brand
A name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products.
brand equity
the value of company
brand loyalty
a consistent preference for one brand over al the others
brand mark
the elements of a brand that cannot be spoken (symbol)
brand name
the part of a brand that can be spoken, including letters, words, and numbers
business product (industrial product)
a product bought to manufacture other goods, resell
captive brand
a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affilation. Avaliable at 1 store, made from 3rd party
co-branding
placing two or more brand name on a product or its package (increases perceived value)
consumer product
a product bought to satisfy individual wants
convenience product
a relatively inexpensive item that merits little shopping effort
express warranty
a written guarantee
family branding
marketing several different products under the same brand name ex. Jack Daniels includes whisky, coffee, cards, and clothing
generic product name
identifies a product by class or type and cannot be trademarked (tissue, candle etc)
global brand
a brand that obtains at least a third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data
limited warranty
an unwritten guarentee that the good or service is fit for the purpose for which it was sold
individual branding
multiple brand names for different products ex. Gamble & Gamble- Tide, Cheer
informational labeling
a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
manufacturer's brand
sold nationally
persuasive labeling
a type of package labeling that focuses on a n promotional theme or logo, and consumer information is secondary
planned obsolescence
the practice of modifying products so those that have already been sold become obsolete (out of date) before they actually need replacement
private brand
made by store, sold at store exclusively (geek squad products by best buy)
product
everything, both favorable and unfavorable, that a person receives in an exchange
product item
a specific version of a product that can be designated as a distinct offering among an organization's products
product line
a group of closely related product items
product line depth
the number of product items in a product line (coffee-dark, light, iced)
product line extension
adding additional products to an existing product line in order to compete more broadly in the industry (adding medium to the coffee product line)
product mix
all products that an organization sells
product mix width
the number of product lines an organization offers (coffee, clothes, alcohol)
product modification
changing one or more of a product's characteristics (changing quality, function, style)
service mark
a trademark for a service
shopping product
a product that requires comparison shopping because it is usually more expensive than a convenience product and it is found in fewer stores (diamond, furniture)
specialty product
a particular item that consumers search extensively for and are very reluctant to accept substitutes (like a hand carved elephant with gold from india)
trademark
the exclusive right to use a brand or part of a brand
universal product codes (UPCs)
a series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products
unsought product
a product unknown to the potential buyer or a known product that the buyer does not actively seek
warranty
a confirmation of the quality or performance of a good or service
1. product identification (distiguish your product)
2. repeat sales
3. new product sales
Describe 3 branding purposes
convience, shopping, specialty, unsought
What are the 4 types of products?
high brand equity
High awareness, perceived quality, brand loyalty means high what?
strong consumer loyalty, rapid delivery, if its a bad product it isn't associated with the store
benefits of carrying manufacturing brands
higher profits, ties brand to store, no competition
benefits of carrying private brands