2 product differentiation enable customers to better

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2. Product Differentiation - enable customers to better organize their shopping experience by helping them seek a particular product. 3. Brand Image perceptions about a brand as reflected by brand associations that buyers have in their memory and is one way competitors in same industry can differentiate themselves (Nokia vs Apple) 4. Brand Equity the total value that accrues to a product as a result of a company’s cumulative investments in the marketing of the brand. a. An asset from the value created by the relationship the brand and its customers over time. b. Benefits: i. Greater loyalty ii. Less marketing action vulnerability iii. Less marketing crises vulnerability iv. Larger margins v. More inelastic consumer response to price increases
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vi. More elastic consumer response to price decreases vii. Increased marketing communication effectiveness c. Word Mark Logo like “Coca - Cola” in white script. d. Non-Word Mark Logo (Brand Symbol) like the wave in the can and bottle labels, Nike Swoosh, etc. have benefit of transcending language. Local Products and Brands one that has achieved success in a single national market and can also be created as extensions of global brands to compete in specific local markets. International Products and Brands offered in several markets in a particular region (GMC “Corsa”, Honda “Fit”). Global Products and Brands meets the wants and needs of the global market and is offered in all regions of the world (including Triad and all developing countries) with similar brand positioning throughout the world (views the world as a single country). Allows to max out economies of scale Associated with (3) three characteristics : 1. Quality Signal there is fierce competition to produce world-class quality so it can charge premium prices. 2. Global Myth companies can (GCCP) Global Consumer Culture Positioning to link the brand to a global identity. 3. Social Responsibility evaluation of a company on how they address social issues and conduct business. Global Brand vs Global Product 1. Global Brand Sony 2. Global Product Personal Stereo 3. Combination/Tiered Branding combination of a corporate and brand name (“Sony Walkman”) used to leverage brand name while developing a distinct line of products. Co-Branding a variation where two or more different company or product brands are featured in packing and advertising (“Intel Pentium plus Computer Brands”) Using credit cards to earn flyer miles and points. Brand Extensions using an established brand name as an umbrella when entering a new business or new category of product line (“Virgin” and Richard Bransen). Product/Brand Matrix for Global Marketing PRODUCT Local Global BRAND Local 1. Local Product/Local Brand 2. Global Product/Local Brand Global 3. Local Product/Global Brand 4. Global Product/Global Brand Global Brand Development 1. Global Brand Leadership
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