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UNIT 4 REVIEW, UNIT 4 REVIEW 2 - Coggle Diagram

- - - - A logo is a symbol that is associated with the company or product
        
        VISUAL SYMBOL: represents something
        
        ABSTRACT SYMBOL: Not representative of actual things
        
        MONOGRAM: stylized writing
        
        WHY COMPANIES UES THEM:
        
        Helps people remember the business
        
        Increases the company image
        
        Represents the business’ name
        
        Helps people who can’t read
        
        Helps when travelling abroad
        
        Can show the use of the product
        
        Ties together packaging/advertising/promotions
        
        A trademark is a recognizable sign, design or expression that identifies products or services and gives the owner exclusive rights
        
        A slogan is a short or catchy advertising phrase associated with a company or product
        
        BRAND IDENTIFICATION: everything associated with a product
        
        SLOGAN
        
        NAME
        
        LOGO
- - - - Research
      - Development
      - Sales
      - Distribution
      - Advertising
      - Promotion
- - - - Product Launch
      - Curious/adventurous consumers buy product first – market to them
    - - Word spreads, sales increase rapidly
      - Competitors enter market, battle for dominance
      - Marketers manage products carefully
    - - Constant sales, Brand equity highest
      - Most profitable, paid off early costs
      - Continued advertising as reminder
    - - Sales decrease
      - Inevitable
    - - Try to reposition brand (reformulate, re-package, re-introduce)
      - New promotion and pricing
      - Or discontinue
  - - - a product that is extremely popular with a select market for a short time
    - - A very specific market, few competitors
    - - Some products are popular during a specific time or season
        Inventory Management important
- - - - offers special pricing
      - provides display materials - “shelf talkers”, point-of-sales materials (signage)
      - provides specialized racking
      - pay retailer a shelf allowance - $ a manufacture pays a retailer to stock a product
  - - - customers will ask for it
      - lots of advertising and promotion
      - "Getting the customer to come to you"
- - - - Test marketing
      - Internal information sources
      - Surveys
      - Observation
      - Focus groups
  - - - Web sites
      - Databases
      - Periodicals
      - indexes
      - Professionally prepared marketing research reports