categories THE ROLE OF CATEGORY AND BRAND  MANAGEMENT Category management Product management system in which a category manager—with profit and loss responsibility—oversees a product line. • Help retailer’s category buyer maximize sales for the
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This note was uploaded on 05/24/2011 for the course MKT 327 taught by Professor Forest during the Spring '09 term at Michigan State University.

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BK_Chapter012_Expanded - CHAPTER 12 Developing and Managing...

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