MKT study guide exam 2

Used with products or services offered by another

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used with products or services offered by another company (licensee) for a royalty or fee Picking a Good Brand Name Five Criteria o Name should suggest the product benefits o Should be memorable, distinctive, and positive o Should fit eh company or product image o Should have no legal or regulatory restrictions o Should be simple and emotional Different Branding Strategies Multiproduct Branding Strategy—a company uses one name for all its products in a product class o Capitalizing on brand equity o Lower advertising and promotion costs o Risk—sales of an extension might come at expense of other items o Subbranding —combines a corporate or family brand with a new brand o too many uses can dilute the meaning of brand for consumers Multibranding Strategy—involved giving each product a distinct name o Useful when each brand is intended for a diff market segment o Advertising and promotion costs much higher o Fighting brand— companies introduce new product brands as defensive moves to counteract competition o Must generate awareness o Each brand is unique to each market segment, no risk that a product failure will affect other products Private Branding Strategy—when it manufactures products but sells them under the brand name of a wholesaler or retailer o Popular because it produces high profits for manufacturers and resellers Mixed Branding Strategy—a firm markets products under its own name and that of a reseller because the segment attached to the reseller is different than from its own market
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Chapter 15: Integrated Marketing Communications and Direct Marketing  29/10/2012 19:24:00 Intro
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Promotional mix— the combination of one or more of the communication tools used to inform, persuade, or remind the prospective buyers Integrated market communications— the concept of designing marketing communications programs that coordinate all promotional activities to provide a consistent message across all audiences THE COMMUNICATION PROCESS Communication—the process of conveying a message to others, requires six elements o Source—a company or person who has information to convey o Message—information sent by a source o Channel of communication o Receiver o Process of encoding and decoding o Encoding and Decoding Encoding— the process of having the sending transform an idea into a set of symbols Decoding— the reverse, the process of having the receiver take a set of symbols, the message, and transform the symbols back into an idea Errors can happen in many ways—source may not adequately transform the abstract idea into an effective set of symbols, sent through the wrong channel, receive misinterprets message To be successful the sender and receiver must have a mutually shared field of experience— a similar understanding and knowledge they apply to the message Feedback Response— the impact the message had on the receivers knowledge, attitudes or behaviors Feedback— the senders interpretation of the response and indicates whether the message was decoded and understood as intended Noise
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