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Unit 4 Review - Coggle Diagram

- - - - Visual Symbol
        
        Represents something with the company
      - Abstract Symbol
        
        Not representative with the company
      - Monogram
        
        Stylized writing of company name.
    - - Helps people remember the company
      - Creates company image
      - Helps when traveling
      - Ties together packaging, advertising and promotions
- - - - Try to reposition brand (reformulate, re-package, re-introduce)
      - New promotion and pricing
      - Or discontinue
    - - Constant sales, Brand equity highest
      - Most profitable, paid off early costs
    - - Sales increase rapidly
      - Competition enters market
    - - Product Launch
      - Curious/adventurous consumers buy product first
    - - Sales decrease, inevitable
- - - - Methods by which businesses or individuals inform potential customers about the availability
      - Examples
        
        Personal selling
        
        door-to-door, telemarketing
        
        Sales promotion
        
        free samples, discount coupons
        
        Advertising
        
        Newspapers, magazines, Internet
        
        Public relations
        
        good reputation to the public, charitable activities
    - - Where and how it's sold
        
        1.Direct channels
        
        Producer to Consumer
        
        2.Indirect channels
        
        Intermediaries. Ex. Retailers
        
        Specialty
        
        Ex. Telemarketers and Vending Machines
    - - Consumers must feel that the price is reasonable
      - The price must cover the cost of production and allow for a profit.
    - - Potential users of a good or service
        
        Demographics – age, gender, religion, culture, income
        
        Lifestyle – the way people live, values, beliefs and motivations
    - - Must satisfy customers needs/wants more than existing products
    - - Sellers that sell the same product.
        
        Market Share- % of market that a company's brand has.
- - - - Discovers groups of consumers interested in their product
    - - Finds emotional and rational motives that influences consumers purchases.
    - - Discovers what type of product consumers want.
    - - Determines if the company can get profit at competition price.
    - - Finds areas where competition is weak and prices of local competiton.
    - - Examines detail of product and effects.
    - - Provides most efficient ways to advertise
- - - - offers special pricing
      - provides display materials
      - pay retailer a shelf allowance
- - - - Sales
        
        activities related to selling or the number of goods sold in a given targeted time period.
      - Development
        
        new service or product through research
      - Advertising
        
        promotional tool that can influence the buying behavior ex. Newspapers, Magazines, Commercials, etc.
      - Research
        
        Determining the viability of a
        new service or product through research
        
        Pricing Research
        
        Competitive Research
        
        Motivation Research
        
        Product Research
        
        Market Research
        
        Advertising Research
        
        Consumer Research
      - Promotion
        
        the process of influencing the buying behavior of customers or clients with a persuasive selling message