increase a product use among existing customers, or create new use situationsProduct Repositioning: changes the place a product occupies in a consumer mind relative to competitive products (4 factors)1-reacting to comp. position2-reaching a new market3- catch a rising trend4-Chaning the value offered-Trade Up: Adding value to the product through additional features or higher quality materials-Trade Down: Reducing a products # of features, quality, or price-also includes downsizing (reducing the package content w/o changing package size and maintaining or increasing package priceBranding: org. uses a name, phrase, symbol, or combo to identify its products and distinguish them from competitorsBrand Name: Any word, device(sounds, design, shape or color) or combo of these used to distinguish a sellers product or services
Trademark: identifies the firm has legally registered its brand name or trade name for exclusive use, preventing others from using it Lanham Act: trademarks protected under thisBrand Personality: A set of human characteristics associated with a brand nameBrand Equity: added value a brand name gives to a product beyond the functional value it providesBrand Licensing: a contractual agreement where one company allows another company to use its brand name/trademark for a royalty6 Criteria for picking good brand name:1)Name should suggest product benefits2)Name should be memorable, distinctive, and positive3)Name should fit company/ product image4)Name should have no legal/regulatory restrictions5)Name should be simple6)Name should have favorable phonic and semantic associations in other languagesMultiproduct (Family/Corporate) Branding: branding strategy in which a company uses one name for all its products in a product class-makes possible product line extension (practice of using a current brand name to enter a new market segment in its product class-Sub-branding: which combines a corporate or family brand w/ a new brandBrand-extension: the practice of using a current brand name to enter a different product classMulti-branding: A branding strategy that involves getting each product a distinct name when each brand is indented for a different market segmentsFighting Brands: introduced as defensive moves to counteract competition-chief purpose is to confront competitor brandsPrivate (Private labeling, reseller branding) branding: when it manufactures products, but sells them under the brand name of a wholesaler or retailerPackaging: component of a product refers to any container in which it is offered for sale and on which label info is conveyedLabel: is an integral part of the package, typically identifies the product or brand, who made it, where/when it was made, how it should be used, contents/ingredients
4 Challenges: of package and label designers1-continuing need to connect w/ customer2-enviornmental concerns3-health, safety, security issues-Shelf life: the time a product can be stored 4-cost reduction7 P’s of Service Marketing: (pg 280) 1)Product (service)2) Price-off peak pricing: Charging diff. prices during diff. seasons of the year and
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- Spring '18