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