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PRODUCT - Coggle Diagram
PRODUCT
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Branding
- A brand is a name, term, symbol, design, or combination thereof that identifies a seller's product and differentiates them from competitors' product
- A brand name is that part of a brand that can be spoken, including letters (GM, YMCA) words (Chevrolet), and numbers (WD-40, 7-Eleven)
- The elements of a brand that cannot be spoken are called the brand mark, for example, the well-known Mercedes-Benz and Delta Air Lines symbols
Benefits
Product identification
The most important purpose is product identification. Branding allows marketers to distinguish their products from all others. The term brand equity refers to the value of the company and brand names
Repeat sales
The best generator of repeat sales is satisfied customers. Branding helps consumers identify products they wish to buy again and avoid those they do not
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Branding strategies
Firms face complex branding decisions and may choose to follow a policy of using manufacturers’ brands, private (distributor) brands or both
- Manufacturers’ Brands is the brand name of a manufacturer— such as Kodak.
- A private brand, also known as a private label or store brand, is a brand name owned by a wholesaler or a retailer for example Tesco brand
Trademarks
A trademark is the exclusive right to use a brand or part of a brand. Others are prohibited from using the brand without permission. Parts of a brand or other product identification may qualify for trademark protection
Examples
- Shapes, such as the Jeep front grille and the Coca-Cola bottle.
- Ornamental color or design, such as the decoration the black and-copper color combination of a Duracell battery
- Catchy phrases, such as Nike’s “Just Do It”
- Abbreviations, such as Bud, Coke, or The Met
- Sounds, such as General Electric Broadcasting Company’s ship’s bell clock sound and the MGM lion’s roar
Packaging
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Promoting Products
A package differentiates a product from competing products and may associate a new product with a family of other products from the same manufacturer
Facilitating Storage, Use, and Convenience
Wholesalers and retailers prefer packages that are easy to ship, store, and stock on shelves. They also like packages that protect products, prevent spoilage or breakage, and extend the product’s shelf life
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Product life cycle (PLC)
A biological metaphor that traces the stages of a product’s acceptance, from its introduction (birth) to its decline (death)
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