Marketing Ch. 11

Brand equity

the added value a brand name gives to a product beyond the functional benefits provided

brand licensing

a contractual agreement whereby one company (licensor) allows its brand names or trademark to be used with products or services offered by another company (licensee) for a royalty or a fee

brand name

any word, device (design shape sound or color), or combination of these used to distinguish a seller's goods or services

brand personality

a set of human characteristics associated with a brand name

branding

a marketing decision in which an organization uses a name, phrase, design, symbols, or a combination of these to identify its products and distinguish them from those competitors

label

a integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients

market modification

strategies in which a company tries to find new customers, increase a products use among existing customers or create new use situations

mixed branding

a branding strategy where a firm markets products under its own name and that of a re-seller because the segment attracted to the re seller is different from its own market

multibranding

A branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment.

multiproduct branding

a branding strategy in which a company uses one name for all its products in a product class

packaging

Part of a product that refers to any container in which it is offered for sale and on which label information is displayed

private branding

a branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer. Also called private labeling or reseller branding

product class

consists of the entire product category or industry

product form

consists of variations of a product within the product class

product life cycle

describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline

product modification

strategies that alter a product's characteristic, such as its quality, performance, or appearance to increase the product's value to it's customers and increase sales

trade name

a commercial, legal name under which a company does business

trademark

identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it

trading down

reducing the number of features, quality or price

trading up

adding value to the product through additional features or higher quality materials

warranty

a statement indicating the liability of the manufacturer for product deficiencies