Specialty Products - answer✔✔- Special purchase efforts
- Unique characteristics
- Brand identification
- Few purchase locations
Unsought Products - answer✔✔- New innovations
- Products consumers don't want to think about
- Require much advertising and personal selling
Product mix breadth - answer✔✔Number of product lines
Product line - answer✔✔A group of related products marketed under the same brand name
Product mix depth - answer✔✔Number of products within a product line
Problem of having too many products - answer✔✔- Costly to maintain
- Too many brands may weaken firm reputation
- Cannibalization of products if they are too similar
Why increase product mix depth? - answer✔✔- Changes in consumer preferences (ex new
flavors or movies)
- Competition
Why decrease product mix breadth? - answer✔✔- Changes in market conditions
- Changes in priorities
Brand Mantra - answer✔✔Offers a quick simple and clear definition on what a company stands
for how it is different from its competitors
Branding - answer✔✔Creating a brand image involves a lot of things including:
, BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
- firm name
- logo
- characters
- slogans
- jingles
- even distinctive packaging.
Value of Branding for the Customer and the Marketer - answer✔✔- Facilitate Purchasing
- Establish loyalty
- Protect from Competition
- Brands are Assets
- Impact Market Value
Brand Equity - answer✔✔The commercial value of a brand that derives from consumer
perception of the brand name of a particular product or service rather than from the product or
service itself
Brand Equity Comes Frm - answer✔✔- Brand Awareness
- Perceived Value
- Brand Associations
- Brand Loyalty
Brand Strategies - answer✔✔Sets of strategies to create and manage brands
Brand Ownership - answer✔✔- Manufacture brands - (are also known as national brands)
- Private-label brands or store brands - generic and often imitations of national brands
(sometimes leads to lawsuits)
Brand Extension - answer✔✔Refers to the new product created under an already-established
brand name
Advantages of brand extension - answer✔✔The firm can spend less on creating brand awareness
and positive consumer acceptance will pread to new product
Line extension - answer✔✔The expansion of an existing product line (ex a soft drink
manufacturer introducing a diet variety of its drink)
Co-branding - answer✔✔Refers to the practice of marketing two or more brands together
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