Unit 4 Review
Brand management Stratagies
Branding
Marketing
Product Life Cycle
What is it?
Branding is creating an image for a product or service
Examples
Logos, Trademarks, Slogans, Brand Name
Mcdonalds golden arches
Mcdonalds "I'm loving it"
Esso brand name
Logo Forms
Visual symbol
Monogram
Abstract symbol
Trade Mark
A recognizable sign that gives the owner rights to the name, slogan, logo, etc.
examples: R, TM, C
Slogans
Short or catchy advertising phrase associated with a company or product
Companies like Mcdonald's, Tim Hortons, and A&W all have slogans
Examples: Just Do It, I'm Loving It, Finger Lookin
What is it?
A place where goods or services are exchanged for something of value
or
A market is a group of people with similar wants and needs for a product or service.
Finally, Marketing is the practice of increasing awareness, consideration, purchase/repurchase and preference for a product or service through consumer-driven benefits, advertising, packaging, placement, pricing and promotions.
4P's
Product, Price, Place, Promo
2C's
Consumer, Competition
Consumer: Businesses study and target potential users of a product or service to be competitive
Competition: All the sellers of a specific product
Price: The price must cover the cost of production and allow for a profit. At what price are the consumers willing to buy the product?
Place: Where and How it's sold
Promo: This refers to the methods by which businesses or individuals inform potential customers about the availability and benefits of the product/service. The goal of promotion is to convince the consumers that the good/service are superior to others.
Product: A successful product or service must satisfy a consumer’s need or want better than existing product or service. Brand names, trademarks, packaging and labeling are part of the product that need to be given adequate attention.
Non-traditional Product Life Cycles
Stages
What Is It?
A chart that graphs the changes in popularity or sales of a product over time
Charts the progress of the brand
the amount of time a product goes from being introduced into the market until it's taken off the shelves.
Maturity
Decline
Growth
Decision Point
Intro
Product Launch
Word spreads, sales increase rapidly
Competitors enter market, battle for dominance
Constant sales, Brand equity highest
Most profitable, paid off early costs
Sales decrease, inevitable
3 Choices
Try to reposition brand (reformulate, re-package, re-introduce)
New promotion and pricing
Or discontinue
Niches
Fads
Seasonal
Very specific market, few competitors
a product that is extremely popular with a select market for a short time
Some products are popular during a specific time or season
Selected Product Life Cycles
Boom or classic
Fad
Traditional
Bust
Revival
Extended Fad
Seasonal or fashion
Push
Pull
Elaboration
Examples
What is Push?
Elaborate
Example
What is Pull?
manufacturer concentrates on selling product to retailers
manufacturer concentrates on creating demand at the consumer level
offers special pricing
provides display materials - “shelf talkers”, point-of-sales materials (signage)
provides specialized racking, fridges
pay retailer a shelf allowance - $ a manufacture pays a retailer to stock a product – covers the cost of rearranging the shelf * a glorified bribe
Jones Soda Co. – place special coolers stocked with their product in trendy clothing stores > get young people to try it/ see it
More Examples
Trade show promotions to encourage retailer demand
Direct selling to customers in showrooms or face to face
Negotiation with retailers to stock your product
Efficient supply chain allowing retailers an efficient supply
Packaging design to encourage purchase
customers will ask for it
lots of advertising and promotion
Some Pepsi commercials
More Examples
Advertising and mass media promotion
Word of mouth referrals
Customer relationship management
Sales promotions and discounts
Marketing Reserch
What is it?
Collection and analysis of information
Most common types of research:
consumer research
market research
motivation research
pricing research
Different Types of it
Consumer Research
Market Research
Pricing Research
Competitive Research
Product Research
Ad Research
Motivation Research
Secondary Data
Info Collected by Others
Examples:
Web sites
Databases
Periodicals
Indexes
Professionally prepared marketing research reports.
Primary Data
Current information that is collected and analyzed for a specific purpose
Examples:
Test marketing
Internal information sources
Surveys
Observation
Focus groups