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Unit 4 Review - Coggle Diagram
Unit 4 Review
Branding
What is it?
Branding is creating an image for a product or service
Logos, Trademarks, Slogans, Brand Name
Examples
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
Product Life Cycle
Non-traditional Product Life Cycles
Niches
Very specific market, few competitors
Fads
a product that is extremely popular with a select market for a short time
Seasonal
Some products are popular during a specific time or season
Stages
Maturity
Constant sales, Brand equity highest
Most profitable, paid off early costs
Decline
Sales decrease, inevitable
Growth
Word spreads, sales increase rapidly
Competitors enter market, battle for dominance
Decision Point
3 Choices
Try to reposition brand (reformulate, re-package, re-introduce)
New promotion and pricing
Or discontinue
Intro
Product Launch
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.
Selected Product Life Cycles
Boom or classic
Fad
Traditional
Bust
Revival
Extended Fad
Seasonal or fashion
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
Marketing
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
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.
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
Brand management Stratagies
Push
Elaboration
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
Examples
Jones Soda Co. – place special coolers stocked with their product in trendy clothing stores > get young people to try it/ see it
What is Push?
manufacturer concentrates on selling product to retailers
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
Pull
Elaborate
customers will ask for it
lots of advertising and promotion
Example
Some Pepsi commercials
What is Pull?
manufacturer concentrates on creating demand at the consumer level
More Examples
Advertising and mass media promotion
Word of mouth referrals
Customer relationship management
Sales promotions and discounts