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4.5 The four Ps - product, price, promotion & place (The importance of…
4.5 The four Ps - product, price, promotion & place
Branding
Definition
- brand - an identifying symbol, name, image or trademark that distinguishes a product from its competitors
- brand awareness - extent to which a brand is recognised by potential customers & is correctly associated with a particular product - can be expressed as a percentage of the target market
- brand loyalty - the faithfulness of consumers to a particular brand as shown by their repeat purchases irrespective of the marketing pressure from competing brands
- brand development - measures the infiltration of a product''s sales, usually per thousand population; if 100 people in 1000 buy a product, it has a bran development of 10
- brand value (or brand equity) - the premium that a brand has because customers are willing to pay more for it than they would for a non-branded generic product
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Packaging - evaluation
- Packaging is only one element of the product/promotion marketing mix & it needs to be fully integrated with the other elements so that consumers gain a consistent message about the product.
- The most expensive, glossiest and most dramatic packaging can lead to a customer backlash if there is growing envronmental concern.
- More businesses - especially those with an environmental objective - are trying to balance the need to cut packaging volume & cost with the constant requirement to protect the product & project the 'emotional message' about the product that customers of the brand will be expecting.